重点关注自主可控受益产业链 | 投研报告

Core Viewpoint - The recent escalation of US-China trade tensions, highlighted by the announcement of new tariffs and export controls, is expected to benefit the domestic semiconductor industry in China, particularly in the context of capital and technological advancements [1][2][3] Industry Summary - The US will impose a 100% tariff on Chinese imports starting November 1, alongside export controls on critical software [1][2] - The US House of Representatives has called for broader bans on the sale of chip manufacturing equipment to China [1][2] - China has implemented export controls on certain rare earth equipment and is investigating Qualcomm for antitrust issues [1][2] - The semiconductor industry in China is accelerating its capital and technological breakthroughs despite US restrictions, with NAND storage leader Yangtze Memory Technologies completing a share reform with a valuation of 160 billion and potentially initiating an IPO [2][4] - DRAM leader Changxin Memory Technologies has completed IPO counseling, indicating a trend towards increased production capacity [2][4] - The domestic semiconductor equipment and materials sectors are expected to benefit significantly from the IPOs of Yangtze Memory and Changxin Memory, as they drive domestic substitution [2][4] Investment Recommendations - The focus is on industries benefiting from domestic control, AI-PCB, core computing hardware, domestic computing capabilities, and the Apple supply chain [3][4] - The semiconductor supply chain indicators show stable growth in consumer electronics, PCB, semiconductor chips, and semiconductor manufacturing/equipment/materials [4]