中美关税博弈再起，关注自主可控趋势

Investment Rating - The report does not explicitly provide an investment rating for the industry [15]. Core Insights - The U.S. has imposed a 34% tariff on imports from China, effective from April 10, 2025, which reignites the trade conflict between the two nations [4][7]. - The report emphasizes the necessity for self-sufficiency in various sectors due to the ongoing U.S.-China decoupling trend, particularly benefiting three main sectors: simulation chips, semiconductor manufacturing and testing, and semiconductor equipment and materials [10]. Summary by Relevant Sections Electronics Sector - The U.S.-China tariff conflict introduces uncertainty for domestic suppliers to U.S. clients, suggesting a wait-and-see approach until further developments are clarified. The self-sufficiency trend is expected to accelerate the domestic replacement process in simulation chips, semiconductor manufacturing, and equipment [10]. Computer Sector - The decoupling between the U.S. and China is favorable for the development of a domestic self-sufficient software and hardware ecosystem. The tariff increases the import costs for U.S. chips, enhancing the competitiveness of domestic products, especially in the commercial market [10]. Communication Sector - Domestic computing power is expected to benefit from the tariff impacts, with higher performance chips being produced, leading to improved cost-effectiveness and accelerating the self-sufficiency process. The report highlights potential growth in the IDC and AIDC sectors due to rising demand and pricing [10]. Media Sector - The current U.S. tariff policy primarily targets tangible goods and does not affect digital services such as cultural publishing and gaming. Historical analysis shows that previous tariffs did not significantly impact the capital expenditure of major internet companies like Tencent [10].