Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - The report emphasizes the evolution of Apple from iPhone 1 to iPhone 4, highlighting how it reshaped the smartphone standard and established a composite profit system through hardware, services, and ecosystem integration [3][10] - The report discusses Li Auto's transition from range-extended vehicles to pure electric and AI integration, indicating a gradual enhancement of its competitive moat [4][34] Summary by Sections Apple Review - The iPhone 1 launched in 2007 revolutionized smartphones by changing interaction logic, functionality, design, and software ecosystem [10] - By 2024, iPhone products accounted for 51.45% of Apple's revenue, while services contributed 24.59% with a high gross margin of 73.9%, indicating a significant shift towards service profitability [3][16] Li Auto - Li Auto's product definition capabilities have redefined the home SUV market, with the Li ONE and the popular L series establishing a strong brand identity [4][23] - The company has successfully addressed key issues in the electric vehicle market, such as range anxiety and charging concerns, through its range-extended technology [4][33] - Li Auto is advancing towards L4 autonomous driving capabilities, with significant developments in AI and intelligent driving systems [34][38]