According to a tipster on Weibo, the iPhone 16 Pro and Pro Max will receive a major camera upgrade. The former would get a new 48MP ultra-wide camera with better capabilities, while the latter would also get the new 48MP ultra-wide camera 15 ProMax' 5x Tetraprism telephoto module.
These confirm previous rumors 5x zoom camera on the 16 Pro from analyst Ming-Chi Kuo. And as for the 48MP ultra-wide rumorpublished last October.
The Weibo post makes it clear that the 16 Pro Max won't be getting a zoom upgrade, though, so the two Pros will have a matching telephoto camera this year.
Source (in Chinese)