Guoyuan Securities·2025-08-05 07:13Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [5] Core Insights - Apple has announced an increase in spending in the AI sector, indicating a shift from a conservative to an aggressive expansion strategy in AI [30] - The global laptop shipment volume is expected to reach 47.09 million units in Q2 2025, a quarter-on-quarter increase of 11.8%, but is projected to decline to 45.6 million units in Q3 2025, a year-on-year decrease of 3.2% [2][20] - The global server shipment volume is estimated at 3.75 million units in Q2 2025, a year-on-year increase of 8.3%, with a slight decline expected in Q3 2025 [2][23] - The share of US smartphones assembled in China has dropped from 61% in Q2 2024 to 25% in Q2 2025, while "Made in India" smartphones have surged by 240%, now accounting for 44% of US smartphone imports [2][26] Market Indices - The overseas AI chip index decreased by 0.6% this week, with MPS up by 10% and AMD up by 3%, while TSMC fell by 4% [1][9] - The domestic AI chip index fell by 2.3%, with only a few companies like Cambricon and Aojie Technology showing slight increases [1][9] - The Nvidia mapping index surged by 14.1%, with significant gains from companies like Invec and Shenghong Technology [1][11] - The server ODM index rose by 2.9%, with Wiwynn increasing nearly 7% [1][11] - The storage chip index increased by 1.4%, driven by Dongxin Technology's new GPU chip launch, which saw a 54% stock price increase [1][14] Major Events - Samsung's Q2 2025 revenue increased by 0.67%, but net profit fell by 48.83% [3][30] - Apple's Q2 2025 revenue grew by 10%, with net profit up by 9%, and plans to enhance AI investments [3][30] - Microsoft's Q2 2025 revenue rose by 18%, with net profit increasing by 24% [3][31] - Alibaba launched its first self-developed AI glasses, indicating a push into AI technology [3][32]