Galaxy Securities: The electronic industry firmly supports 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 overweight holdings of actively managed public mutual funds in the electronic industry accounted for 9.63% of the fund's stock investment market value, which is considered as being overallocated. Since the beginning of the year, influenced by multiple factors such as Deepseek exploring new paths for large model development, the central government holding a symposium for private entrepreneurs, and domestic leading cloud manufacturers increasing capital expenditures, the electronic industry index has further risen. However, due to the impact of US tariff policies, the global industrial chain will accelerate "blockization". It is expected that tariff policies will have a significant impact on the global manufacturing industry. Some semiconductor products, such as logic chips and storage chips, are temporarily exempt from tariffs, but additional taxes on supporting materials will increase the overall manufacturing costs of the semiconductor industry. In the constantly evolving global semiconductor industry landscape, the international trade environment is complex and volatile. To avoid the impact of tariffs, overseas major factories may use a "Local for local" production strategy when expanding their operations in China. The impact of US tariff policies on the Chinese semiconductor industry is relatively limited. In the short term, companies relying on the US market will face pressure. In the long term, the impact of tariffs could lead to delays in the recovery of downstream demand, cancellations of related orders, etc. Domestic substitution and enterprises with independent controllability are expected to benefit.