行业风口丨H20贸易受限，英伟达市值一夜“蒸发”近1900亿美元，半导体产业链哪些环节自主可控空间大？

Core Viewpoint - The recent export restrictions on H20 chips have led to a significant drop in Nvidia's market value, highlighting the increasing impact of U.S. trade policies on the semiconductor industry [1][3]. Group 1: Impact of H20 Trade Restrictions - Nvidia's market value decreased by nearly $190 billion overnight due to U.S. government-imposed export controls on H20 chips, requiring licenses for exports to China and other regions [1][3]. - Nvidia anticipates that its first-quarter performance will be adversely affected, with costs related to H20 products, including inventory and procurement commitments, reaching approximately $5.5 billion [1][3]. - The U.S. government's actions indicate a tightening of trade controls, which may lead to a loss of market share for Nvidia in China, potentially benefiting domestic AI chip manufacturers [3]. Group 2: Semiconductor Industry Trends - Since 2022, the U.S. has implemented multiple large-scale export control measures targeting the semiconductor sector, including restrictions on high-performance AI chips [4][8]. - The ongoing trade tensions are expected to accelerate the domestic production of semiconductors in China, as companies seek to reduce reliance on foreign technology [5][6]. - China's semiconductor market is projected to maintain a significant global presence, with sales expected to exceed $180 billion annually from 2022 to 2024, despite a temporary downturn in 2023 [6][7]. Group 3: Opportunities in Semiconductor Supply Chain - The semiconductor industry is witnessing a shift towards domestic production, particularly in segments like analog chips, where local demand significantly exceeds supply [10]. - Domestic semiconductor equipment and materials are entering a critical phase of self-sufficiency, with companies like North Huachuang and Xinkailai making significant advancements in high-end equipment [11]. - The import dependency on semiconductor components is decreasing, with a notable shift towards local suppliers, especially in the context of rising tariffs on imports from the U.S. [9][11].