山西证券：研究早观点-20250305

Market Overview - The overall market experienced a decline this week, with the Shanghai Composite Index falling by 1.72% and the Shenzhen Component Index dropping by 3.46% [8] - The semiconductor sector faced significant losses, with the Wind Semiconductor Index decreasing by 3.25% [8] Industry Insights - Apple announced a substantial investment of $500 billion in the U.S. over the next four years, focusing on expanding domestic operations, including the establishment of an AI server manufacturing facility in Houston [8] - Nvidia reported a 114% year-over-year increase in annual revenue, reaching $130.5 billion, with data center revenue growing by 142% to a record $115.2 billion [8] - Xiaomi launched the Xiaomi 15 Ultra and SU7 Ultra, showcasing high performance and competitive pricing, which is expected to stimulate market enthusiasm [8] Solar Energy Sector - The China Photovoltaic Industry Association (CPIA) forecasts that China will add 215-255 GW of new solar capacity in 2025, with a general global expectation of 531-583 GW [12] - The National Energy Administration aims for non-fossil energy to account for approximately 20% of total energy consumption by 2025 [12] - The Ministry of Industry and Information Technology reported that major photovoltaic products will continue to see increased production in 2024, with significant growth in polysilicon, silicon wafers, batteries, and modules [12] Investment Recommendations - The report suggests focusing on supply chain companies related to Apple and Huawei, as well as those involved in AI technology and high-performance chips [11] - In the solar sector, companies like Aiko Solar and LONGi Green Energy are recommended due to their technological advancements and market positioning [14] - For the coal industry, the report highlights the importance of long-term contracts and suggests monitoring companies like China Shenhua and Shaanxi Coal and Energy for stable dividends and growth potential [18]