里昂发布研报称，针对中国对美国商品的报复性关税，中国半导体行业协会已澄清，集成电路(IC)的“原产地”指的是晶圆制造所在地。该行认为，美国的整合设备制造商(IDMs)将主要受到影响。同时，中国市场可能会出现对模拟芯片的国内替代需求增加的情况，认为中国的模拟芯片制造商，包括IC设计公司和晶圆代工厂，将因此受益。其中，该行认为华虹半导体(01347)是主要的受益者之一。该行予华虹H股目标价30.6港元，评级“跑赢大市”。

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