Huatai Securities reported on February 7th that Apple expects its performance to decline from January to March 2024, lower than Bloomberg's expectations, which may affect the stocking pace of industry chain companies. From the perspective of the industry chain, the month on month decline in revenue for the Apple industry chain from January to March may be slightly higher than in previous years. Huatai Securities believes that the current iPhone is in a bottleneck period of innovation, and future attention needs to be paid to the evolution of the competitive landscape in China, the progress of generative AI related research and development being promoted, and consumer feedback on Vision Pro.