Guoyuan Securities·2025-05-26 08:15Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [7] Core Insights - The overseas AI chip index fell by 2.3% this week due to uncertainties in U.S. trade policy, including proposed tariffs on imported iPhones and a 50% tariff on the EU, leading to a decline in stock prices of international chip companies [1][10] - The domestic AI chip index also decreased by 2.5%, with all constituent stocks showing a downward trend [1][10] - The NVIDIA mapping index dropped by 2.8%, influenced by expectations of increased tariffs on European goods, affecting NVIDIA's stock and related industry stocks [1][10] - The server ODM index fell by 4.3%, as rising uncertainties regarding U.S. tariff policies began to impact shipment expectations for U.S. AI chip companies [1][10] - The storage chip index saw a significant decline of 4.5%, with all constituent stocks experiencing price drops [1][10] - The power semiconductor index remained stable, while the A-share fruit chain index fell by 2.8% and the Hong Kong fruit chain index dropped by 3.9% [1][10] Market Data - In Q1 2025, the global wearable wristband market grew by 13% year-on-year, with shipments reaching 46.6 million units. Xiaomi regained the top position with a 44% increase in shipments to 8.7 million units [2][25] - Apple's Apple Watch shipments grew by 5% to 7.6 million units, while Huawei maintained third place with a 36% increase to 7.1 million units [2][25][27] - The global TWS market rebounded strongly, with shipments increasing by 18% year-on-year to 78 million units, marking the highest growth rate since 2021 [2][30] - Apple's market share in the TWS market reached 23%, while Xiaomi rose to second place with a historical high market share of 11.5% [2][30] Major Events - The U.S. government announced plans to impose a 25% tariff on products from Apple and other smartphone manufacturers unless they relocate production back to the U.S., with the policy expected to take effect by the end of June [3][32] - Apple plans to launch smart glasses in 2026, with prototype production expected to begin in late 2025 [3][32] - NVIDIA released a new AI hardware and software suite, including the upcoming GB300 system and desktop-level DGX Spark AI workstation [3][35]