苹果大力投资美国本土，小米双Ultra点燃市场热情

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the electronic industry [1]. Core Insights - The overall market experienced a decline during the week of February 24-28, 2025, with the Shanghai Composite Index falling by 1.72%, Shenzhen Component Index by 3.46%, and the ChiNext Index by 4.87%. The semiconductor sector also faced declines, with the Wind Semiconductor Index dropping by 3.25% [4][12]. - Key developments include Apple's announcement of a $500 billion investment in the U.S. over the next four years, aimed at expanding domestic operations and enhancing AI capabilities. This investment is expected to create approximately 20,000 jobs primarily in R&D and AI [5][8]. - Nvidia reported a 114% increase in annual revenue, reaching $130.5 billion, with data center revenue growing by 142% to a record $115.2 billion, indicating strong demand for AI-related technologies [5][8]. Market Overview - The market saw significant fluctuations, with the semiconductor materials sector showing a slight increase of 0.42%, while digital chip design and semiconductor equipment sectors declined by 2.14% and 3.45%, respectively [4][12]. - Notable stock performances included a 30% increase for Aojie Technology-U and a 27.41% rise for ChipSource, while Shengyi Electronics saw a decline of 24.29% [4][21]. Industry News - Apple is set to build an AI server manufacturing facility in Houston and establish a supplier academy in Michigan, marking its largest commitment to U.S. operations to date [5][8]. - Xiaomi launched the Xiaomi 15 Ultra and SU7 Ultra, showcasing high performance and competitive pricing, which is expected to drive demand in the consumer electronics sector [5][8]. - The report highlights the ongoing trend of AI technology driving demand for high-performance chips and advanced packaging solutions, as well as the potential for hardware upgrades and replacement cycles in the market [8].