Changjiang Securities·2025-04-14 10:42Investment Rating - The industry investment rating is "Positive" and is maintained [13] Core Viewpoints - The cleanroom sector's fundamentals are expected to remain upward throughout the year, with the impact of tariffs already reflected in the market, leading to potential recovery in related stocks [10][11] - The recent escalation in the US-China tariff conflict has caused significant market volatility, but further tariff increases are not expected to have a substantial impact on market conditions [8][9] Summary by Sections Tariff Impact - The US has imposed a 10% "minimum benchmark tariff" on trade partners, with specific tariffs on China reaching 34% and escalating to 125% as of April 12, 2025 [8] - In response, China announced a 34% tariff on all imports from the US, leading to increased volatility in equity markets [8] Cleanroom Sector Outlook - The cleanroom sector is projected to benefit from increased capital expenditures from domestic clients in the semiconductor and display industries, as well as growth opportunities in overseas markets [10] - Key projects include a 33 billion yuan investment in a 12-inch integrated circuit production line and significant investments in AMOLED production lines [10] Stock Recommendations - Companies such as Yaxiang Integrated, Shenghui Integrated, and Bocheng Co. are highlighted as potential beneficiaries of the sector's recovery [11] - Yaxiang Integrated secured a major contract worth 3.163 billion yuan, while Shenghui Integrated reported a 31.47% year-on-year increase in its order backlog [11]