半导体制裁落地，产业链国产化加速

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - The recent U.S. export control measures, which added 140 Chinese companies to the entity list, are expected to have limited short-term impact on the semiconductor industry, but may accelerate the domestic production of the semiconductor supply chain in the long term [2][12][21]. Summary by Sections 1. Semiconductor Sanctions and Equipment Components - On December 2, 2024, the U.S. Department of Commerce announced new export control measures, adding 140 Chinese companies to the entity list, affecting semiconductor manufacturing equipment and high-bandwidth memory (HBM) [11][21]. - The core content of the sanctions includes the addition of 140 companies to the entity list, new control measures for HBM, and an expansion of the categories of semiconductor manufacturing equipment subject to control [12][22]. - Companies like North Huachuang and Huada Jiutian stated that the impact of being on the entity list is generally controllable and will not have a substantial effect on their business [2][21]. 2. Call for Chip Localization by Industry Associations - Four major industry associations in China have collectively opposed the U.S. export restrictions, urging companies to be cautious in purchasing U.S. chips and to expand cooperation with chip manufacturers from other countries [11][37]. - The demand for automotive chips is expected to increase significantly due to the electrification and intelligence of vehicles, with the number of chips required for electric vehicles projected to rise to 1,600 per vehicle [38]. - The optical chip market is rapidly developing, with the global optical module market expected to reach $11.3 billion by 2025, driven by the demand from data centers [39]. 3. Investment Recommendations - Focus on the domestic semiconductor equipment and materials supply chain, with recommended companies including Yake Technology, Zhongwei Company, and North Huachuang [14][48]. - Attention should also be given to the AI computing power supply chain, as the demand for HBM is expected to grow alongside AI applications [48]. - The recovery of consumer electronics and the launch of new AI hardware products are anticipated to boost sales in the consumer electronics sector [51].