Apple(US:AAPL) Guoyuan Securities·2025-06-30 09:55Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [5] Core Insights - The overseas AI chip index increased by 9.2% this week, driven by increased capital expenditure from cloud computing giants like Microsoft, Meta, and Amazon, which is expected to boost demand for computing chips [1][10] - The domestic AI chip index rose by 5.3%, with significant stock price divergence among domestic chip companies, such as a 10% increase for SMIC and over a 7% decline for Hengxuan Technology [1][10] - The NVIDIA mapping index grew by 5.9%, supported by strong growth in NVIDIA's data center business and ongoing capital expansion by cloud computing firms [1][10] - The server ODM index saw a 5.7% increase, reflecting robust demand for AI servers as major cloud computing companies expand their capital expenditures [1][10] - The storage chip index rose by 4.8%, benefiting from DRAM price increases and improving downstream demand expectations [1][10] - The power semiconductor index increased by 4.0%, while the A-share fruit chain index and Hong Kong fruit chain index rose by 3.8% and 4.4%, respectively [1][10] Market Data Summary - By 2025, 3nm technology is expected to dominate all new flagship SoC models, with 3nm and 2nm accounting for approximately one-third of smartphone SoC shipments by 2026 [2][25] - In the first four months of 2025, China's total electronic product output grew by over 10% [2][29] - In April 2025, PC production increased by 4.2% year-on-year, while TV production decreased by 2.2% [2][29] - The U.S. smartphone import volume dropped by 45% in April 2025 compared to March, with imports from China falling by 61% [2][29] - Samsung held a 52% market share in the foldable OLED market in Q2 2025, with BOE, Huaxing Optoelectronics, and Visionox following [2][33] Major Events Summary - Xiaomi launched several new products, including the MIX Flip2 foldable phone and the first AI glasses [3][36] - Honor has received approval for its IPO guidance and aims to complete the process between January and March 2026 [3][36] - The Honor Magic V5 will feature a 6100mAh ultra-thin battery, marking the first mass production of a battery with 25% silicon content [3][36] - Apple plans to start developing its first foldable iPhone in the second half of 2025 [3][38]