Guoyuan Securities·2026-01-12 11:20Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor production equipment industry [5] Core Insights - The U.S. government has relaxed export controls on NVIDIA H200 chips to China, which is expected to boost the AI chip market in China [3] - Micron plans to build up to four wafer fabs in New York, potentially receiving over $25 billion in federal subsidies, with the first fab expected to be operational by 2030 [3] - The global electric vehicle sales are projected to reach 20.985 million units in 2025, a year-on-year increase of approximately 22%, and are expected to rise to 24.166 million units in 2026, a 15% increase [2][23] - The domestic AI chip index increased by 7.8% this week, with several companies experiencing significant gains [10] Market Indices Summary - The overseas AI chip index fell by 1.5%, while the domestic A-share chip index rose by 7.8% [10] - The storage chip index increased by 12.1%, with notable gains from companies like Purun and Hengsuo [10][16] - The power semiconductor index rose by 5.7%, indicating positive market sentiment in this segment [10][16] - The server ODM index decreased by 3.0%, reflecting challenges in the server market [10][16] Industry Data Summary - Global smart watch shipments are expected to grow by 7% by the end of 2025, recovering from a decline in 2024 [2][25] - The shipment volume of foldable smartphone panels is projected to grow by 46% in 2026, driven by Apple's entry into the foldable smartphone market [2][28]