The ten years of the new economy watch the new economy ｜ Semiconductor "replace import" speed far exceeds expectations

Zhongxin Jingwei, August 4th (Fu Jianqing) Ten years, the boundaries of the new economy and traditional industries have gradually melted, and a number of new forces listed companies have been born. How does the new economic industry and enterprises complement each other? How will the future develop and evolve?

Zhongxin Jingwei ’s“ V View Finance Report ”column launched the [Securities Fan Fan Seeing the New Economy for Decade]. Each issue invited a brokerage analyst to interpret the development and changes of the new economic hotspot industry for ten years.

The guests of this issue are: Liu Xiang, deputy director of the Institute of Open Source Securities and Electronic Chief Electronic Research Institute

"Semiconductor" -the hot vocabulary of the capital market, it is not only a term of materials, it also covers a huge industrial chain.

In 2021, the third -generation semiconductor was also written into the "Fourteenth Five -Year Plan". Planning requirements should strengthen original leading technology. Among them, at the level of integrated circuit, the research and development of key materials such as integrated circuit design tools, key equipment and high -purity target materials, advanced circuits and insulation grid bipolar transistors (IGBT), micro -electromechanical system (MEMS) and other characteristic process breakthrough breakthrough breakthrough breakthroughs , Advanced storage technology upgrades, wide -band semiconductors such as silicon carbide and nitride.

The third -generation semiconductor is mainly based on wide -bands such as silicon carbide and nitride, and it is more suitable for manufacturing high -frequency high -frequency high -power devices with high temperature resistance, high -pressure, and zero -point dot. Many popular themes in the market, including 5G base stations, new energy vehicles, etc. are important applications of third -generation semiconductors.

my country starts late?

Many people believe that my country's "card neck" in the semiconductor field is due to the late development, and the industry as a whole is more than ten years behind the world. Is it really the truth?

"It is not too late to start in China's local semiconductor industry." Liu Xiang pointed out that in the 1950s, Peking University, Fudan University, Jilin University, Xiamen University, and Nanjing University opened the first batch of semiconductor physics majors, and cultivated the first batch of New China. Semiconductor talents; in 1957, Beijing Electronics Management Factory created cymbal crystals and diode, which is the first batch of semiconductor products in China. Only 7 years later than the United States; the Shanghai Radio Five Factory developed TTL Logic (crystal logic) in 1966 about 3 years behind the West. By the end of the 1970s, the development of semiconductors in my country still maintained a relatively complete scientific research and independent development system, and the gap with the world did not have an insurmountable gap.

Liu Xiang believes that in the past ten years, the biggest development of China's semiconductor industry can be divided into two pieces: one is the rapid growth of integrated circuit design companies; the other is that domestic semiconductor packaging test leading companies have entered the world's first echelon. At present, the largest gap between Chinese semiconductor and the world is mainly in the wafer manufacturing link, mainly the wafer manufacturing link of logical chips.

"Getting off" equipment investment value is high

The semiconductor equipment industry can be divided into front -lane devices and rear devices according to the process. According to the production function, it can be divided into process production equipment and measurement testing equipment.

From the perspective of investment value, Liu Xiang introduced that in general, the technical barriers of the front road equipment are higher than the rear road equipment, and the value space is higher than the rear road. However, the law of development is often spiral and gradual. The rear -lane equipment manufacturers often have a large market share in the post -lane production link, and further deepen the technical level, thereby having the ability to advance the front road.

Liu Xiang pointed out that if the production effect is divided, although the measurement and testing equipment is only the "barrier" equipment, because it involves precision optics, high -speed and high -precision electronic circuits, etc., the technical difficulty is even higher than that of ordinary process production equipment. Higher investment value.

How long does it take to replace completely?

The domestic alternative of the semiconductor industry is a word often heard in recent years, and it is also a hot spot in the capital market. So how long does it take for the industrial chain to be completely domestically produced?

"Replacement is not a two -point discrete state of 0 or 1, but a continuous process." Liu Xiang emphasized that from the past five years, "replacement imports" really and solidly occurred in China's semiconductor industry. The speed of speed is not only exceeding the expectations of ordinary investors, but even far exceeding the expectations of industry practitioners.

Liu Xiang said that in the semiconductor packaging testing session, domestic equipment has basically been fully imported alternative, and in the wafer manufacturing link, many outstanding domestic manufacturers have risen by the correction and cleaning.

But complete replacement is still a goal that requires long -term struggle. Liu Xiang pointed out that not only in the impact of the external environment, but also the lack of core key equipment (such as EUV lithography machines), but also in the process of continuous innovation and progress in global semiconductor technology.

"China's semiconductor industry will definitely reach the forefront of the world in the future"

Wind data shows that in the A -share market, 85 listed companies involve semiconductor industry, and many of them have landed in the science and technology board that opened the market for only 3 years.

In terms of stock price, in the first half of this year, only 13 companies rose. However, if the time is extended to the time of the listing of various companies, 72 companies have achieved the stock price increase, of which 31 companies have risen more than 500%, and 20 companies have risen more than 1,000%. The stock price has risen nearly 120 times.

Behind the rise of stock prices is the trust given by investors, analysts, and industry practitioners. "I firmly believe that China's semiconductor industry will definitely reach the forefront of the world in the future." Liu Xiang bluntly said that the growth of the semiconductor industry was born in the soil with three major characteristics: powerful module manufacturing, whole machine manufacturing, and whole machine brand industry; comprehensive and powerful The industrial technical categories include many synthesis such as mechanics, electronics, optics, materials, and informatics; strong capital strength and support of consumer groups. He said, "Looking at the world, China has a strong comparative advantage." "Many investors are worried about technical barriers, which has led to Chinese semiconductor companies to become the forefront of the world." Liu Xiang believes that the theoretical scientific foundation relied on semiconductors a hundred years ago. In the past 50 years and the future, semi -conductive technology is essentially production technology manufacturing technology. Since it belongs to craft technology, it is nothing more than trying to think about thinking, so Chinese semiconductor occupies the forefront of the world is only a matter of time.

For enterprises, Liu Xiang said that strong shareholders' funding strength, entrepreneur's magnificent pattern and concentration spirit, and self -evolving enthusiasm for individual members will all become a factor in the industry. (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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