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The "Origin Certification" accelerates the localization of Semiconductors, with Analog Chips leading the breakthrough; the leading stocks have surged nearly 30% this week.
①HTSC pointed out that as demand from clients in the Autos, Industry and other sectors gradually recovers, the Analog Chip Industry is entering a stage of mergers and acquisitions; ②Tianfeng believes that the Analog Chip, due to its characteristics of 'narrowing technology gap + low domestic production rate', has become a core breakthrough direction.
【Brokerage Focus】 Tianfeng's weekly special on Non-Metal New Materials: Overview of Domestic Substitution of New Materials.
Jinwu Financial News | Tianfeng has released a weekly report on Non-Metal New Materials. Recently, the domestic New Materials Sector has faced pressure, with the New Materials Index dropping by 4.9% in a single week, underperforming the CSI 300 Index by 2 percentage points. In the subdivided fields, Carbon Fiber, membrane materials, and OLED materials have seen the largest declines, falling by 5.3%, 5.7%, and 7.4%, respectively, while semiconductor materials have held up relatively well with a decline of 1.9%. Only 19.2% of stocks within the Sector achieved positive returns. Domestic alternative symbols have experienced substantial gains. The firm maintains an 'outperform the market' rating for the Non-Metal New Materials industry, indicating that tariffs continue to fluctuate. In the field of new materials, the firm believes that leading the way is essential.
[Brokerage Focus] China International Capital Corporation: The overall tariff policy is beneficial for accelerating the domestic production of Semiconductors.
Jinwu Financial News | According to a research report by China International Capital Corporation, from the perspective of exports, since semiconductor chip products are in the midstream of the Industry Chain, several commercial layers must be penetrated to determine the revenue exposure to the USA. Furthermore, as a component of the terminal supply chain, the proportion of tariff increases also carries uncertainty and requires specific analysis based on the industry chain position and bargaining power of specific products. Therefore, it is considered relatively challenging to quantitatively assess the impact of tariff increases on the revenue of design enterprises. However, qualitatively, it is believed that domestic design enterprises have relatively low exposure in sales to the USA, and the situation of deliveries directly taking place in North America is relatively less.
Zhongtai Securities: Multiple resonances from policy, industry, and technology will usher in the era of mass production of Siasun Robot&Automation in 2025.
Zhongtai released a Research Reports stating that in terms of policy, "embodied intelligence" has been included in the government work report for the first time, with a high level of importance placed on the strategic level.
French bank has initiated coverage on the Asian wafer foundry sector: prefers Taiwan Semiconductor (TSM.US) and maintains a stable outlook on Semiconductor Manufacturing International Corporation (00981).
BNP Paribas published a Research Report stating that it has conducted research coverage for the first time on Asia's wafer foundries - Taiwan Semiconductor, Semiconductor Manufacturing International Corporation, United Microelectronics, and HUA HONG SEMI.
$500B Commitment: Why Can't NVIDIA Secure H20 Export License?
