【开源证券：关税反制政策落地 模拟芯片国产化进程有望加速】开源证券表示，模拟芯片主要是以成熟制程的产品为主，国内供应链相对成熟。同时，国内模拟芯片市场目前由TI、ADI等国际大厂主导，国产替代速度相对缓慢。随着中国开始对成熟制程芯片展开反倾销调查，我国模拟芯片国产替代进程有望加速。当前模拟芯片行业已进入库存调整尾声，周期底部特征逐步明确。ADI表示一季度预定量继续逐步改善，并指引二季度实现同比和环比增长，预计2025年将是实现增长的一年，同时渠道库存天数持续回落，分销商库存接近正常化。
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