研究报告全文：股票Research研究EquitySectorTableBasicInfoReportElectronicsSectorJackLiu柳晨行业报告电子行业85225092149chenliugtjascomhk29December2022BiTableMainInfo-WeeklyWrapIntheMiddleofChallengesLiesOpportunities行AmidDe-globalizationTide业双周报逆全球化大潮下危中有机报TheprogressofdomesticsemiconductorsproductreplacementwilltakeplaceatafasterpaceamidmoreexportrestrictionsfromtheUSanditsRatingTableInvestInfoOutperform告SectorReportSectoralliesRecentlyBISunderUSDepartmentofCommercedecidedtoadd36MaintainedChinesecompaniesintotheentitylistincludingYangtzeMemoryTechnologyandCambriconBISalsoremoved25ChineseentitiesfromtheUVLthistime评级跑赢大市维持includingNauraMagnetoelectricTechnologyseveraluniversitiesandresearch2facilitiesPriortothistheUSgovernmenthadalreadytakenmultipleHangSengTECHIndexvsHangSengmeasuresinstrengtheningitsownsemiconductorssupplychainincluding1establishingSIACandChip4AllianceUSJapanKoreaTaiwanProvinceIndex2passingthe2022ChipsandScienceActprovidingUS527bn恒生科技指数vs恒生指数governmentsubsidiestosemiconductorsenterprisesintheUSthosewho120ofreturnreceivedsubsidiesshallnotconstructorexpandadvancedsemiconductorfabs100inmainlandChinaforonedecadeTheBrookingsInstitutionrecently8060suggestedthatthecurrentChip4AllianceshouldbeexpandedintoChipX40证AllianceaddingEUIndiaandSingapore20告券TSMCistransferringpartialN3andN4technologyproductioncapacityto0-20研报theUSalongsidetheBidenadministrationsnationalsecurityand-40manufacturingreshoringstrategyInearlyDec2022TSMCannounced究究thatinadditiontoitsfirstfabinArizonascheduledtobeginproductionofN4-60Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22ResearchReportprocesstechnologyin2024TSMCalsostartedtheconstructionofasecond报研HangSengIndexHangSengTECHIndexfabscheduledtobeginproductionof3nmprocesstechnologyin2026At告SourceHangSengIndexes券presentTSMCsmainproductionbaseforitsmostadvancedN3technologyisEquityFab18inTainanCityPhiladelphiaSemiconductorsIndexvs证Wereiteratethreekeyinvestmentthesisforelectronicssectorin20231SP500IndexApplesrevolutionaryMRproductwillleadanewinnovationcycleforconsumer费城半导体指数vs标普500指数250ofreturnelectronics2acceleratedpenetrationinNEVandintelligentvehicleislikelytobenefitautoelectronicssupplychainand3escalatedsanctionsfromthe200USanditsallieswillstrengthenChinasdeterminationofimplementing150self-controllablestrategyinICmanufacturingandthemarketislikelytoseeanTincreaseingpresenceofdomesticequipmentandproducts100aRiskUncertaintiesrelatedtoSino-UStensionsslower-than-expected50bbreakthroughinkeysemiconductorstechnologies0电l美国及其盟友的出口管制升级将加速半导体国产替代进程近期美商务部下属工业与安全-50Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22局BIS将36家中国企业列入实体清单包括长江存储以及寒武纪BIS此次也将25家子e中国实体移出待核实名单包括北方华创以及一些大学和科研机构在此之前美国政府已SP500IndexPhiladelphiaSemiconductorsIndex行经采取多个措施来加强自身的半导体产业链包括1建立美国半导体联盟以及芯SourceBloomberg业片四方联盟通过年芯片与科学法案为美国半导体企业提供亿美元L22022527的政府补贴受补贴企业10年内不允许在中国大陆新建或者扩建先进制程工艺半导体厂ElectronicsSectore美国布鲁金斯学会日前建议当前的芯片四方联盟应当扩容可纳入欧盟印度以及新加坡f在拜登政府的国家安全和制造业回流战略下台积电正将部分N3以及N4制程工艺产能转t移至美国本月早些时候台积电宣布在其位于亚利桑那州的首个晶圆厂计划2024年量产N4制程工艺之后还将在该州建设第二个晶圆厂计划2026年量产3纳米制程工艺M当前台积电最先进的N3工艺产能主要由位于台南市的晶圆十八厂提供a我们重申电子行业2023年的三大投资主线1苹果革命性的MR设备将引领新一轮的r消费电子创新周期2新能源汽车和智能化汽车渗透率的进一步提升将利好汽车电子供应链3来自美国及其盟友的制裁升级将强化中国在集成电路制造领域的自主可控战略g市场或将迎来更多产品和设备的国产替代i风险中美局势的不确定性半导体关键技术突破慢于预期nSeethelastpagefordisclaimerPage1of5SedevelopmentinAIdevelopmentinonetheofchipsismajorpurposesTableSourceinformationsemiconductorstechnologyinChinacompaniesTableandHefeiCoreTechnologiesElectronicwasthattheseStoragehavecompaniesclosewithbusinesstiesHuaweiandHiKvisiononeandCommerceChinainsectortechnologyinformationsemiconductorsagainstsanctionstargetedindicateslistentityBIS2022DecinchangesNewSourceSource111987654321NDCBBAACategory33333332222222222201111111e6543210987654319876543210----o2121theBureauofIndustryandSecurityandIndustryofBureauofCommerceDepartmentUSunderSecurityandIndustryofBureau21lasWetAcompanypag36ChineseYangtzeZhongkeXinlianYangtzeMeXionganTianjinTianSystemEquipmentCoLtdofthe2SuzhouCambriconIShanghaiSuoweiIShanghaiMicroElectronShanghaiIntegratedCircuitShanghaiCambriconIPXWSemiconductorMaNanjingLESINanjingLESNanjingLESCybersecurityandInformationTechnoloNanjinKeyLaboratoryofHefGuangdongQinzhiTechnoloChineseAcademyofSciencesInChinaElectronicsTechnologyGroCETCLESInfCETCCloudCambriconXiaCCambriconNanjingICambriconJiCambriconKunshanICambriconHongKongCoBeijinUniStrongBeijingScienceMachineryBeijingIndustryAutomatiHiFarBeijingTechnologyCoAZUPInternationalGroupCoAVICResearchInstituteforSpecialAnhuiCambriconInformationTechnologyCoNametotalofotalsummarizeambriconTeeiCoreeiStorageElectronicLtdfoEIandHangzhouDigitalHikvisionTechnologyCoLtdUnitedStatesThPUnitedStatesThiscompanyrepresentsriskaofdiversiontopartyaontheBISEntityListPAinengagedAReasonsforllegalexportUSofrgVisiongagingorinenablingactivitiescontrarytoUSforeignpolicyinterestsofinterestspolicyforeignorsecuritynationalthetocontraryactivitiesininvolvedbecomingofrisksignificantaosingofinterestspolicyforeignorsecuritynationalthetocontraryactivitiesininvolvedbecomingofrisksignificantaosingcquiringandattemptingtoacquireUSUSacquiretoattemptingandcquiringgAixigIAccordingtoadocatoAccor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