NSIG(SH:688126) Shang Hai Zheng Quan Bao·2025-12-28 19:12Core Viewpoint - The Chinese semiconductor industry, particularly in large silicon wafers, has made significant progress towards self-sufficiency, but still has a low global market share and substantial growth potential [2][4]. Group 1: Industry Development - As of October 2025, Hu Silicon Industry has achieved cumulative sales of 20 million large silicon wafers, marking a significant milestone in its ten-year development journey [3]. - In chip manufacturing, semiconductor silicon wafers account for approximately 35% of the total wafer manufacturing cost, making them the most significant integrated circuit material [3]. - The top five global semiconductor silicon wafer companies hold over 90% of the market share, but Chinese companies are gradually increasing their market presence [3][4]. Group 2: Market Opportunities - The demand for 12-inch silicon wafers is expected to grow, with global demand projected to exceed 10 million pieces by 2029, while the global monthly production capacity is estimated at 8.4 million pieces by 2025, indicating a supply gap [5]. - Domestic companies like Hu Silicon Industry and others are actively pursuing market share through expansion and acquisitions [5]. Group 3: Company Strategies - Hu Silicon Industry recently completed an acquisition involving a total transaction price of 7.04 billion yuan, which includes stakes in several subsidiaries, enhancing its strategic development and operational efficiency [6]. - The company has engaged in various capital market activities, including targeted placements and bond issuances, to support its growth and technological advancements [7].