集成电路：国产替代有望再加速，数字芯片多维共振前景广阔

Investment Rating - The industry investment rating is "Outperform the Market" [2][7] Core Viewpoints - The report highlights that domestic substitution in the semiconductor industry is expected to accelerate, driven by new U.S. export controls targeting China's semiconductor sector [2] - The report emphasizes the significant growth potential for domestic chip production, particularly in light of the recent U.S. export restrictions, which are seen as a strong catalyst for the domestic semiconductor supply chain [2] - The report notes that the AI audio glasses market is expanding, with a growing number of manufacturers entering the space, indicating a promising future for this segment [2] Summary by Relevant Sections Industry Performance - On December 2, 2023, the U.S. imposed new export controls on 136 Chinese entities, further tightening restrictions on semiconductor manufacturing equipment and software tools [2] - The U.S. semiconductor companies maintain a leading market share globally, holding 53.1% of the Chinese semiconductor market, which is valued at approximately $154.3 billion [2] Key Investment Points - The report suggests that the recent U.S. export controls will not weaken in the short term, reinforcing the need for China to focus on domestic chip production [2] - The AI glasses market is currently in a transition phase from concept to practical application, with global sales expected to grow significantly in the coming years [2] - According to IDC, China's AR/VR headset shipments in the first half of 2024 are projected to be 233,000 units, with AR shipments increasing by 101.7% year-on-year [2]