Long term investment from the perspective of semic

2022-09-23
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Looking at semiconductors from the perspective of strategy: long-term investment from the perspective of national competition

first, manufacturing revitalizes the country, and IC takes the lead

China has entered the "new era" of socialist construction, and strives to achieve balanced and full development in order to solve the new main contradiction. The focus of industrial development will not be indirect measurement, which can only confirm that the total value of wear on each friction surface is only limited to realizing the optimal allocation of existing resource endowments in China and producing the maximum social wealth. More importantly, it is necessary to explore how to enhance China's competitive advantage in the dimension of the global market, In the competition with other countries, it gives birth to pressure and motivation. The level of a country's industry, especially manufacturing, has a decisive relationship with a country's current and potential national competitiveness. In the recession and depression stage of the economic cycle, due to the excess productivity of the capital stock inherent and dominant in the economy, and the decline of marginal output, the endogenous driving force of innovation and change can be bred. As the core sector of manufacturing industry, China urgently needs to implement localization substitution. With the downstream driving force of IC switching to consumer electronics, IOT and other fields, the realistic environment of domestic demand explosion is conducive to the breeding of local chips. Supplemented by policy support, the industry has been gaining momentum, which has occupied the right time, place and people, and the prospect of the rise of the industry is solid

II. Sorting out the semiconductor industry chain

semiconductor products include integrated circuits, optoelectronic components, sensors and classified devices, of which the industrial value of the core integrated circuits accounts for 82%. The semiconductor manufacturing industry chain includes the core industry chain composed of IC design, wafer manufacturing, packaging and testing, as well as the supporting industry chain composed of material and equipment supply

generally speaking, the main barriers to entry of the semiconductor industry are capital barriers and technical barriers, and the main risk comes from the sharp fluctuations in downstream market demand. Among them, the core driving force of IC design industry is technological innovation ability and market grasp ability, while the core driving force of wafer manufacturing and packaging and testing industry is low cost under large-scale production

sorting out the development of domestic semiconductor industry: in the design sector, the United States and Taiwan dominate the design sector, while China continues to increase its market share in the design sector. China's IC design industry has maintained a growth trend of 24.1% in the past 16 years, becoming the field with the highest proportion in the past decade. In the manufacturing sector, the world's five major suppliers monopolize 92% of the global market supply of silicon wafers. Local wafer foundries are slowly rising, and the future development is expected. In the process of sealing and measuring, the deformation measurement range of mainland sealing and measuring: 0 ⑴ 0mm; The industry has been in the leading position in the world through independent research and development and overseas mergers and acquisitions, and the growth rate of the sealed test industry has reached 20% in 16 years. In the supporting industry of semiconductor materials and semiconductor equipment, the competition pattern is in an oligopoly pattern, and the domestic industry is relatively weak at present. In the future, the rising path of semiconductors in the mainland will change from the lead of package testing to the comprehensive development mode of IC design, the rapid rise of wafer manufacturing and the gradual breakthrough of materials and equipment

third, explore investment opportunities

ic design - Zhaoyi innovation, Ziguang Guoxin; Wafer foundry - San'an optoelectronics; Semiconductor equipment - North China, as mentioned in the proposal, Huachuang; Sealed test - Changdian technology, Taiji industry; Material: Jiangfeng electronics; It may even reach 50% clean room construction - Yaxiang integration

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