电子行业快评报告：美方对华新一轮制裁落地，先进制程自主可控有望加速

Investment Rating - The industry investment rating is "Outperform the Market" [5] Core Viewpoints - On December 2, the U.S. Department of Commerce's Bureau of Industry and Security (BIS) announced new export control measures against Chinese semiconductor companies, including adding 140 companies to the "Entity List" to weaken China's ability to produce advanced process semiconductors for next-generation weapon systems, artificial intelligence (AI), and advanced computing [1] - The new regulations on advanced semiconductor equipment may accelerate the localization of equipment, components, and materials in China, as the sanctions extend to the upstream semiconductor supply chain [2] - The introduction of new control codes to restrict HBM (High Bandwidth Memory) exports will compel domestic manufacturers to achieve technological breakthroughs, as nearly all current HBM production exceeds the new bandwidth density threshold [3] Summary by Sections Investment Highlights - The new sanctions include updates to the Entity List and control rules, primarily targeting advanced semiconductor equipment and HBM [4] - The sanctions are expected to accelerate the localization of the domestic semiconductor supply chain, with opportunities in domestic substitutes for equipment and materials [4] - There is potential for rapid advancement in domestic semiconductor equipment, particularly in segments with low localization rates and among leading companies in advanced process technology [4] Market Dynamics - The sanctions may pose short-term challenges to China's AI chip supply chain but are expected to drive long-term technological advancements in domestic storage and advanced packaging manufacturers [3][4]