电子行业周报：英伟达业绩超预期，静待国内AI行情“二次启动”

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - Nvidia's performance exceeded expectations, leading to a surge in US tech stocks, with FY25Q1 revenue reaching $26.04 billion, a year-over-year increase of 262% and a quarter-over-quarter increase of 18% [9][10] - The AI market is anticipated to experience a "second startup" phase in China, driven by the recent performance of major players like Nvidia and the release of new AI models [5][16] - The report highlights a significant price drop in AI models in China, indicating a competitive landscape that may accelerate industry consolidation [15] Market Review - The electronics sector index saw a weekly decline of 3.5%, ranking 17th among the Shenwan first-level industries [17] - Notable stock performances included Yingli Co., which rose by 80.20%, and ST Chao Hua, which fell by 22.60% [20] Industry Data Tracking - The DRAM price index decreased by 1.49% to 626.46, while the NAND price index fell by 1.34% to 806.89, reflecting ongoing weak demand in the consumer storage market [26] - In April 2024, China's integrated circuit imports totaled $31.3 billion, a year-over-year increase of 16%, while exports reached $13 billion, up 18% [35] Overseas Industry News - ASML is considering launching a universal EUV lithography platform to simplify advanced process production and reduce costs [42] - Nvidia plans to expedite the introduction of its GB200 chip with panel-level fan-out packaging to address supply constraints [43] - Intel is set to launch its Lunar Lake AI processors in Q3 2024, with expected shipments exceeding 40 million units [45] Domestic Industry News - TSMC confirmed that its Nanjing plant received indefinite exemption from US export controls, allowing continued operations without individual licenses [46] - Xiaomi reported a 100.8% year-over-year increase in adjusted net profit for Q1 2024, driven by strong performance in its smartphone and IoT segments [49]