Shanxi Securities·2025-05-22 09:02Investment Rating - The report maintains an "A" rating for the electronic industry, indicating expected performance to lead the market [1]. Core Insights - The continuous investment in AI growth and the launch of Huawei's Harmony OS foldable PC are seen as pivotal developments that may revolutionize the PC form factor [1][8]. - The report highlights the strong performance of the AI sector, with significant capital expenditures from major tech companies, validating the long-term demand for computing power despite macroeconomic disruptions [8]. Market Overview - The overall market saw an increase during the week of May 12-16, 2025, with the Shanghai Composite Index rising by 0.76%, Shenzhen Component Index by 0.52%, and the ChiNext Index by 1.38%. However, the Shenwan Electronics Index and Wind Semiconductor Index fell by 0.75% and 1.27%, respectively [4][14]. - The Philadelphia Semiconductor Index surged by 10.20%, and the Taiwan Semiconductor Index increased by 5.13% during the same period [4][14]. Sector Performance - Among the sub-sectors, consumer electronics (+1.12%), optical optoelectronics (+0.26%), and components (+0.19%) showed the highest weekly gains [4][14]. - Notable individual stock performances included Jingyan Technology (+20.53%), ST Yushun (+20.46%), and Xinyi Chang (+17.19%), while the largest declines were seen in Dalian Technology (-12.22%) and Changguang Huaxin (-11.04%) [4][25]. AI and Major Companies - Nvidia is set to supply 18,000 AI chips to a Saudi Arabian company for a large data center project, with AMD also involved in providing chips and software for the initiative, which has a budget of $10 billion [5][8]. - Tencent reported a quarterly revenue exceeding 180 billion yuan, with a net profit of 47.8 billion yuan, driven by its AI strategy, which has significantly enhanced product usage and revenue quality [5][8]. - Alibaba's quarterly revenue reached 236.45 billion yuan, marking a 7% year-on-year increase, with its AI-related product revenue growing at a triple-digit rate for seven consecutive quarters [5][8]. Product Innovations - Huawei's upcoming foldable PC, featuring a large foldable screen and the self-developed Kirin X90 chip, is expected to redefine the high-end PC market and enhance portability [6][8]. - The report emphasizes the potential of Huawei's Harmony OS foldable PC to disrupt traditional PC competition due to its advanced features and self-sufficient supply chain [8].