电子行业周报：进口芯片原产地认定更改，美国本土晶圆厂承压

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The electronic industry index has shown a stronger performance compared to the CSI 300 index over the past year [1] - The report highlights the impact of U.S. tariffs on the consumption electronics sector and the ongoing adjustments in trade policies [3][6] - There is a focus on the growth opportunities in domestic chip manufacturing, particularly in the context of U.S.-China trade tensions [3][28] Summary by Sections 1. Semiconductor Trade and Production - The U.S. has imposed a 125% tariff on all imports from China, significantly affecting the semiconductor supply chain [6] - In 2024, the total U.S. exports to China amounted to $143.55 billion, with machinery and electronics making up 28% of this figure [6] - The global semiconductor sales reached $534.499 billion in 2024, marking a 24.75% year-on-year increase [10] 2. Company Financials - SK Hynix reported Q1 2025 revenues of 17.6391 trillion KRW, with an operating profit margin of 42% and a net profit margin of 46% [28] - Intel's Q1 2025 revenue was $12.667 billion, exceeding market expectations, driven by preemptive orders due to tariff concerns [30] 3. Market Performance - The SW electronic industry index increased by 0.6%, ranking 18th out of 31 sectors [36] - The top-performing stocks in the electronic sector included Zhishang Technology (+44.8%) and ST Yushun (+27.7%) [43] - The semiconductor sector in Taiwan saw a 0.6% increase, reflecting stable market conditions [48]