半导体行业系列专题（七）：晶圆代工：特色工艺蓬勃发展，自主可控成果显著

Investment Rating - The industry investment rating is "Outperform the Market" [1][129] Core Viewpoints - The semiconductor industry is characterized by an oligopolistic structure, with advanced processes and specialty processes developing simultaneously. The foundry sector plays a crucial role in advancing semiconductor technology, with the top five players holding a combined market share of 89.7% [4][13] - TSMC leads the global foundry market with a significant advantage in advanced processes, achieving a market share of 62.3% as of Q2 2024, far ahead of Samsung Foundry at 11.5% [5][44] - The domestic semiconductor industry in China has made significant progress in specialty processes despite facing frequent sanctions, with major players like SMIC, Hua Hong, and Jinghe Integration gaining market share in various segments [6][28] Summary by Sections Industry Overview - The integrated circuit industry has developed a vertical and specialized division of labor, with foundries being a key component. The foundry industry is capital-intensive, with high barriers to entry and a concentrated market [4][9] - The global foundry market is expected to grow from $111.5 billion in 2021 to $219.9 billion by 2028, with a CAGR of 10.19% [13] Overseas Market - TSMC is the dominant player in advanced processes, having achieved mass production of 3nm technology in 2022. The company has a robust production capacity exceeding 16 million 12-inch wafers annually [5][44] - Samsung Foundry is the second-largest player, with a focus on advanced processes and a diverse specialty process portfolio [54][59] Domestic Market - The Chinese mainland semiconductor industry has faced sanctions, particularly in advanced processes, but has made notable advancements in mature and specialty processes. The market size for foundry services in China grew from 39.1 billion yuan in 2018 to 90.3 billion yuan in 2023, with a CAGR of approximately 18.2% [81][84] - Major domestic players include SMIC, Hua Hong, and Jinghe Integration, with significant advancements in various technology platforms [86][90] Investment Recommendations - The report recommends investing in Jinghe Integration, with a focus on SMIC, Hua Hong, Huazhong Microelectronics, and Yandong Microelectronics as potential opportunities [120]