半导体与半导体生产设行业周报：Blackwell机柜出货预期走强，AI可穿戴应用加速

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor production equipment industry [4]. Core Insights - The overseas AI chip index decreased by 3.6% this week, influenced by Nvidia's stock price adjustment due to US tariff expectations, while domestic AI chip index rose by 12.3% driven by Alibaba's impact on computing power and expectations of increased regulation on domestic chips [1][9]. - The Nvidia mapping index increased by 7.4%, indicating a rise in capital expenditure from major CSP manufacturers, which supports the logic of continued investment in computing power [1][10]. - The server ODM index rose by 5.5%, reflecting enhanced expectations for Nvidia's Blackwell cabinet shipments and a valuation recovery in the server ODM sector [1][10]. - The storage chip index increased by 9.0%, driven by significant growth in humanoid robots, autonomous driving, and consumer AI sectors [1][12]. - The power semiconductor index rose by 4.5%, with the domestic A-share fruit chain index increasing by 5.2% [1][12]. Industry Data Summary - Global wafer manufacturing is expected to grow by 7% in 2025, with advanced node capacity (below 20nm) projected to increase by 12% and average capacity utilization expected to remain above 90% [2][21]. - SEMI forecasts global semiconductor equipment revenue to reach $112.83 billion in 2024, with further increases to $121.47 billion and $139.42 billion in 2025 and 2026, respectively, representing year-on-year growth of 7.66% and 14.78% [2][21]. - The global AI glasses market is projected to see significant growth, with sales expected to reach 3.5 million units by 2025 [2][23]. Major Events Summary - ADI reported FY25Q1 revenue of $2.42 billion, a year-on-year decrease of 4%, with guidance for FY25Q2 revenue between $2.4 billion and $2.6 billion [3][28]. - Hon Hai's cloud computing business is expected to grow over 50% year-on-year in 2024, with AI server revenue increasing by over 150% [3][28]. - Alibaba's capital expenditure reached 31.8 billion yuan in Q4 2024, an 80% increase quarter-on-quarter, focusing on cloud and AI infrastructure [3][29]. - Apple launched the iPhone 16e, featuring the A18 chip, with a starting price of 4,499 yuan [3][29].