国君电子|AI芯片代工及半导体设备进口再迎压力,自主可控迫在眉睫

Investment Rating - The report recommends the semiconductor self-controlled sector, emphasizing continued support for leading semiconductor manufacturers and companies related to photolithography and semiconductor equipment [1]. Core Insights - Advanced process foundry may tighten, highlighting the importance of enhancing semiconductor self-control capabilities and building a domestic production chain. TSMC is expected to suspend supplying all 7nm and more advanced chips to AI/GPU customers in mainland China, which may increase pressure on external foundries [1]. - SMIC, as the largest and most advanced wafer foundry in mainland China, is positioned to benefit from potential supply chain sanctions and increased demand for AI/GPU chip foundry services, leading to price elasticity under tight supply and demand conditions [1]. - The U.S. House of Representatives is inquiring about the sales situation of the top five semiconductor manufacturing equipment companies, which may impact the import of related equipment and slow down the short-term expansion of China's semiconductor industry [2]. - The top five equipment manufacturers hold approximately 60% of the global semiconductor equipment market share, with significant shares in critical equipment categories such as photolithography and etching [2]. Summary by Sections - Semiconductor Manufacturing: The report emphasizes the need for self-sufficiency in semiconductor manufacturing, particularly in light of geopolitical tensions and potential supply chain disruptions [1]. - Equipment Supply Chain: The inquiry by the U.S. House of Representatives into the top equipment manufacturers could lead to delays in equipment imports, thereby affecting the domestic semiconductor manufacturing pace [2]. - Market Dynamics: The report indicates that domestic equipment companies may see increased urgency for product validation from wafer fabs due to the scrutiny of foreign equipment suppliers [2].