电子行业周报：半导体原产地认定细则落地，关注关税博弈下的半导体国产替代逻辑

Investment Rating - The report suggests a cautious optimism for the semiconductor industry, highlighting a moderate recovery in demand and potential growth opportunities in AIOT, AI-driven technologies, equipment materials, and consumer electronics [6][5]. Core Insights - The China Semiconductor Association has clarified that the origin of semiconductor products will be determined by the location of wafer fabrication, which may impact companies with significant overseas production [6][11]. - The U.S. has announced exemptions from "reciprocal tariffs" for certain products, including smartphones and routers, while specific tariffs on semiconductors are still under review [6][11]. - The electronic industry is currently experiencing a mild recovery, with a recommendation to focus on four main investment themes: AIOT, AI-driven innovations, upstream supply chain domestic substitution, and consumer electronics [6][5]. Summary by Sections Industry News - The U.S. Customs and Border Protection announced exemptions for certain products from the 125% "reciprocal tariffs," which may affect the semiconductor supply chain [11]. - The China Semiconductor Association has issued new guidelines for determining the origin of integrated circuits, which may benefit domestic semiconductor manufacturers [11][6]. Market Performance - The report notes that the electronic sector underperformed the broader market, with the Shanghai-Shenzhen 300 Index down 2.87% and the Shenwan Electronics Index down 3.89% [20][22]. - As of April 11, 2025, the semiconductor sub-sector showed a slight increase of 0.56%, while other electronic segments experienced declines [22][20]. Investment Recommendations - The report recommends focusing on the following sectors: 1. AIOT, with companies like Lexin Technology and Hanguang Technology [6]. 2. AI-driven innovations, including computing chips from Cambrian and Haiguang Information [6]. 3. Upstream supply chain domestic substitution, highlighting companies like North Huachuang and Zhongwei Technology [6]. 4. Consumer electronics, with potential rebounds in companies like Weir Shares and Zhaoyi Innovation [6]. Industry Data Tracking - The report indicates a slight rebound in storage chip prices since the second half of 2023, with DRAM prices facing pressure but some recovery noted in early 2025 [32][36]. - TV panel prices have shown a slight recovery, while IT panel prices are stabilizing [32][39].