Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the electronic industry, indicating a positive outlook despite ongoing uncertainties in tariff policies [1]. Core Insights - The report emphasizes a strong belief in domestic substitution and self-controllable sectors within the electronic industry, highlighting structural opportunities amidst rising costs and supply chain restructuring [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%. The semiconductor sector also experienced declines, with the Wind Semiconductor Index down by 0.79% [4][13]. - Among sub-sectors, the top performers included analog chip design (+3.08%), optical optoelectronics (+0.70%), and other electronics (+0.28%) [4][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 [4][24]. Industry News - Recent developments include the U.S. government's requirement for companies like NVIDIA and AMD to obtain licenses for selling advanced chips to China, which is expected to incur additional costs of 800 million for AMD [5][63]. - TSMC reported a net profit increase of over 60% in Q1 2025, driven by strong demand for AI chips, with the high-performance computing segment accounting for 59% of total revenue [5][63]. Investment Recommendations - The report suggests focusing on sectors such as analog chips, AI chips, lithography machines, and advanced packaging, as these areas are expected to benefit from the ongoing trends in domestic substitution and self-control [8].
电子周跟踪：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
山西证券·2025-04-23 08:23