关税政策不确定性持续，坚定看好国产替代、自主可控等板块

Investment Rating - The report maintains an "A" rating for the electronic industry, indicating a positive outlook compared to the market [1]. Core Insights - The report emphasizes the ongoing uncertainty in tariff policies and maintains a strong outlook on domestic substitution and self-controllable sectors within the electronic industry [1][8]. - The report highlights structural opportunities in the face of rising costs and supply chain restructuring, particularly in sectors such as analog chips, AI chips, lithography machines, and advanced packaging [8]. Market Overview - The overall market performance for the week of April 14-18, 2025, showed mixed results, with the Shanghai Composite Index rising by 1.19% while the Shenzhen Component Index fell by 0.54% [13]. - The semiconductor sector experienced declines, with the Wind Semiconductor Index dropping by 0.79% and the Philadelphia Semiconductor Index down by 3.97% [13]. - Among sub-sectors, the top performers were analog chip design (+3.08%), optical optoelectronics (+0.70%), and other electronics (+0.28%) [13][24]. Company Performance - Notable stock performances included Si Rui Pu (+25.98%), Shi Hua Technology (+22.67%), and ST Yu Shun (+22.37%) as the top gainers, while Kai De Quartz (-17.92%) and Min De Electronics (-10.73%) were among the largest losers [24][13]. Data Tracking - The report includes data on global semiconductor monthly sales and growth rates, as well as insights into the import and export conditions of China's integrated circuit industry [31][37]. Industry News - Significant industry news includes the announcement from TSMC regarding a 60% increase in net profit driven by strong demand for AI chips, and the impact of U.S. export restrictions on companies like NVIDIA and AMD, which are expected to incur substantial costs [5][63].