半导体行业观察·2025-04-12 01:18Core Viewpoint - The new rules regarding the "country of origin" for semiconductor products in China are expected to negatively impact chip companies that manufacture wafers in the U.S., leading to a decline in their stock prices [3][4]. Group 1: New Regulations - The China Semiconductor Industry Association announced urgent rules stating that the "country of origin" for integrated circuits will be determined by the location of the wafer fabrication plant, not the packaging location [1][6]. - Companies must prepare proof of origin documentation for customs verification when declaring imports [1]. Group 2: Market Reactions - Following the announcement, stocks of U.S.-based semiconductor manufacturers such as Texas Instruments (TI) and Intel fell significantly, with TI down 6.8% and Intel down 3.7% [5]. - Other companies like Micron Technology and GlobalFoundries also experienced stock declines, while companies that design chips but do not manufacture in the U.S., such as Nvidia and TSMC, saw stock increases of 2.2% and 3.3% respectively [5]. Group 3: Analyst Insights - Analysts suggest that the new tariffs could create uncertainty for chip manufacturers, potentially leading to higher prices for general-purpose analog chips from TI in the short term [6][7]. - The regulations may complicate the ability of U.S. companies like Intel and TI to avoid Chinese tariffs, necessitating adjustments in manufacturing locations and logistics [6][7]. - The perception of the "country of origin" being based on the wafer fabrication site rather than the packaging site is seen as a significant surprise to the market, as it complicates the manufacturing process for U.S. companies [6][7].