According to the report, the pre purchase results of iPhone 12 and 12 Pro are better than those of iPhone 11 series, which is conducive to the recent rebound of apple and industrial chain shares. < p > < p > Guo Mingzhen said that due to Apple’s core fans’ preference for high-end models in the initial stage, and benefiting from the strong demand in China and the upcoming demand in Europe and the United States, the pre purchase of iphone12 Pro was better than expected. The reasons for the strong demand for pre purchase in China include: 1) the demand for some high-end machines has been shifted due to Huawei’s ban; 2) the popularity of 5g infrastructure is favorable for marketing. < / P > < p > 1. The stock price changes of iPhone industry chain after the release of iPhone 12 series are consistent with the scenario analysis in our previous report [October 11, 2020]). We believe that the price reduction of the popular iPhone 11 affects the pre order demand of iPhone 12, so the delivery time of iPhone 12 in most countries is about 5-10 days, and the pre order demand is lower than expected. Due to Apple’s core fans’ preference for high-end models at the initial stage, and benefiting from the strong demand in China and the upcoming peak season demand in Europe and the United States, the pre purchase of iPhone 12 Pro is better than expected. Most countries ship the iPhone 12 pro in 2 – 4 weeks, with China accounting for 35 – 45% of global demand. The reasons for the strong demand for pre purchase in China include: 1) the demand for some high-end machines has been shifted due to Huawei’s ban; 2) the popularity of 5g infrastructure is favorable for marketing. < / P > < p > we believe that the pre purchase result of iPhone 12 and 12 Pro is better than that of iPhone 11 series may drive the recent rebound of apple and industry chain stock price. The factors influencing the results of pre purchase, the first weekend sales and the medium and long-term demand are not the same, so the three factors are not completely positive correlation. The long-term trend of stock price still depends on the medium and long-term demand. We believe that stocks with the following characteristics may rebound in the near future, including: 1) recent revenue and earnings beat market expectations; 2) they are in the growth industry trend; and 3) have a positive trend in 2021. Apple extends AppleCare + purchase period: users can decide within 60 days

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