HTSC believes that compared with the experience innovation of AI products, the significance of Apple's AI application lies more in: 1) Based on localized data, Apple's AI can truly center on the user and seamlessly integrate into the user's daily experience, or may deeply change users' habits in using AI, and the penetration rate of AI-related applications is expected to increase; 2) Based on Apple's powerful ecological system, data between different hardware can be seamlessly linked, while also taking into account privacy protection, it is expected to improve the use experience of AI functions, and the frequency and duration of AI application use are expected to continue to increase. Since 2024, the development of domestic AI large models and applications has been rapid, and Wenzhenyiyuan, Kimi, Jieyue Xingchen, Tiangong Large Model, etc. have received continuous attention. With the launch of Apple's intelligence in China, it is expected to promote the accelerated development of domestic high-quality AI large models and applications. 2024 is the year of AI multimodal, and we continue to be bullish on the development opportunities of multimodal AI applications.