电子行业双周报（2025、05、16-2025、05、29）：英伟达公布FY26Q1业绩，算力需求仍将旺盛-20250530

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on the NVIDIA supply chain and PCB/CCL sectors due to strong performance expectations [25]. Core Insights - NVIDIA reported FY26Q1 revenue of $44.1 billion, exceeding market expectations of$43.3 billion, with data center revenue at $39.1 billion, slightly below the forecast of$39.2 billion. The transition from Hopper to Blackwell products is nearly complete, and the demand for reasoning computing power is expected to continue growing due to the acceleration of applications like Chatbot and Agents [25][18]. - The semiconductor diffusion rule cancellation is anticipated to further boost sovereign AI demand, indicating a robust global demand for computing power [25]. - Xiaomi Group achieved a record revenue of RMB 111.3 billion in Q1 2025, a 47.4% year-on-year increase, with adjusted net profit reaching RMB 10.7 billion, up 64.5% [18]. - The SW Electronics sector's PE TTM is 41.79 times, placing it in the 71.37% percentile over the past five years and 60.59% over the past ten years, indicating a relatively high valuation [12][10]. Summary by Sections Market Review and Valuation - The SW Electronics sector experienced a cumulative decline of 0.82% over the past two weeks (05/16-05/29), outperforming the CSI 300 index by 0.43 percentage points. For May, the sector fell by 1.02%, underperforming the index by 3.36 percentage points [10][11]. Industry News - Significant developments include Xiaomi's record earnings, NVIDIA's new computing platform announcement, and OpenAI's Stargate UAE project, which will establish a 1GW data center cluster in Abu Dhabi [18][15]. Company Announcements - Notable announcements include the planned share transfer by Shenghong Technology and the successful completion of a share transfer inquiry involving institutional investors [19][16]. Industry Data - Global smartphone shipments reached 305 million units in Q1 2025, marking a 1.53% year-on-year increase. In China, smartphone shipments totaled 21.43 million units in March 2025, up 5.99% [20][22].