计算机行业：美国升级半导体出口管制政策，芯片国产替代节奏有望加快

Investment Rating - The industry investment rating is "Buy" [5] Core Viewpoints - The report highlights that the U.S. has added 140 Chinese semiconductor-related entities to its "Entity List," which is expected to accelerate the pace of domestic chip substitution in China [2][15] - Domestic industry associations have expressed concerns over the reliability and safety of U.S. chip products, urging Chinese companies to be cautious in their procurement [3][16] - The trend towards self-sufficiency in the semiconductor industry is becoming increasingly evident, driven by geopolitical complexities and the need for a stable supply chain [4][17] Summary by Relevant Sections Semiconductor Export Control Policy - On December 2, 2024, the U.S. revised its export control regulations, impacting the stability of U.S. chip products and shaking the trust of Chinese industries in U.S. semiconductor supplies [15][16] - The Chinese automotive industry association has advised caution in purchasing U.S. chips due to concerns over their reliability [3][15] - The semiconductor industry association noted that U.S. unilateral actions have increased global supply chain costs and affected the reliability of U.S. chip products [3][15] Domestic Chip Substitution - The report indicates that the pace of domestic chip substitution is likely to accelerate, with domestic chips already having the technical foundation for replacement in certain scenarios and industries [3][16] - The long-term trend towards domestic chip substitution is clear, although short-term challenges remain in supply chain recovery and ecosystem development [3][16] Self-Sufficiency Trend - The report emphasizes the growing trend of self-sufficiency in the computer industry, particularly in the context of geopolitical tensions [4][17] - It suggests that the current low levels of investment in the computer sector present an opportunity for recovery and growth, particularly for companies with competitive and domestic attributes [4][18] - Companies such as Cambricon, Black Sesame Intelligence, China Great Wall, and Nasta are recommended for attention due to their potential in this evolving landscape [4][18]