美国政府放松H200对华出口，美光在纽约州兴建多座晶圆厂

Market Review - The overseas AI chip index decreased by 1.5% this week, while MPS and TSMC increased by 2.4% and 1.3% respectively. AMD and Marvell saw declines of 9.1% and 6.9% [1] - The domestic AI chip index rose by 7.8%, with companies like Cambricon, Loongson Technology, Aojie Technology, Zhaoyi Innovation, Changdian Technology, and Tongfu Microelectronics all experiencing gains of over 10%. Haiguang Information, Rockchip, and Hengxuan Technology had increases of 9.9%, 5.1%, and 3.8% respectively [1] - The Nvidia mapping index fell by 0.3%, while Magvint increased by 12%. Shenyu Co., Wolong Nuclear Materials, and Zhaolong Interconnect all had gains exceeding 5%, whereas companies like Changxin Bochuang, Invid, and Huitian Technology saw declines of over 4% [1] - The server ODM index dropped by 3.0%, with Gigabyte and Wiwynn experiencing declines of over 5%. Quanta, Supermicro, Foxconn, and Wistron had relatively smaller decreases [1] - The storage chip index increased by 12.1%, with Puran and Hengshuo seeing gains of 39.7% and 28.3% respectively. Zhaoyi Innovation, Beijing Junzheng, Lianyun Technology, Jiangbolong, Baiwei Storage, Shannon Chip, and Jucheng Technology all had increases exceeding 10%, while Dongxin Technology was the only company to experience a decline [1] - The power semiconductor index rose by 5.7%, while the A-share fruit chain index increased by 1% and the Hong Kong Apple index fell by 3.5% [1] Industry Data - Global electric vehicle sales are expected to reach 20.985 million units by 2025, representing a year-on-year increase of approximately 22%. This figure is projected to rise to 24.166 million units in 2026, with a year-on-year growth of about 15% [2] - Global smartwatch shipments are anticipated to grow by 7% by the end of 2025, returning to a growth trajectory after a decline in 2024 [2] - The shipment volume of foldable smartphone panels is expected to achieve a year-on-year growth of 46% in 2026, driven primarily by Apple's procurement of panels for its first foldable iPhone [2] Major Events - The Trump administration has recently relaxed restrictions on the export of NVIDIA H200 chips to China, with the Chinese government planning to allow certain users to import this AI chip as early as the first quarter of 2026 [3] - Micron plans to build up to four wafer fabs in New York, potentially receiving over $25 billion in federal subsidies for the construction of the first two fabs, with the first expected to be operational by 2030 and the second by 2033 [3] - After 2026, high-end GPU platforms such as Blackwell and Vera Rubin will be introduced, making rack-level power limits a critical challenge for the industry [3]