半导体行业事项点评：美国新一轮半导体出口管制落地，自主可控有望加速

Investment Rating - The semiconductor industry investment rating is optimistic [2]. Core Viewpoints - The new U.S. export control regulations aim to further weaken China's advanced semiconductor manufacturing capabilities, with 140 new entities added to the BIS entity list [2][13]. - The regulations include new controls on 24 types of semiconductor manufacturing equipment and 3 types of software tools used for semiconductor development or production, as well as high bandwidth memory (HBM) [13]. - The tightening of U.S. sanctions is expected to accelerate the pace of domestic semiconductor replacement in China, enhancing the growth potential of key segments such as equipment, materials, EDA/IP, manufacturing, and core design [32]. Summary by Relevant Sections Industry Investment Rating - The semiconductor industry is rated as "optimistic" [2]. New Regulations and Their Impact - On December 2, 2024, the U.S. Department of Commerce's Bureau of Industry and Security (BIS) released a package of rules to further restrict China's semiconductor capabilities, adding 140 entities to the entity list [13]. - The new regulations include controls on 24 types of semiconductor manufacturing equipment and 3 types of software tools, as well as HBM [13]. - The new entity list primarily affects over 100 semiconductor equipment and materials companies, with significant implications for U.S. suppliers [13]. Domestic Semiconductor Development - The tightening of U.S. sanctions is likely to accelerate the pace of domestic semiconductor technology breakthroughs, as indicated by the statements from four major industry associations in China [29]. - These associations emphasize the importance of increasing domestic chip procurement and reducing reliance on U.S. chips [29]. Investment Recommendations - The report suggests focusing on companies with significant growth potential in the semiconductor sector, including: - Equipment: Northern Huachuang, Zhongwei Company, Tuojing Technology, and Jingce Electronics [32]. - Components: Maolai Optics, Fuzhen Technology, and Fuchuang Precision [32]. - Materials: Dinglong Co., Anji Technology, and Xingsen Technology [32]. - Manufacturing: SMIC and Huahong [32]. - EDA/IP: Huada Jiutian, Gai Lun Electronics, and Chipone Technology [32]. - HBM: Tongfu Microelectronics, Saiteng Co., and Huahai Chengke [32]. - AI Chips: Cambricon and Haiguang Information [32].