重点关注半导体自主可控受益产业链

Investment Rating - The report suggests a focus on semiconductor self-control, core computing hardware, Apple supply chain, and AI-driven beneficiary industries [3][7]. Core Viewpoints - The report emphasizes the impact of the 34% tariff imposed by the US on semiconductor imports from China, which is expected to accelerate the decoupling of the global semiconductor supply chain from the US [2][5]. - It highlights opportunities in domestic high-end semiconductor equipment and components, as well as the potential for domestic companies to replace imported parts [2][3]. - The report expresses a relatively optimistic view on the Apple supply chain, noting that the impact of tariffs can be managed through self-developed components and ongoing innovation [6][7]. Summary by Sections Semiconductor Industry - The semiconductor industry is expected to benefit from the ongoing geopolitical tensions and tariffs, leading to increased domestic production and innovation [2][3]. - Key companies to watch include North China Huachuang, Zhongwei Company, and others involved in high-end semiconductor equipment and components [3][7]. Consumer Electronics - The report indicates that the impact of tariffs on the Apple supply chain is manageable, with Apple transitioning to self-developed chips to mitigate costs [6][7]. - The demand for AI-related products, such as smart glasses and wearables, is anticipated to grow, driven by companies like Xiaomi and ByteDance [3][7]. PCB and Components - The PCB industry is showing signs of recovery, with demand driven by sectors like home appliances and automotive, alongside AI applications [8]. - The report notes that the pricing of LCD panels is increasing due to policies promoting upgrades, which is expected to support the overall market [22]. Storage and Memory - The report highlights a positive outlook for the memory sector, with NAND prices expected to rise due to supply-demand dynamics and increased AI infrastructure investments [24][25]. - Companies involved in storage modules and AI-driven storage solutions are recommended for investment [25]. Advanced Packaging and Equipment - The demand for advanced packaging is on the rise, with significant capital expenditures expected from major players like TSMC to support growth [27]. - The semiconductor equipment market is projected to experience substantial growth, particularly in China, with investments exceeding $100 billion over the next three years [28][29].