苹果：产品可用性追踪第8周——Duo交付日期不变，Pro SKU交货周期趋缓，显示价格/产品组合驱动的收入周期

In Week 8 of J.P. Morgan's Apple Product Availability Tracker, quoted delivery dates for the iPhone Duo remain at January 25, 2027 in the US and Europe and January 23, 2027 in China, and the device remains unavailable for in-store pickup, likely reflecting limited supply-chain visibility for the foldable amid demand well above supply plans. Pro SKU lead times continued to normalize: global lead times for the iPhone 18 Pro and Pro Max fell 4 and 5 days w/w to 3 and 16 days, respectively. Pro now tracks 5 days below the prior year, while Pro Max tracks 1 day above. US lead times were 4 and 21 days, China 0 and 15 days, Germany 4 and 14 days, and the UK 4 and 12 days. Aggregate Pro lead times imply lower y/y volume demand, with revenue growth likely driven by price/mix on Pro price increases and robust demand for the more expensive Duo. We maintain an Overweight rating.