银河证券：“十五五”开新篇章 半导体迎战略新机遇 紧扣全链条突破与国产替代主线

Core Viewpoint - The "14th Five-Year Plan" emphasizes the deep collaboration across the semiconductor industry chain, promoting self-innovation and supply chain security, leading to a new phase of high-quality development in China's semiconductor industry [1][5]. Group 1: Policy and Strategic Framework - The "14th Five-Year Plan" outlines the need for high-level technological self-reliance and the establishment of a new type of national system to promote collaborative development across key sectors, including integrated circuits and advanced materials [3]. - The plan indicates a systematic approach to address weaknesses in semiconductor equipment, materials, and design tools through collaboration among national laboratories, research universities, and leading tech enterprises [3]. Group 2: Industry Development and Innovation - The plan aims to enhance the role of enterprises in technological innovation, encouraging them to lead innovation consortia and take on national technology challenges, which will boost the capabilities of leading firms and innovative SMEs [4]. - The focus on domestic substitution is expected to evolve from "usable" to "better usable," with an emphasis on the localization of equipment and materials, particularly in advanced processes [4]. Group 3: Market Opportunities - The acceleration of strategic emerging industries such as digital economy, artificial intelligence, and smart connected vehicles will create unprecedented application scenarios and market space for domestic chips [5]. - The demand for supply chain security in wafer fabrication is anticipated to drive the localization of equipment and materials, with local companies poised to capture broader market opportunities [4][5].