[according to S & P, about 44 million of the 225 million mobile phones worldwide were sold in China in 2018. In order to enter this important market, < / P > < p > local time on August 19, Apple Inc（ NASDAQ:AAPL ）The stock price reached a record high, with a total market value of US $2 trillion (about RMB 13.4 trillion), setting a global record. It not only became the first company with a market value of US $2 trillion in the United States, but also continued to maintain its position as the world’s largest company with market value. < p > < p > Apple started operating in 1976 in the garage of co-founder Steve jobs. Today, its annual operating income has exceeded the GDP of Portugal, Peru and other countries. < / P > < p > so far this year, the share price of the world’s most valuable listed company has risen by about 60%; in the past year, Apple’s share price has risen by more than 120%, and Apple’s P / E ratio has reached 33 times. From the perspective of global capital market, the change of market value of listed companies is mainly due to the gradual transformation of technology stocks into companies with larger market value. According to the structure of high-income economies and mature capital markets, the market value of Internet, medicine, consumption and finance is relatively high, while that of heavy industry and raw materials is relatively low. < p > < p > at present, Microsoft’s P / E ratio is 36 times, while Amazon’s is more than 123 times. Logan purk, an analyst at investment bank Edward James, believes that this means Apple is starting to really catch up with the big software giants and let investors see it like software companies. < / P > < p > China has become a producer of most technology products and a huge consumer market for all kinds of technology products and services, and has a considerable revenue share among many American technology companies. This is mainly due to the continued integration of global supply chains, rapid urbanization and the growing size of the middle class. < / P > < p > although the $2 trillion market capitalization is largely symbolic, it highlights the transformation of Apple CEO Tim Cook from hardware (Apple phones) to software (IOS ecosystem). < p > < p > Apple plans to split its shares at a four to one ratio at the opening of trading on August 31, in order to make it easier for individual investors to buy its shares. < / P > < p > Apple’s market capitalization has not been smooth. After iPhone x brought the average price of the iPhone series to a high point, it encountered a growth bottleneck in the iPhone XS and XR series. < / P > < p > Apple then shifted the focus of the iPhone line from high retail prices and high hardware to a more user-friendly price to gain more user base. < p > < p > China is Apple’s market that can’t be ignored. According to the smartphone Shipping Statistics released by canalys in the second quarter of 2020, Apple’s iPhone 11 and the new iPhone se, two lower priced products, have led to a 25% year-on-year increase in global shipments and a 35% jump in China. < / P > < p > “as the core of Apple’s hardware business, iPhone has achieved rapid growth, which has further activated the development of other apple ecological products, such as apple watch and airpods.” Jia Mo, an analyst at canalys, told reporters from China first finance and economics. < / P > < p > “at the same time, the higher installed capacity of Apple’s terminal devices has become the cornerstone for the further rapid development of High-Profit Internet service business.” Jia Mo said. Cook has also spent the past nine years getting rid of jobs’ shadow and successfully proved that he still has unique leadership advantages compared with apple founder Steve jobs. Mr. cook, who replaced Mr. jobs in August 2011, has more than doubled Apple’s revenue and profits. Cook is finally in his ninth year as CEO of apple, with a net worth of more than $1 billion. For example, China has become an important terminal market for smart phones, notebook computers and commercial IT products. China is also the world’s second largest iPhone market after the United States. < / P > < p > because of this, Apple’s industrial chain has carried out a key layout in China. From large and small hardware to Apple’s app store in China, Apple has been closely tied with China’s industry related fields. On the evening of August 18, Lansi Technology (300433. SZ), an apple supplier, which just disclosed a big increase in performance, went to the next city. The company and its wholly-owned subsidiary lance international and apple supplier catcher technology signed the equity sale and purchase contract on August 18, 2020. Lens international purchased 100% of the equity of Kesheng Technology (Taizhou) Co., Ltd. and Keli Technology (Taizhou) Co., Ltd. with cash of 9.9 billion yuan. < p > < p > Kecheng technology is a leading magnesium alloy die casting manufacturer in Taiwan, and is currently a component supplier for Apple’s iPhone, macbook and iPad. < p > < p > and lens technology is a listed company in the mainland, which mainly engaged in the research and development, production and sales of high-end windows touch protection glass panel, touch module and window touch protection new materials. < / P > < p > just last month, wetng, an iPhone foundry, announced that it had agreed to sell two subsidiaries in East China to Lixun precision (002475. SZ) for 3.3 billion yuan. At the same time, Lixun precision also announced that it would acquire 100% equity of Weichuang investment (Jiangsu) Co., Ltd. and Weixin Zitong (Kunshan) Co., Ltd. < / P > < p > according to S & P, about 44 million of the 225 million mobile phones worldwide were sold in China in 2018. To break into this important market, apple places 99% of its iPhone production in China. Peng Luping, vice president of canalys’ mobile business, told the first financial reporter: “if China’s market entry threshold is lower, Apple’s development space may be greater. But it is inevitable that each country has its own market rules. ” Due to trade friction, American industry is rethinking its supply chain strategy. For example, some technology companies have gradually shifted their industrial chains to Southeast Asia. For example, Google and Microsoft plan to transfer their production of new mobile phones and PC computers to Thailand and Vietnam. Apple also plans to transfer part of Apple’s earphone production line to Vietnam. In this regard, S & P global rating believes that it is unlikely to transfer the supply chain from China on a large scale. “Even lower taxes and other benefits may not fully offset the cost of transferring the supply chain to other places, as well as the low threshold for access to the Chinese market, where the emerging middle class has become an important end market for manufacturers.” S & P wrote in the report. < / P > < p > “the potential cost of finding alternative manufacturing outside China is high because of the lack of effective labor elsewhere and the demand for ready-made raw materials and resources.” S & P said that “the cost of technology companies to relocate their production bases is very high, and the cost is that they may alienate and lose the opportunity to enter China.” S & P also said that as cross-border trade and investment increased, products became more complex, and many supply chains became more decentralized and highly specialized, often involving a wide network of stakeholders. As a result, the ability and willingness of American manufacturers to even try to change the supply chain vary from industry to industry.