电子行业点评：我国将对美启动成熟制程芯片反倾销调查，有望缓解海外产能扩张冲击

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - China will initiate an anti-dumping investigation against low-priced mature process chips imported from the U.S., which is expected to alleviate concerns over the impact of overseas capacity expansion on the domestic market [5] - The U.S. has allocated over $35 billion for semiconductor projects under the CHIPS Act, with significant funding going to companies like Intel and TSMC, which has raised concerns about competitive pressure on China's domestic semiconductor industry [4][5] - The investigation aims to reduce the impact of low-priced U.S. semiconductor imports, benefiting domestic analog chip manufacturers and independent wafer production capacity [5] Summary by Sections Industry Overview - The Chinese Ministry of Commerce announced that the domestic semiconductor industry has been severely impacted by low-priced mature process chips imported from the U.S. due to unfair competitive advantages gained from substantial U.S. government subsidies [3][4] - The CHIPS Act, signed by President Biden, plans to invest $280 billion over the next decade, with approximately $52.7 billion allocated for semiconductor manufacturing and R&D [3][4] Market Impact - The aggressive capacity expansion by U.S. semiconductor companies, supported by the CHIPS Act, has raised concerns about the competitive landscape in China's domestic market, particularly in the analog chip sector [4][5] - Companies like Texas Instruments are increasing capital expenditures to enhance production capabilities, which has led to fears of deteriorating competition in the domestic market [4] Investment Recommendations - The initiation of the anti-dumping investigation is expected to positively impact domestic semiconductor companies, with recommendations to continue investing in companies such as Sanan Optoelectronics, Naxin Microelectronics, SMIC, and Northern Huachuang [5] - Additional companies to watch include Huahong Semiconductor, Microchip Technology, RichTech Precision, SiRuipu, and Nanchip Technology [5]