"China Core" grows within: development momentum is improving

"Technology is not omnipotent, but it is impossible without its own core technology." Wei Shaojun, director of the Institute of Microelectronics of Tsinghua University and vice chairman of the China Semiconductor Industry Association, said at the World Semiconductor Conference in May this year.
The development of the chip industry is the only way for the real rise of China's technology. The Huawei incident this year and companies such as Haikang and Dahua were included in the "Entity List" by the US Department of Commerce, which once again sounded the alarm for the Chinese semiconductor industry. But in the medium to long term, this also brings new opportunities for Chinese semiconductor manufacturers to substitute domestically.
This year, the world's first 5G SoC chip, Huawei HiSilicon Kirin 990, was launched; China's memory achieved breakthroughs from scratch, mass production of 64-layer 3D NAND flash memory chips, and a total investment of about 150 billion yuan in Changxin storage memory chips The self-manufacturing project was announced to be put into production; SMIC's 14-nanometer process mass production; China Micro Semiconductor, one of the largest semiconductor equipment manufacturers in China, was successfully listed.

The development momentum is improving <br> The data released by the market research company IC Insights shows that the global semiconductor industry's output value in the first half of this year was 148.72 billion US dollars, a year-on-year plunge of 18%; Yuan, an increase of 11.8% year-on-year. The vertical chip industry chain includes design, manufacturing and packaging and testing. In the field of design, packaging and testing, the gap between Chinese and American advanced companies has gradually narrowed.
At present, the mainland has initially established an integrated circuit industry chain, and a number of competitive enterprises have emerged in various segments. Shen Weiguo, chairman of the Shanghai Integrated Circuit Industry Investment Fund, said that in the field of mobile phone chip design, HiSilicon and Ziguang Zhanrui have entered the top ten in the world; SMIC and Huahong Group in the foundry field; memory has Yangtze River storage; Entering the first echelon, Changdian, Huatian, and Tongfu all entered the top ten in the world; equipment and materials have also been deployed, from lithography machines, large silicon wafers to targets, cleaning fluids, etc.
In the field of chip design, the Kirin 990 released by Huawei HiSilicon this year uses the industry's most advanced 7nm + EUV process. At the Kirin 990 press conference, Yu Chengdong, CEO of Huawei ’s consumer business, once said, “Company A has not launched a 5G solution. Other companies have their own 5G solutions, but they are implemented using plug-ins. Huawei is currently the industry ’s first And the only integrated SoC chip ". He pointed out that the 10.3 billion transistors are integrated on the Kirin 990 chip, which is currently the 5G SoC with the most transistors, the most complete functions, and the highest complexity.
Alibaba's flat-headed brother released the first black iron 910 chip, known as the industry's most powerful RISC-V processor core, which can be used in 5G, artificial intelligence, Internet of Things, autonomous driving and other fields in the future.
In the field of chip manufacturing, SMIC also recently said that the company's 14nm process technology chips have been mass-produced and will be officially shipped in 2021.
In the memory field, which accounts for about one third of the global market, China has achieved a breakthrough from scratch.
In September of this year, Changjiang Storage, a subsidiary of Ziguang Group, announced that the company has started mass production of 64-layer 256Gb TLC 3D NAND flash memory based on the Xtacking architecture to meet the mainstream market applications such as solid-state drives and embedded storage. This is China's first 64-layer 3D NAND flash memory; also in September, Changxin's self-manufacturing project of memory chips with a total investment of about 150 billion yuan was announced for production. Its 10 nanometer first-generation 8Gb DDR4 debuted, with a design capacity of 120,000 wafers per month .
"If we look at the entire domestic substitution situation from the second half of 2018, many will be zero; if at the end of this year, at least single digits will be mentioned, the import speed will be quite fast in the second half of this year. At the same time, large funds are also intensively advancing It has already seen some domestic breakthroughs, "said Zheng Zhenxiang, assistant director of Guosheng Securities Research Institute and chief analyst of the electronics industry.
This is inseparable from the support of a series of policies and large funds. In June 2014, the State Council promulgated the "Outline for the Promotion of the Development of the National Integrated Circuit Industry" to promote the research and development of new technologies in the semiconductor industry to the national strategic level. And it is clearly stated that by 2020, the gap between the integrated circuit industry and the international advanced level will gradually narrow, the annual growth rate of sales revenue of the entire industry will exceed 20%, and the sustainable development capacity of enterprises will be greatly enhanced.
In September of the same year, the Ministry of Industry and Information Technology, the Ministry of Finance, and the China Development Bank jointly initiated the establishment of a national integrated circuit industry investment fund. The first phase raised a total of 138.72 billion yuan.

Just last month, the second phase of the National Fund of Attention has officially landed, and Chinese integrated circuit enterprises will usher in greater development opportunities, especially equipment materials and applications. Industry and commerce information shows that the registered capital of the National Integrated Circuit Industry Investment Fund Phase II Co., Ltd. is 204.15 billion yuan, with a total of 27 shareholders.

Science and technology board becomes the biggest bright spot "The biggest highlight of the first half of this year is the science and technology board. After the technology board came out, it solved a lot of social capital withdrawal problems. In the past two years, we focused on (integrated circuit) industry funds, and now the technology board comes out , Provides a good exit channel for everyone. "Wang Shijiang, deputy secretary general of China Semiconductor Industry Association and director of CCID think tank integrated circuit research institute, said on a public occasion.
Wang Shijiang pointed out that the science and technology board will attract more resources to the IC industry. "China's integrated circuits are very short of people, and even professional talents flock to the Internet and financial industries in large numbers because of the relatively high treatment. However, with the atmosphere formed by the science and technology board, resources in all aspects of capital and talents will be inclined in this regard, and may be It plays a relatively good role in our industrial atmosphere, which has great benefits for product sales and M & A management. "
On March 22 this year, the first batch of science and technology board acceptance companies disclosed by the SSE disclosed that chip companies accounted for three of the nine acceptance companies, indicating that the science and technology board attaches importance to chip companies.
On July 22, the Science and Technology Board officially opened. The first batch of 25 companies was officially listed and traded, and semiconductor companies led the day. The first batch of listed semiconductor companies mainly cover the equipment, materials, design and other fields of the industrial chain. Anji Microelectronics Technology (Shanghai) Co., Ltd., a domestic semiconductor material manufacturer, led the gains, with the highest intraday rise to 520.57%, becoming the company with the highest increase in the opening of the Science and Technology Board.
China Microelectronics is considered to be the strongest chip stock of Science and Technology Board, mainly engaged in the research and development, production and sales of semiconductor equipment. By providing high-end equipment and services to global integrated circuit and LED chip manufacturers, it provides global semiconductor manufacturers and their related High-tech emerging industry companies provide processing equipment and process technology solutions.
The maximum price-to-earnings ratio of China Microelectronics Corporation reached 170.75 times, and the record value of new shares issued by Chuangke was the same as the average value of PE (disclosed value) of listed companies in the same industry was 32.87 times.
Yin Zhiyao, chairman of China Microelectronics, said that many Chinese science and technology companies are currently in an asymmetrically competitive international environment. Foreign companies of the same type are on average twenty to thirty times larger, and have already occupied a monopoly position in the market. Although the new domestic companies have strong fighting power, their scale is still very small. In this case, the most important thing is the speed of development.
Chen Datong, managing partner of Yuanhe Puhua and chairman of the investment committee, said at a forum in September this year that the current time is the golden decade and 20 years of the Chinese semiconductor industry. "We have been calling for a green channel for China's high-tech and hard technology. It has never been, but this time is different." He believes that the science and technology board is a major breakthrough, which truly reflects the capital market's hard technology. Recognition.
Zhang Hui, deputy director of the Financial Work Bureau of Pudong New Area, previously said that the launch of the Science and Technology Board is a major measure for the capital market to serve science and technology enterprises, provide effective supply, and improve the capital market. It will definitely enhance the tolerance and adaptation of the capital market to technological innovation companies. It will also provide a relatively loose listing environment and convenient financing channels for integrated circuit enterprises, which will greatly promote the development of China's integrated circuit industry.