Cambricon(SH:688256) 叫小宋 别叫总·2025-08-24 03:03Core Viewpoint - The article discusses the significant developments in China's semiconductor industry, highlighting the role of national policies and funding initiatives in fostering growth and innovation in this sector [2][4][10]. Group 1: National Initiatives - The "National Medium- and Long-term Science and Technology Development Plan (2006-2020)" identified 16 major projects, with two specifically focused on semiconductors: "Core Electronic Devices, High-end General-purpose Chips, and Basic Software Products" and "Ultra-large Scale Integrated Circuit Manufacturing Technology and Complete Process" [4][5]. - The funding from these major projects supports various enterprises in the semiconductor field, with notable beneficiaries including North China HuaChuang, TuoJing Technology, and Zhongwei Company, which have become leaders in their respective niches [5][6]. - The National Integrated Circuit Industry Investment Fund, known as the "Big Fund," was established to support the semiconductor sector through market-oriented equity investments, leveraging social capital [7][8]. Group 2: Funding and Investment - The Big Fund has launched three phases, with total registered capital of 987 billion, 204.2 billion, and 344 billion respectively, reflecting a strategic response to global geopolitical challenges [8]. - The funding mechanisms not only provide financial support but also signal the government's strategic direction, encouraging state-owned enterprises to invest in semiconductor initiatives [9][10]. Group 3: Market Dynamics - The article notes that the recent surge in the stock price of Cambrian (寒武纪) is partly attributed to market dynamics, including the absence of short-selling mechanisms in A-shares, which allows for more stable price increases compared to H-shares [14]. - Cambrian's current price-to-earnings ratio (TTM) is reported at 4000 times, indicating speculative trading behavior in the semiconductor sector [14].