半导体行业周报：“大而美”法案落地，半导体在美建厂税惠力度升级-20250706

Investment Rating - The industry maintains a "Buy" rating [7][5][33] Core Viewpoints - The "Big and Beautiful" Act in the US increases tax credits for semiconductor manufacturers building new factories from 25% to 35%, which is expected to significantly lower expansion costs and encourage companies like TSMC, Intel, and Micron to accelerate their projects in the US [3][11][21] - The Philadelphia Semiconductor Index has shown a continued upward trend, supported by strong capital expenditures and positive long-term technology demand expectations, with a year-to-date increase of 12.46% as of July 3, 2025 [4][15] - The demand for AI-related hardware is expected to rise due to the proliferation of AI large models and devices like AI smart glasses and AI smartphones, driving steady growth in the market for high-performance Ethernet switches, advanced storage products, GPUs, and edge computing chips [5][33] Summary by Sections Industry Investment Rating - The report maintains a "Buy" rating for the semiconductor industry, suggesting a positive outlook for the sector [7][5][33] Market Overview - The semiconductor industry index experienced a decline of 1.18% from June 30 to July 4, 2025, while the broader market indices showed gains [10][13] - The semiconductor equipment sector led the performance among sub-sectors, while other sectors recorded declines [14] Key Legislative Developments - The "Big and Beautiful" Act was signed into law, which is expected to stimulate high-end manufacturing in the US and increase import tariffs on semiconductor manufacturing equipment and high-end chips [11][22] Company Recommendations - The report recommends focusing on companies such as Zhaoyi Innovation, Lanke Technology, Juchen Co., Shenkong Co., and Longxin Zhongke, which are expected to benefit from the ongoing trends in the semiconductor market [5][33]