Group 1 - The semiconductor materials ETF (562590) has seen a recent increase of 0.09%, marking its fifth consecutive rise, with the latest price at 1.1 yuan [3] - As of April 11, 2025, the semiconductor materials ETF has achieved a net value increase of 31.41% over the past year, ranking 234 out of 2713 index stock funds, placing it in the top 8.63% [4] - The top ten weighted stocks in the semiconductor materials index account for 60.82% of the total index weight, with notable companies including North Huachuang (002371) and Zhongwei Company (688012) [5][7] Group 2 - The semiconductor materials ETF has shown a significant increase in trading volume, with an average daily transaction of 21.02 million yuan over the past week, ranking second among comparable funds [3] - The ETF has demonstrated high tracking accuracy, with a tracking error of only 0.012% over the past month, the highest among comparable funds [4] - The report from CITIC Securities indicates that the domestic analog chip companies are likely to benefit from the increased tariffs on chips manufactured in U.S. wafer factories, emphasizing the importance of self-sufficiency amid the U.S.-China trade tensions [5]

Core Viewpoints - The article emphasizes the importance of focusing on the constraints faced by Trump rather than speculating on his intentions, suggesting that the U.S. economy and U.S. Treasury rates are key variables for predicting the trajectory of the trade war [1] - It is anticipated that conflicts in the U.S.-China economic and trade sectors will not fully extend into the financial realm before the midterm elections in the U.S. [1] - The article suggests that the A-share market has reached a "chip bottom" in the short term, with a potential focus on technology-themed trading opportunities in April and May [1] Group 1: Trade War and Market Response - The article outlines ten key questions regarding how investors should respond to the escalating U.S.-China trade war, covering its evolution, overseas economies, domestic policies, market trends, and industry allocations [1] - It is expected that domestic policy responses will focus on prevention and pilot programs in April, with a larger scale of policy measures anticipated by mid-year [1] - The article predicts a significant style shift in the market by the third quarter, favoring core assets in consumption, advanced manufacturing, and cyclical sectors [1] Group 2: Investment Themes - The article identifies four major themes for investment focus: AI+ theme, tax-exempt and agricultural themes benefiting from domestic circulation and tariff countermeasures, the North Exchange theme, and the semiconductor self-sufficiency theme [2] - It highlights that external disturbances are beginning to ease, and the peak impact of tariffs has passed, leading to a recovery in market risk appetite [2] - The article suggests that investors should concentrate on sectors with strong performance certainty or order certainty, particularly those with relatively low valuation levels [2] Group 3: Financial Data and Economic Outlook - The article notes a slight recovery in social financing growth in March, driven by accelerated government bond issuance and restored credit demand [6] - It mentions that while short-term corporate loans have increased, medium to long-term loans remain under pressure due to debt replacement effects [6] - The article anticipates continued collaboration between fiscal and monetary policies to support the expansion of social financing [6] Group 4: Sector-Specific Insights - The article discusses the potential for the semiconductor sector to benefit from tariff adjustments based on the manufacturing location of chips, particularly for domestic analog chip companies [11] - It emphasizes the importance of self-sufficiency in the context of the U.S.-China trade war, suggesting a focus on low domestic production rates and local wafer manufacturing [11] - The article also highlights the expected acceleration in the military electronics sector due to order recovery and the push for self-sufficiency amid tariff impacts [9]

作 者丨倪雨晴 编 辑丨张伟贤 图 源丨摄图网 目 前 ， 国 内 手 机 厂 商 的 CPU 供 应 商 主 要 是 高 通 和 联 发 科 ， 存 储 芯 片 供 应 商 有 三 星 、 SK 海 力 士，他们的晶圆流片厂主要在中国台湾和韩国。 根据最新原产地规则推测，手机的核心零部 件不会受关税影响而涨价。同理，AMD供应电脑CPU，也无需涨价。 与此同时，在美国晶圆厂流片、制造芯片较多的企业，预计受到关税影响。比如英特尔、德州 仪器、美光、ADI等，他们大多是IDM模式的厂商，都在美国有产能布局。进口这些公司在美 国生产的芯片就要受到加征关税的影响。 但 是 影 响 程 度 也 要 具 体 看 公 司 的 产 能 情 况 。 以 英 特 尔 为 例 ， 英 特 尔 的 晶 圆 厂 主 要 分 布 在 美 国、爱尔兰、以色列，三地都有先进制程，可以进行协调，影响相对可控。而德州仪器的晶圆 厂虽然主要分布在美国本土和亚洲地区（日本、中国等），但是核心的产能集中在美国，所以 德州仪器将在中国市场面临较大挑战 。 接下来就要看芯片大厂们如何强化全球化产能布局，来满足不同区域的需求。 关税博弈升级后，进口芯片成 ...

今日午后A股芯片大爆发，芯片50ETF（516920）收涨4.44%，全天成交额超2800万元，交投持续活跃！昨日再获资金净流入543万元！ 万联证券认为，美国发起的"对等关税"政策使得全球经济的不确定性加强，也倒逼我国自主可控的进程进一步提速。半导体自主可控逻辑加强，国产替代 份额有望进一步提升。关税博弈背景下，全球贸易摩擦或加剧，半导体产业链供应链自主可控的重要性及必要性愈发显著。由于贸易摩擦成本提升，本土 芯片企业设计、代工制造、封装等环节更具备成本优势，有望重塑部分细分环节贸易格局，进一步提升国产替代份额。 芯片50ETF（516920）跟踪中证芯片产业指数，截至3月26日，前十大成分股合计占比达56.15%！此外，芯片50ETF（516920）的管理费率为0.15%，托管 费率0.05%，为芯片主题ETF中费率更低的品种！ | 证券代码 | 证券名称 | 中证一级行业分类 | 中证二级行业分类 | 权重(%) | | --- | --- | --- | --- | --- | | 688981 | 中心雪际 | 信息技术 | *** | 9.68 | | 002371 | 北方华创 | 信息技术 | ...

利好来了！ A股半导体板块在临近上午收盘之前直线拉升，上海贝岭直线涨停，中芯国际、海光信息、寒武纪等行业权重集体拉 升。盛景微、沃顿科技、石英股份、欧晶科技、盈方微、富满微等十余股封涨停板。港股半导体板块也是大幅上 扬。 消息面上，有两大利好： 首先，中物联公共采购分会发布关于应对美国霸凌关税，助力国内经济稳定发展的倡议书，呼吁并建议：锻 造"自主链核"，强化供应链战略。 其次，中国半导体行业协会发布关于半导体产品"原产地"认定规则的紧急通知，根据海关总署的相关规定，"集 成电路"原产地按照四位税则号改变原则认定，即流片地认定为原产地。 大涨 临近上午收盘时分，港股芯片股走高，华虹半导体涨超14%，宏光半导体涨8.5%，中芯国际涨5.3%。A股芯片概念 板块掀涨停潮，上海贝岭、盛景微、沃顿科技、石英股份、欧晶科技、盈方微、富满微等十余股封涨停板。 自主可控崛起 本次关税博弈由美方率先发起，北京时间4月10日，特朗普在其TruthSocial社交媒体上发帖称，将对一些国家暂停 其新关税的全面生效，在90天内对多数国家关税降至10%，并宣布将中国商品关税从104%提升至125%，立即生 效。 万联证券认为，美国发 ...

Investment Rating - The report suggests a focus on semiconductor self-control, core computing hardware, Apple supply chain, and AI-driven beneficiary industries [3][7]. Core Viewpoints - The report emphasizes the impact of the 34% tariff imposed by the US on semiconductor imports from China, which is expected to accelerate the decoupling of the global semiconductor supply chain from the US [2][5]. - It highlights opportunities in domestic high-end semiconductor equipment and components, as well as the potential for domestic companies to replace imported parts [2][3]. - The report expresses a relatively optimistic view on the Apple supply chain, noting that the impact of tariffs can be managed through self-developed components and ongoing innovation [6][7]. Summary by Sections Semiconductor Industry - The semiconductor industry is expected to benefit from the ongoing geopolitical tensions and tariffs, leading to increased domestic production and innovation [2][3]. - Key companies to watch include North China Huachuang, Zhongwei Company, and others involved in high-end semiconductor equipment and components [3][7]. Consumer Electronics - The report indicates that the impact of tariffs on the Apple supply chain is manageable, with Apple transitioning to self-developed chips to mitigate costs [6][7]. - The demand for AI-related products, such as smart glasses and wearables, is anticipated to grow, driven by companies like Xiaomi and ByteDance [3][7]. PCB and Components - The PCB industry is showing signs of recovery, with demand driven by sectors like home appliances and automotive, alongside AI applications [8]. - The report notes that the pricing of LCD panels is increasing due to policies promoting upgrades, which is expected to support the overall market [22]. Storage and Memory - The report highlights a positive outlook for the memory sector, with NAND prices expected to rise due to supply-demand dynamics and increased AI infrastructure investments [24][25]. - Companies involved in storage modules and AI-driven storage solutions are recommended for investment [25]. Advanced Packaging and Equipment - The demand for advanced packaging is on the rise, with significant capital expenditures expected from major players like TSMC to support growth [27]. - The semiconductor equipment market is projected to experience substantial growth, particularly in China, with investments exceeding $100 billion over the next three years [28][29].