主要观点： 华安证券近日发布电子行业点评：根据中华人民共和国商务部官网，依据《中华人民共和国反倾销条 例》第十六条的规定，商务部决定自2025年9月13日起对原产于美国的进口相关模拟芯片进行反倾销立 案调查。 华安证券近日发布电子行业点评：根据中华人民共和国商务部官网，依据《中华人民共和国反倾销条 例》第十六条的规定，商务部决定自2025年9月13日起对原产于美国的进口相关模拟芯片进行反倾销立 案调查。其中调查范围主要包括原产于美国的进口相关模拟芯片。根据江苏省半导体行业协会提交的申 请文件，相关美国生产商包括四家，分别是德州仪器、ADI、博通、安森美。 以下为研究报告摘要： 投资建议 TI本轮涨价聚焦三大领域，其中在工业控制产品提价幅度较为迅猛，工业控制产品当中的超过40%的工 控类芯片涨价，代表性产品如工厂自动化用16位ADC芯片单价从3.2美元涨至4.1美元（涨幅为28%左 右）。在车规级芯片方面，新能源车BMS隔离芯片涨22%，车载娱乐电源管理IC涨18%-25%。在消费电 子和普通通信设备涨幅温和，电源管理及射频前端芯片仅涨5%-15%。 此次调价也呈现显著结构性差异：约9%的料号涨幅高达100%及 ...

-20% 0% 20% 40% 60% 80% 100% 120% 9/24 12/24 3/25 6/25 电子(申万) 沪深300 [Table_IndNameRptType] 电子 行业点评 前有 TI 涨价，现有对美进口模拟芯片反倾销立 案调查，模拟芯片国产替代趋势加强 [Table_IndRank] 行业评级：增持 报告日期：2025-09-14 [Table_Chart] 行业指数与沪深 300 走势比较 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点： ⚫[Table_Summary] 商务部公告对原产于美国的进口相关模拟芯片发起反倾销立案调查 根据中华人民共和国商务部官网，依据《中华人民共和国反倾销条例》 第十六条的规定，商务部决定自 2025 年 9 月 13 日起对原产于美国的进 口相关模拟芯片进行反倾销立案调查。其中调查范围主要包括原产于美 国的进口相关模拟芯片。 根据江苏省半导体行业协会提交的 ...

Core Viewpoint - Texas Instruments (TI) is set to initiate a new round of price increases in August, exceeding the increases seen in June, focusing on industrial control, automotive, and computing-related chip products [1][2] Summary by Category Price Increase Details - The price increase will affect a wide range of products including LDOs, DC-DC converters, digital isolators, and isolation drivers, impacting nearly all customer groups except for major clients [2][3] - Over 40% of industrial control chips will see price hikes, with a notable example being the price of a 16-bit ADC chip rising from $3.2 to $4.1, representing an increase of approximately 28% [1][2] Sector-Specific Changes - In the automotive sector, BMS isolation chips for electric vehicles will increase by 22%, while power management ICs for in-car entertainment will rise by 18%-25% [2] - Consumer electronics and general communication devices will experience more moderate price increases, with power management and RF front-end chips seeing rises of 5%-15% [2] Structural Differences in Price Changes - Approximately 9% of the affected part numbers will see price increases of 100% or more, primarily for discontinued or low-margin products [3] - 55% of part numbers will have price increases between 15%-30%, while 30% will see increases of less than 15% [3] - Signal chain products, particularly ADCs and operational amplifiers, are highlighted as key areas for price increases, with some models exceeding 100% [3] Market Dynamics and Opportunities - The current geopolitical climate is shifting the focus towards domestic alternatives in the analog chip market, providing more opportunities for local manufacturers [3][4] - TI's differentiated pricing strategy aims to strengthen its position in high-margin markets like industrial and automotive sectors, while adopting a more moderate approach in consumer electronics, indicating TI's current market power in specific product areas [3][4] Implications for Domestic Manufacturers - The price increases by TI may lead to opportunities for domestic analog chip manufacturers to replace TI products in various sectors, especially if they maintain competitive pricing [4] - The shorter product cycle in consumer electronics compared to industrial and automotive applications may facilitate quicker adoption of domestic alternatives [4] Related Companies - Companies involved in the analog chip sector include Sirepu, Jiewate, Shengbang, Naxinwei, Aiwei Electronics, Xidiwei, Biyimei, and Nanchip Technology [5]