Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Viewpoints - The HBM4 standard has been officially released, offering significant improvements in bandwidth, efficiency, and design flexibility compared to its predecessor HBM3, which will revolutionize fields such as generative AI, high-performance computing, and high-end graphics cards [4] - The OLED market is expected to grow significantly, driven by increasing adoption in consumer electronics, with display equipment spending projected to reach $77 billion by 2027, with OLED accounting for 58% of total spending [5] - The U.S. government's restrictions on NVIDIA's H20 chip sales to China may accelerate the iteration of domestic AI chips, increasing demand for local alternatives [6][7] Summary by Sections Market Overview - The SW electronics index fell by 0.64% in the past week, underperforming the CSI 300 index by 1.23 percentage points, with sub-sectors showing varied performance [4] Semiconductor Developments - The HBM4 standard supports a 2048-bit interface with a transmission speed of up to 8Gb/s, providing a total bandwidth of up to 2TB/s, and features significant enhancements in power efficiency [4] Display Technology - OLED technology is projected to dominate the display equipment market, with a market size expected to reach $8.3 billion by 2027, driven by larger panel sizes and increased adoption in various devices [5] Investment Recommendations - The report suggests focusing on semiconductor design companies with low PE/PEG ratios, AIOT SoC chips, analog chips, and key materials for semiconductors, highlighting specific companies for potential investment [8]

Investment Rating - The industry investment rating is "Increase" (maintained) [1] Core Viewpoints - The automotive sector has shown a decline of 0.79% in the past week, ranking 28th among 31 first-level industries in the Shenwan classification. The best-performing sub-sector was automotive services, which increased by 1.95% [2] - The new models launched by Hongmeng Zhixing, including the Wanjie M8 and Xiangjie S9, have received significant pre-orders, indicating strong market interest. The Wanjie M8, priced between 359,800 to 449,800 yuan, achieved over 44,000 orders within 72 hours of its launch [3][4] - The release of the Horizon Journey 6P smart driving chip marks a significant advancement in autonomous driving technology, with a processing power of 560 TOPS and support for 18MP front-view perception [5] Market Performance - The automotive market retail sales from April 1 to 13 reached 515,000 units, showing a year-on-year increase of 8% but a month-on-month decrease of 14%. The new energy vehicle market retail sales were 275,000 units, up 15% year-on-year but down 17% month-on-month [3] - The top five companies in terms of stock performance were Teli A, Jianbang Technology, Jiuqi Co., ST Shuguang, and Taide Co., with increases ranging from 13.37% to 31.78%. Conversely, the bottom five companies included Weichai Heavy Machinery and New Spring Co., with declines ranging from 7.27% to 13.96% [3] Strategic Developments - The entry of the Wanjie brand into the Egyptian market and the localization project in Malaysia by Stellantis and Leap Motor indicate a growing international presence for domestic brands [7] - The Ministry of Commerce is promoting the "Vehicle-Road-Cloud Integration" application pilot, which aims to enhance infrastructure development and the industrialization of smart connected vehicles [8] Investment Recommendations - Recommended companies for vehicle manufacturing include BYD, Great Wall Motors, China National Heavy Duty Truck Group, and Foton Motor. For auto parts, recommended companies include Huguang Co., Lingyun Co., and Yilun Co. [9]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Viewpoints - The HBM4 standard has been officially released, offering significant improvements in bandwidth, efficiency, and design flexibility compared to its predecessor HBM3, which will revolutionize fields such as generative AI, high-performance computing, and high-end graphics cards [4] - The OLED market is expected to grow significantly, with display equipment spending projected to reach $77 billion by 2027, driven by increased adoption in smartphones, tablets, and laptops [5] - The U.S. government's restrictions on NVIDIA's sales of the H20 chip to China may accelerate the iteration of domestic AI chips, increasing demand for local alternatives [6][7] Summary by Sections Market Overview - The SW electronics index fell by 0.64% in the past week, underperforming the CSI 300 index by 1.23 percentage points, with sub-sectors showing varied performance [4] Semiconductor Developments - The HBM4 standard supports a 2048-bit interface with a transmission speed of up to 8Gb/s, providing a total bandwidth of up to 2TB/s, and features significant enhancements in power efficiency [4] Display Technology - OLED technology is projected to account for 58% of total display equipment spending by 2027, with China expected to dominate the market, accounting for 84% of display equipment expenditure [5] Investment Recommendations - The report suggests focusing on semiconductor design companies with low PE/PEG ratios, AIOT SoC chips, analog chips, and key materials for semiconductors, highlighting specific companies for potential investment [8]

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company is a leading integrated circuit foundry with a global presence, providing 8-inch and 12-inch wafer foundry and technology services. It has established partnerships with major design service providers and has a strong marketing presence in the US, Europe, Japan, and Taiwan [4][16]. - The company's revenue and profit growth are expected to accelerate due to the recovery in the semiconductor industry, driven by demand from artificial intelligence, industrial automation, and smart vehicles. The ownership structure is diverse, with significant interest from major capital funds [4][5][6]. Summary by Sections 1. Company Overview - The company is a world-class integrated circuit foundry, headquartered in Shanghai, with a global operational footprint [16]. - It has experienced significant revenue growth, with a compound annual growth rate of 15.26% from 2017 to 2024, increasing from 21.39 billion yuan to 57.796 billion yuan [20]. 2. Industry Perspective - The semiconductor industry is characterized by high barriers to entry, rapid growth, and a business model that aligns with market demands. The company benefits from economies of scale and technological advantages [5][36]. - The industry is experiencing a resurgence, with a projected global semiconductor market shortage for 40nm and above chips in 2025, which is expected to boost the company's performance [20][23]. 3. Financial Forecasts - Revenue projections for 2025-2027 are 70.652 billion yuan, 78.639 billion yuan, and 87.584 billion yuan, representing year-on-year growth rates of 22.24%, 11.30%, and 11.38% respectively. Net profit is expected to grow significantly during the same period [6][8].

Investment Rating - The report assigns a "Buy" rating for the company [1] Core Views - The company is a leading integrated circuit foundry with a global presence, providing 8-inch and 12-inch wafer foundry and technology services. It has established partnerships with major players in the industry, including design services and equipment suppliers, and has marketing offices in the US, Europe, Japan, and Taiwan [4][16] - The company's revenue and profit growth are expected to accelerate due to the recovery in the semiconductor industry, driven by demand from artificial intelligence, industrial automation, and smart vehicles. The ownership structure is diverse, with significant interest from major capital funds [4][5][6] Summary by Sections 1. Company Overview - The company is recognized as a world-class leader in wafer manufacturing, with a global operational footprint and partnerships with key industry players [4][16] - Revenue has grown significantly from 21.39 billion yuan in 2017 to 57.80 billion yuan in 2024, with a compound annual growth rate of 15.26% [20] 2. Industry Perspective - The semiconductor industry is characterized by high barriers to entry, rapid growth, and a business model that aligns with market demands. The company benefits from economies of scale and technological advantages [5][36] - The industry is experiencing a resurgence, with a projected global semiconductor market shortage for 40nm and above chips in 2025, which may drive demand for the company's products [20][23] 3. Financial Forecasts - The company is expected to achieve revenues of 70.65 billion yuan, 78.64 billion yuan, and 87.58 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.24%, 11.30%, and 11.38% [6][8] - Net profit is projected to reach 5.68 billion yuan, 6.84 billion yuan, and 7.82 billion yuan for the same years, with growth rates of 53.62%, 20.49%, and 14.25% [6][8]

| | | 政策有保障,转型有成效 | | --- | --- | --- | | | | 中国对美加征 125%关税点评 | | 日期: | 2025年04月18日 | 事件 | | | | 2025年4月11日,国务院关税税则委员会发布公告:对原产于美 | | 分析师: | 张河生 | 国的进口商品加征关税税率由 84%提高至 125%;同时鉴于在目前关 | | Tel: | 021-53686158 | | | E-mail: | zhanghesheng@shzq.com | 税水平下,美国输华商品已无市场接受可能性,如果美方后续对中国 | | SAC 编号: S0870523100004 | | 输美商品继续加征关税,中方将不予理会。 | | 相关报告: | | | | 《中国对等反制,降息降准或加速落地》 | 0 | 主要观点 | 1、大幅加征关税后中美经济均可能受负面影响 中国加征 125%关税,美国加征 145%关税。 防究报 | -2025年04月02日 | EN-J- IFA 10 / 10 / 2 / 1 / 1 / 1 / 1 / | 《聚焦消费能力、意愿提升,供给创造需 | 由于特朗 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Views - The report highlights that the U.S. government has imposed restrictions on Nvidia's sales of H20 chips to China, with tariffs rising to a maximum of 245%. This is expected to drive Chinese companies to increasingly adopt domestic AI chips from Huawei, Baidu, and others [6][8] - The semiconductor industry is experiencing a recovery, with companies like SMIC and Huahong reporting significant revenue growth. The overall semiconductor market is stabilizing, driven by demand from smartphones, personal computers, and emerging markets [9][10] - The report suggests that the technology sector remains optimistic for the year, with a focus on sectors such as PCB, ODM, AIOT, and AIDC for potential investment opportunities [8] Market Review - The Shanghai Composite Index closed at 3238.23 points, with a weekly decline of 3.11%. The Shenzhen Component Index and the ChiNext Index also saw declines of 5.13% and 6.73%, respectively. The CSI Artificial Intelligence Index fell by 6.08%, indicating a consistent downward trend across the sector [4] Industry Insights - Nvidia's H20 chip is currently in high demand in the Chinese market, with prices reaching a yearly high. The report notes that a deployment of eight H20 DeepSeek units can cost between 1 million to 1.1 million yuan, with supply delays exceeding four weeks [6] - Companies like Huakong Technology have reported no immediate changes in customer orders despite the uncertainty surrounding the H20 chip, indicating that the industry has prepared for such trade restrictions [6] - The report emphasizes the importance of key minerals for U.S. national security and economic recovery, highlighting the ongoing trade tensions and the impact on supply chains [7] Company Performance - SMIC reported a revenue of 57.8 billion yuan for 2024, a year-on-year increase of 28%, while its net profit decreased by 23% to 3.7 billion yuan. The growth is attributed to the overall recovery in the semiconductor market [9] - Key companies in the CPU/GPU segment, such as Cambricon and Haiguang Information, reported revenue growth rates of 66% and 52.4%, respectively, driven by market expansion and increased demand for AI applications [9][10] - The report also highlights the performance of companies in the PCB sector, suggesting that there are opportunities for investment following recent market corrections [8][10]

——2025 年 04 月 08 日 《HBM 产能供给持续紧张，台积电 2nm 工 艺有望于 2025H2 进入量产》 ——2025 年 04 月 07 日 周观点： 美国限制英伟达对华销售 H20 芯片，对华关税最高升至 245% ——先进科技主题 20250407-20250413 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 | E-mail: | yanfeng@shzq.com | | --- | --- | | SAC 编号: | S0870525030001 | | 分析师: | 李心语 | | SAC 编号: | S0870525040001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -11% -2% 7% 15% 24% 33% 42% 51% 59% 04/24 06/24 09/24 11/24 01/25 04/25 电子 沪深300 [Table_ReportInfo] 相关报告： 《周观点：科技厂商陆续发布财报及业绩 预告，AI 驱动业绩增长》 ——2025 年 04 月 11 日 《事件点评："对等关税 ...

——2025 年 04 月 11 日 《投资加快，消费向好》 ——2025 年 03 月 19 日 开局良好，内需发力 ——2025 年 3 月经济数据点评 [日期Table_Industry] : shzqdatemark [Table_Summary] 主要观点 2025年04月18日 | [Table_Author] 分析师: | 陈彦利 | | --- | --- | | Tel: | 021-53686170 | | E-mail: | chenyanli@shzq.com | | SAC 编号: | S0870517070002 | [Table_ReportInfo] 相关报告： 《3 月出口仍获支撑，顺差维持千亿》 ——2025 年 04 月 16 日 《价格双负局面延续》 开局良好，内需发力 3 月主要数据还是延续了向好趋势。作为经济成效综合体现的工业增 长明显加快，三大门类产业均有不同程度回升，采矿业回升幅度较 大。主要行业生产也呈现出涨跌不一。 我们认为作为经济第一增长动力的投资稳步上升。其中基建投资持续 发力，制造业投资仍稳。今年财政政策将全方位发力，赤字率和财政 赤字全面上调。超长期 ...

Export Performance - In March 2025, China's total goods trade value reached 3.77 trillion RMB, a year-on-year increase of 6%[11] - Exports amounted to 2.25 trillion RMB, growing by 13.5% compared to the previous year[11] - Trade surplus for March was 736.72 billion RMB, maintaining a surplus of over 100 billion USD[11] Import Trends - Imports totaled 1.51 trillion RMB, a decline of 3.5% year-on-year[11] - Major imported goods, except for soybeans, coal, and steel, showed an increase in growth rates compared to January-February[12] - The decline in soybean imports was notably impacted by US-China tariffs[12] Trade Relations - Exports to major economies such as the EU, the US, and Japan showed a rebound, particularly to the US despite recent tariff increases[12] - ASEAN exports also increased, indicating a broad recovery in trade relationships[12] - The BRICS nations collectively exhibited accelerated trade growth[12] Economic Outlook - The strong export performance is attributed to China's manufacturing dominance in the global economy[5] - Domestic policies are expected to focus on boosting consumption and investment to counter external uncertainties[5] - The implementation of proactive macroeconomic policies aims to expand domestic demand and support economic recovery[5] Risks - Potential risks include worsening geopolitical events, changes in international financial conditions, and unexpected shifts in US-China policies[6]