The base model of the iPhone 17 is breaking demand records.

Apple's latest smartphone series, the iPhone 17 base model, continues to be the company's most notable performer, according to Jefferies analysts. Analyst Edison Lee stated, "This model showcases the most consistent power display among major markets."

Lee added, "Our follow-ups indicate that there are no delivery lead times for 17 Air/17 Pro in all six markets, which is similar to last week."

It is noted that the base model showed a 13-day increase in the United States despite a significant weekly decline observed in Hong Kong. It was emphasized that other markets did not experience any decline.

According to Jefferies, overall demand is strongest for the iPhone 17 base model, while there is less demand for the 17 Pro Max. Additionally, it is reported that Apple has reduced orders for 17 Air by 4 million (from 10 million to 6 million), while increasing orders for other models by 10 million. This situation reflects an increase in demand for higher-end versions.

Lee expressed that in Hong Kong, only the 512GB variants are trading at "a small premium (between 0.4% and 2%)," which indicates quite strong demand. "This is much stronger than last year, as all variants of the 16 Pro Max began trading at discounted prices in the third week after launch," he said.

Jefferies noted that this strong demand could partly be attributed to "the lack of any price increases in the Pro/Pro Max models for three years and ongoing hardware improvements," along with the introduction of a new orange color targeting young female consumers.

While Apple forecasts a revenue increase of 10% to 12% in the December quarter, Jefferies warned that the adverse product mix between the 17 and 16 could lead to margin pressure.