2025-06-08-花旗集团-中国科技与通信_亚洲市场反馈_11页_176kb

报告摘要

Date/Time: 08 June 2025, 19:33:58 ET; 11-page report.
Authors: Kyna Wong AC, Kevin Chen, Karen Huang, Louis Tsang.
Core Theme: Citi assesses post-tariff market sentiment, with improving AI focus. Investors emphasized Xiaomi, AI computing, and supply chain dynamics, while seeking visibility into the second-half 2025 period.

Market quietened post-tariff correction, but AI sentiment improved after Computex 2025.
Key topics: Tariff impact, China ADAS trend, US AI chip restrictions, Nvidia’s B30, Xiaomi expectations, Apple chain restocking, AI monetization, and 1H25 results.

Apple Chain: Expect better visibility after 2025 build plans; supply chain growth projected at 80-85mn units. Restocking driven by June–August models.
Xiaomi: Top pick due to EV and AIoT growth; YU7 awaited. $2025 ratings include "Buy" for Xiaomi.
AI Computing: Nvidia GB200 yield may offset low shipment expectations; delays align with predictions. Victory Giant > WUS > FII in pecking order.
Semiconductors: China's AI build is key for 2025; demand for efficient CIS and analog localization could boost Will Semi and SG Micro.

Optical transceivers: Eoptolink and Innolight benefit from 800G ramp and AI capex. Concerns over competition and profit-taking noted.
China AI Capex: Ongoing even after H20 ban; VNET and GDS recommended for AI capex opportunities.

AI LLM Monetization: Challenges in monetizing AI in consumer markets; focus on ToB SaaS. Kingdee: Top pick due to index exposure and AI agent potential.

June 2025: Computex 2025, Computex 2025 takeaways, Xiaomi results, Computex impact on sentiment.
July 2025: Xiaomi Investor Day, Computex AI diffusion rule update.
August 2025: XU7 delivery, IDC deployment.

Xiaomi, Victory Giant, WUS, Eoptolink, Innolight, Will Semi, SG Micro, VNET, GDS, Kingdee.

Near-term catalysts: Xiaomi orders, Apple chain results, AI hardware proliferance.
Longer-term: Domestic AI localization, iPhone foldable, and 2025 visibility.

Citi Research highlights Xiaomi and AI-computing sectors for high growth potential in hardware.

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