ZTE(SZ:000063) Tebon Securities·2025-04-20 05:23Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Insights - The report highlights that the effectiveness of the "Trump 2.0" tariff measures is diminished, as China's self-sufficiency in consumer electronics and semiconductors has shown significant progress, making it increasingly irreplaceable on a global scale [10][11] - The report notes that the recent U.S. restrictions on chip exports have intensified the supply-demand imbalance in the domestic market, presenting opportunities for domestic supply chains [11][12] - The report emphasizes the ongoing improvement in China's chip self-sufficiency, with a target of 70% by 2025, and highlights significant developments in domestic computing power [13][14] Summary by Sections Investment Strategy - Tariff Measures: The impact of the "Trump 2.0" tariffs is less significant compared to previous trade tensions, as China's electronics and semiconductor sectors have become more self-reliant [10] - Domestic Opportunities: U.S. restrictions on chip exports are creating a vacuum in the domestic market, leading to potential investment opportunities in local supply chains [11] - Chip Self-Sufficiency: China's chip self-sufficiency is improving, with current rates exceeding 25% and a target of 70% by 2025 [13] Industry News - Tariff Updates: The Chinese government has imposed an 84% tariff on U.S. imports, while some exemptions have been granted for specific products, indicating ongoing trade tensions [14] - Cloud Computing Standards: The first national standard for cloud supercomputing (GB/T 45400-2025) has been released, which is expected to enhance the infrastructure for high-performance computing in China [15] - Telecom Procurement: China Telecom's recent procurement results show a 67.5% localization rate for servers, indicating significant progress in domestic alternatives [16][17] Weekly Review and Focus - Market Performance: The telecommunications sector outperformed the broader market, with a 1.39% increase compared to the Shanghai Composite Index's 1.19% rise [19] - Investment Focus: The report suggests focusing on domestic computing power and AIDC-related companies for potential investment opportunities [23]