中国半导体：成熟芯片受波及；下一步是中国工艺和穿透管理？

Industry Overview - The Biden Administration announced a "Section 301" investigation into China's mature chips on December 23, 2024, focusing on chips generally defined as 28 nanometers and above [6][7] - The investigation targets mature chips that receive Chinese subsidies, including tax incentives and local subsidies, rather than AI chips or module and assembly companies [1][7] Market Trends - US imports of Chinese semiconductor chips dropped from nearly $100 billion in 2020-2022 to approximately $60 billion in 2024 [30] - The investigation may extend to restrictions on Chinese processes and stricter import determinations, making it increasingly difficult to circumvent US import regulations or obtain tariff preferences by operating in other regions [30][31] Investment Implications - The report suggests that the investigation could lead to further restrictions on Chinese semiconductor processes, potentially impacting the industry's growth and market dynamics [30][31] - The focus on mature chips and potential process restrictions may create challenges for companies relying on these technologies, while also opening opportunities for alternative suppliers and regions [1][7][30]