V i e w p o i n t | 07 Sep 2025 23:06:12 ET │ 36 pages China Hardware and Semiconductors 2Q25 Results Wrap and Inventory Tracker | Beats from AI/Optics Chain, Picking Rotation Opportunities in 2H CITI'S TAKE 35% of 2Q25 results beat (vs. 20% in 1Q25), mainly came from AI, optics and tariff pull-in demand. Our China tech inventory tracker indicated relatively healthy inventory level for consumer electronics hardware in 2Q25, while AI hardware held at high level likely due to strategic stocking. Meanwhile, su ...