中美关税政策点评：电子行业：关税壁垒倒逼产业升级，国产化替代有望加速

Investment Rating - The industry investment rating for the electronics sector is "Positive" [5]. Core Viewpoints - The imposition of tariffs is expected to accelerate domestic substitution and industry upgrades in China, particularly in the semiconductor sector [2][4]. - The tariffs will lead to increased costs and supply chain adjustments, prompting Chinese companies to seek alternative suppliers outside the U.S. [2]. - The domestic semiconductor equipment manufacturing process is anticipated to enter a rapid development phase due to the rising costs of imported equipment [3]. - The tariff barriers are driving structural changes in the global supply chain, with a focus on domestic production and technological iteration [4]. Summary by Sections Tariff Impact - The U.S. has imposed a 10% baseline tariff globally, with an additional 34% tariff on Chinese goods, affecting the electronics trade significantly [1][2]. - In 2024, China's imports from the U.S. are projected to be approximately $163.62 billion, with machinery and electronics accounting for about 23.17% of this total [2]. Domestic Equipment and Semiconductor Development - The global market for semiconductor equipment is dominated by U.S. companies, which hold about 40% market share. The tariffs are expected to increase the cost of importing these critical devices [3]. - The domestic self-sufficiency rate for analog chips in China is around 15% as of 2023, and the tariffs are likely to enhance the competitiveness of local manufacturers [3]. Investment Recommendations - The report suggests that the domestic electronics industry can achieve advantages through a combination of domestic substitution, technological iteration, and global collaboration [4]. - Beneficiary companies identified include Shengbang Co., Sirepo, Xidi Micro, Nanchip Technology, and others [4].