中美科技摩擦升级，OpenAI将部署6GWAMDGPU算力

Investment Rating - The report suggests a cautious approach to the electronic industry, indicating a moderate recovery in demand and recommending gradual investment in specific sectors [6][7]. Core Views - The ongoing US-China technology friction is intensifying, with China's Ministry of Commerce implementing stricter export controls on rare earth elements, while the US plans to impose an additional 100% tariff on Chinese imports. This situation is expected to exacerbate the global semiconductor supply chain tension and may accelerate the domestic supply chain replacement [6][12]. - OpenAI has established a significant partnership with AMD to deploy a total of 6GW of AMD GPU computing power, marking a shift towards a "computing alliance" era in AI competition. This collaboration is anticipated to drive the global AI computing infrastructure to a new scale [6][13]. - The electronic industry is currently experiencing a mild recovery in demand, with price stabilization observed. The report recommends focusing on sectors such as AI server supply chains, AIOT, equipment materials, and domestic automotive electronics [6][7]. Summary by Sections Industry News - China's Ministry of Commerce announced new export controls on rare earth elements, particularly affecting the semiconductor sector [12]. - President Trump stated that the US will impose an additional 100% tariff on Chinese imports starting November 1, which could significantly raise the tariff levels [12]. - OpenAI and AMD have finalized a strategic agreement to provide 6GW of computing power for AI infrastructure, with AMD expected to receive substantial chip sales contracts [13]. - TSMC reported a 31.4% year-on-year increase in revenue for September 2025, indicating strong performance in the semiconductor market [14]. Market Performance - The report notes that the electronic industry underperformed the broader market, with the Shanghai-Shenzhen 300 Index down 0.51% and the Shenwan Electronics Index down 2.63% [19][21]. - As of October 10, 2025, various sub-sectors within the electronic industry showed mixed performance, with semiconductors down 3.28% and other electronic components down 2.51% [21][22]. Investment Recommendations - The report suggests focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Hanguang Technology [7]. - It also highlights the AI innovation-driven sector, recommending investments in computing chips and optical devices [7]. - The report emphasizes the importance of domestic supply chain replacement in semiconductor equipment and materials, suggesting companies like North Huachuang and Zhongwei Technology as potential investment targets [7].