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Apple shares rose Friday 2.48 percent in mid-day trading after Wells Fargo upgraded the stock to overweight from equal weight, citing the stock's "compelling risk/reward" outlook.

Apple on Thursday reported a slight uptick in year-over-year revenue despite supply chain disruptions and closure of its stores in China and worldwide due to the coronavirus pandemic.

As China is setting the pace for technologies and solutions in many areas that address future trends, Friede said new trends are emerging in electronics.

Applauding political advisers' consultations and suggestions during the meeting, Wang said, "Stronger confidence is needed in reaching the goal and harder work should be done to ensure quality."

Apple did not provide sales figures for its watches, but Cook said sales had risen 50 percent from the year before and that the Apple Watch was now the best-selling watch in the world.