Core Insights - The global smartphone market is projected to ship 297 million units in Q2 2025, reflecting a year-on-year growth of 1.4% [1] - In China, the top five smartphone manufacturers are Huawei, vivo, OPPO, Xiaomi, and Apple, with Huawei reclaiming the top position after four years [1][3] - The U.S. market's top five manufacturers are Apple, Samsung, Lenovo, Google, and TCL, with Apple maintaining a significant lead in market share [1][4] China Market Summary - The total smartphone shipments in China for Q2 2025 reached 68.9 million units, marking a decline of 4.1% year-on-year, ending six consecutive quarters of growth [2] - Huawei led the Chinese market with a shipment of 12.5 million units, holding an 18.1% market share, despite a year-on-year decline of 3.4% [2][3] - Xiaomi was the only manufacturer among the top five to achieve positive growth, with a year-on-year increase of 3.4% [2][3] - Consumer confidence remains low, impacting overall market demand despite promotional events like "618" [2] U.S. Market Summary - The U.S. smartphone market experienced a growth of 3.7%, with total shipments reaching 25.7 million units in Q2 2025 [4][5] - Apple led the U.S. market with a shipment of 12.2 million units, capturing a market share of 47.6% and achieving a year-on-year growth of 14.8% [5] - Samsung followed with a shipment of 6.9 million units, reflecting a growth of 14.3% due to inventory increases and the introduction of AI features in mid-range devices [5] - Lenovo (Motorola) continued to expand its presence in the U.S. market with a year-on-year growth of 2.4% [5]

Group 1 - The core viewpoint of the article highlights the stable market share rankings of global smartphone application processors for Q1 2025, with MediaTek leading at 36% market share, followed by Qualcomm at 28%, and Apple at 17% [1][2] Group 2 - MediaTek's growth in Q1 2025 is driven by increased demand in the entry-level and mainstream markets, despite a decline in the high-end segment. The launch of the Dimensity 8400 chip has strengthened its position in the mid-to-high-end market [1] - Qualcomm's performance remains stable with a market share of 28%, primarily supported by its strong presence in the high-end smartphone processor sector [1] - Apple's market share stands at 17%, with year-over-year growth attributed to the release of the iPhone 16e series featuring the A18 chip, although seasonal factors led to a quarterly decline in shipments [1] - Unisoc ranks fourth, experiencing a seasonal decline in shipments due to reduced LTE chip shipments, but continues to grow its market share in the low-price segment (under $99) [1] - Samsung's Exynos chips saw shipment growth in Q1 2025, with a market share of 5%, driven by new models like Galaxy A56 and Galaxy A16 5G [2] - Huawei's HiSilicon chip shipments increased due to the launch of the nova 13 series and Mate 70 series, with its market share just 1% less than Samsung's [2]

Market Overview - The electronic industry index of Shenwan fell by 4.87% last week (2.24-2.28), ranking 28th among 31 industries, underperforming the CSI 300 index by 2.64% [1][13] - In February (2.1-2.28), the electronic industry index rose by 8.31%, ranking 4th among 31 industries, outperforming the CSI 300 index by 6.39% [1][13] - Year-to-date (1.1-2.28), the electronic industry index increased by 8.02%, ranking 4th among 31 industries, outperforming the CSI 300 index by 9.16% [1][13] Nvidia Quarterly Report - Nvidia reported Q4 FY2025 revenue of $39.3 billion, a 78% year-over-year increase, with data center revenue at $35.6 billion, up 93% year-over-year [2][33] - The company delivered $11 billion worth of Blackwell chips, with net profit reaching $22.09 billion, a growth of 80% year-over-year [2][33] - For Q1 FY2026, Nvidia expects revenue in the range of $43 billion, indicating strong demand for AI chips, although gross margin is projected to drop to 71% due to increased Blackwell chip production [2][33] Storage Market Outlook - The storage supply-demand situation is gradually improving, with NAND Flash prices expected to rebound in the second half of the year, while DRAM prices may improve quarter by quarter [2][34] - In Q4 2024, the global NAND Flash market size is expected to decrease by 8.5% to $17.41 billion, while the DRAM market size is projected to grow by 13.5% to $29.345 billion [2][34] - The overall global storage market size is anticipated to grow by 4.2% to $46.755 billion in Q4 2024 [2][34] NAND Flash Price Trends - TrendForce indicates that NAND Flash prices may decline by 5% in Q2 2025 but could rebound by 10-15% in Q3 2025 and continue to grow by 8-13% in Q4 2025 [4][37] - As of February 28, the average trading price for general NAND Flash products rose to $2.29, a 5.29% increase month-over-month, attributed to production cuts by major manufacturers and consumer subsidies in China [3][36] DRAM Market Insights - The average trading price for general DRAM products remained stable at $1.35 as of February 28, with expectations of a slight decline of 3-5% in consumer-grade DRAM prices in Q1 2025 [5][38] - High-density DRAM demand is expected to surge due to AI servers, HPC, and autonomous vehicles, with price increases projected for HBM DRAM in Q2 and consumer electronics in Q3 [5][38] Investment Recommendations - The report suggests focusing on storage module companies such as Baiwei Storage, Lanke Technology, and Demingli, as well as chip design firms like Zhaoyi Innovation and Beijing Junzheng, due to anticipated improvements in storage prices and demand [6][39]