Changjiang Securities·2025-04-11 13:20Investment Rating - The report indicates a positive outlook for the semiconductor industry, particularly in the context of recent tariff and origin rule updates, suggesting a favorable investment environment for domestic manufacturers [3]. Core Insights - The update from China's customs authority redefines the origin of integrated circuits to the wafer fabrication location, which is expected to benefit domestic semiconductor manufacturers due to significant price advantages amid international trade uncertainties [3][8]. - In the computer sector, the high-end general-purpose CPU market is anticipated to see accelerated domestic production, as Intel's market share in China may be adversely affected by the new tariff regulations, which could enhance the competitiveness of local manufacturers [3][8]. - The communication sector is likely to experience a boost in domestic optical chip production, as the new origin rules may facilitate the certification and market share growth of local optical chip manufacturers [3][8]. Summary by Sections Electronics Sector - Domestic manufacturers are expected to benefit from substantial price advantages, particularly in the analog, RF, and power semiconductor segments, which may enter a golden window for domestic production [3][8]. Computer Sector - The high-end general-purpose CPU market is projected to accelerate its domestic production process, with Intel facing significant challenges due to increased tariffs, potentially leading to a loss of market share to local competitors [3][8]. Communication Sector - The new regulations are likely to expedite the certification process for domestic optical chip manufacturers, enhancing their market presence and competitiveness [3][8].