花旗：中国半导体-90 天关税缓征带来温和利好

Investment Rating - The report maintains a positive outlook on selected Chinese semiconductor companies, particularly those focused on consumer electronics and mature semiconductor localization [1][4]. Core Insights - The US and China have announced a 90-day pause on tariffs, reducing US tariffs on Chinese imports from 145% to 30% and Chinese tariffs on US imports from 125% to 10%, which is viewed as a slight positive for the Chinese semiconductor sector [1][2]. - The tariff reprieve is expected to reduce demand uncertainties for consumer electronics in the second half of 2025, benefiting companies like Silan and CR Micro [1][3]. - China's commitment to suspend rare-earth export controls may negatively impact investor sentiment towards RF front-end vendors such as Maxscend, which were previously seen as beneficiaries due to their access to rare earth materials [3][4]. - The report emphasizes that China's mature semiconductor localization efforts will continue, with companies like SG Micro and Will Semi positioned to benefit from this trend amid supply uncertainties [4][5]. Summary by Sections - Tariff Impact: The 90-day tariff pause is expected to lower tariffs significantly, which could positively influence demand for consumer electronics and related semiconductor manufacturers [1][2]. - Company Performance: Companies with higher exposure to consumer electronics, such as Silan and CR Micro, are likely to benefit from the tariff changes, while RF front-end vendors may face challenges due to changes in rare-earth material export controls [3][4]. - Localization Trends: The report highlights the ongoing trend of semiconductor localization in China, with a focus on mature semiconductor technologies, indicating a robust market for companies like SG Micro and Will Semi [4][5]. - Future Monitoring: Upcoming events to watch include the US Section 232 investigation and potential new AI export restrictions, which could impact the semiconductor industry [5].