金吾财讯 | 中信证券表示，在特朗普上台可能加剧科技竞争的背景下，市场对出现美国限制中国大陆企业获取台积电先进制程芯片代工等更加严格管控的情形的担忧加剧。对中国大陆企业尤其是AI芯片企业而言，中国大陆“可用的先进制程”与国际的先进制程成为两套供应链体系，国产相关晶圆厂或依托于国产设备供应链扩产，长期扩大收入增长空间，并有望带来盈利能力改善。在当前国际环境复杂多变的情况下，未来中国大陆芯片企业获取先进制程难度可能加大，长期看国内晶圆厂先进制程稀缺性强化，收入、盈利扩展空间大。建议关注晶圆厂核心战略资产，以及相关设备、零部件供应链，先进封装企业；算力芯片关注国产工艺转化快的企业。
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