Apple:

1. Stock Selection Logic

- Short-term: iPhone 17 series enters sales verification period, event catalysts easily push up stock price volatility;

- Medium-term: Post-global supply chain restructuring, production capacity stability rebounds, service business (App Store/Apple Pay) maintains 15%+ growth rate, strong earnings certainty;

- Long-term: US tech stocks shift from "rate hikes killing valuations" to "rate cut expectations + AI computing demand". As a Nasdaq heavyweight and cash flow king, Apple's valuation is below sector average, with downside cushioned by dividends.

2. Options Strategy Design (Using "Bullish Outlook" as Example)

Adopt "near-month in-the-money call options" strategy to balance return flexibility and risk:

- Strike price: ~5% above current stock price—avoids rapid time value decay of out-of-money options while preserving leveraged gains if breakout occurs;

- Expiration: Anchor to product launch milestones—captures event-driven sentiment premium while minimizing time cost;

- Position sizing: 10%-15% of options account—avoids overconcentration, reserves capital for black swans (e.g., supply chain shocks, market pullback).

3. Core Thesis Breakdown

1. Return Drivers: Event + Volatility Double Play

New product cycles amplify volatility as markets price "hardware innovation → replacement demand → earnings growth". Calls use premium as cost to leverage upside (e.g., $200 stock price makes $195 strike call intrinsically worth $5/share, plus volatility premium may exceed underlying gains).

2. Risk Control: In-the-Money + Position Limits

High Delta (≈0.7-0.8) means losses capped at premium if stock falls (e.g., $185 → loss equals call cost, not full stock decline). 10%-15% allocation prevents catastrophic single-stock damage.

3. Valuation Floor: Contrarian Protection

If market temporarily favors "AI compute" over hardware, Apple may lag—but strong cash flow + low valuation limit downside. Minimal call selling pressure keeps implied volatility and premium costs reasonable.