Guangzhou Securities: The electronic industry adheres to the investment theme of "technological self-reliance" and "AI+"

Galaxy Securities research report believes that as of the end of the fourth quarter of 2024, the proportion of actively managed public mutual funds' heavy holdings in the electronics industry compared to the total market value of stock investments reached 9.63%, which is considered to be over allocated. Since the beginning of the year, factors such as Deepseek exploring new paths for the development of large models, the central government holding a symposium for private entrepreneurs, and domestic leading cloud manufacturers increasing capital expenditure have further driven up the index of the electronics industry. However, due to the impact of US tariff policies, global industrial chains will accelerate "blockization." It is expected that tariff policies will have a huge impact on global manufacturing. Some semiconductor products, such as logic chips and storage chips, are temporarily exempt from tariffs, but the increase in tariffs on related materials will raise the overall manufacturing costs of the semiconductor industry. In the ever-evolving global semiconductor industry landscape and with the complex and changing international trade environment, overseas manufacturers may adopt more "Local for local" production strategies when expanding their operations in China to avoid the impact of tariffs. The impact of US tariff policies on the Chinese semiconductor industry is relatively limited, but in the short term, companies relying on the US market will face pressure. In the long run, the impact of tariffs may lead to delayed recovery of downstream demand, cancellations of related orders, and domestic substitution and independently controllable enterprises are expected to benefit.