电子行业研究周报：ST与华虹合作晶圆代工，自主替代持续提升

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [3]. Core Insights - STMicroelectronics (ST) announced a collaboration with Huahong Semiconductor to produce 40nm MCUs in China by the end of 2025, emphasizing the importance of local manufacturing for competitive positioning [2][36]. - The semiconductor market is projected to grow by 10.7% quarter-on-quarter in Q3 2024, reaching $166 billion, marking the highest quarterly growth since Q3 2016 [3][25]. - Domestic wafer foundries are expected to maintain high capacity utilization rates, with SMIC at 90.4% and Huahong at 105.3% in Q3 [2][24]. - New U.S. export controls may affect around 200 Chinese chip companies, potentially accelerating the domestic production of advanced semiconductor equipment and materials [2][24]. Market Review - The Shenwan Electronics Industry Index fell by 3.29% from November 18 to November 22, underperforming the CSI 300 Index by 0.70% [1][11]. - Year-to-date, the Shenwan Electronics Industry Index has risen by 15.21%, ranking 5th among 31 industries, outperforming the CSI 300 Index by 2.54% [10][11]. Sub-industry Performance - Among the sub-industries, passive components, semiconductor equipment, LED, digital chip design, and analog chip design outperformed the CSI 300 Index by 2.70%, 1.97%, 0.63%, 0.58%, and 0.55% respectively during the last week [1][14].