债券“科技板”他山之石：海外科技巨头债券融资路径演变案例复盘之半导体行业

1. Report Industry Investment Rating - The document doesn't provide the industry investment rating. 2. Core Viewpoints of the Report - The semiconductor industry is of strategic importance, but its financing system faces challenges. The report analyzes the bond financing strategies of three overseas semiconductor companies to provide reference for Chinese semiconductor companies and the domestic bond market [9][10][11]. 3. Summary According to the Directory 3.1 Asia: SK Hynix Inc - Company Overview: A global leading semiconductor storage solutions provider, focusing on memory chips with products like DRAM, NAND flash, and CIS. In 2025, it became the world's largest DRAM manufacturer and had a strong position in other markets [12][14][15]. - Development Path: It went through four stages: "start - up and foundation - building (1983 - 1998)", "scale expansion (1999 - 2011)", "strategic transformation (2012 - 2020)", and "AI - enabled (2021 - 2025)". It achieved strategic upgrades through technology iteration and capacity expansion [16][17][20]. - Bond Issuance History and Changes: The bond - issuing mode evolved from "point - like exploratory financing" to "normalized, large - scale, diversified strategic financing". The financing strategy changed in different stages, with the bond financing frequency, term, and coupon rate showing corresponding characteristics [24][31][34]. 3.2 Europe: ASML Holding NV - Company Overview: The global leader in semiconductor lithography equipment, with a monopoly in the EUV market. Its products include EUV, DUV lithography equipment, and related services. In 2025, it further consolidated its monopoly position [46][47][48]. - Development Path: It went through three stages: "breaking through difficulties (1984 - 2007)", "technological monopoly (2007 - 2013)", and "ecosystem binding (2013 - present)". It achieved a leading position through technological focus and strategic choices [49][50][54]. - Bond Issuance History and Changes: The bond - issuing mode evolved from "supplementary financing" to "strategic supporting financing". The financing strategy was adjusted according to different development stages, with the bond financing frequency, term, and coupon rate changing accordingly [57][62][65]. 3.3 United States: Broadcom Inc - Company Overview: A global leading provider of semiconductor chips and infrastructure software solutions, with a dual - business pattern of "semiconductor chips + infrastructure software". It ranked 7th in the global semiconductor companies in 2025 [77][79]. - Development Path: It went through three stages: "merger and acquisition expansion (1991 - 2013)", "technology integration (2013 - 2018)", and "chip + software ecosystem closed - loop (2018 - present)". It reshaped its business through mergers and acquisitions [81][82][85]. - Bond Issuance History and Changes: The bond - issuing mode evolved from "supplementary R & D financing" to "merger - driven large - scale financing". The financing strategy was closely related to the merger and acquisition process, with the bond financing frequency, term, and coupon rate showing different characteristics in different stages [86][93][94].