芯片产业最困难的是从0到1的破局。一旦完成从0到1，中国 企业就非常擅长完成从1到100的持续迭代。这与其他产业相 同，一旦中国完成从0到1，从1到100就是不可阻挡的。 作者： 濮振宇 封图：图虫创意 十多年前，中国的汽车芯片市场几乎被欧美巨头垄断，一辆车中或许有上百颗芯片，但基本没有来 自中国公司的。即便在五年前，国产芯片在车企的供应链中，也仍处于"无人问津"的阶段。 现在， 中国企业开始在汽车芯片领域崭露头角。 以2024年汽车模拟芯片的收入计，纳芯微在中国 汽车模拟芯片市场中，位列中国厂商第一名，成为中国模拟芯片的代表性企业之一。这家从传感器 信号调理ASIC芯片起步的企业，因较早聚焦汽车电子市场，从而赶上了中国汽车产业电动化、智 能化转型的机遇。 "芯片产业最困难的是从0到1的破局。一旦完成从0到1，中国企业就非常擅长完成从1到100的持续 迭代。这与其他产业相同，一旦中国完成从0到1，从1到100就是不可阻挡的。"纳芯微创始人、董 事长兼CEO王升杨在接受经济观察报采访时说。 提前"上车" 2015年，当绝大多数中国芯片公司还集中在白牌消费电子等门槛较低的红海市场竞争时，王升杨 做出了一个关键决策 ...

十多年前，中国的汽车芯片市场几乎被欧美巨头垄断，一辆车中或许有上百颗芯片，但基本没有来自中国公司的。即便在五年前，国产芯片在车企的供应链 中，也仍处于"无人问津"的阶段。 现在，中国企业开始在汽车芯片领域崭露头角。以2024年汽车模拟芯片的收入计，纳芯微在中国汽车模拟芯片市场中，位列中国厂商第一名，成为中国模拟 芯片的代表性企业之一。这家从传感器信号调理ASIC芯片起步的企业，因较早聚焦汽车电子市场，从而赶上了中国汽车产业电动化、智能化转型的机遇。 "芯片产业最困难的是从0到1的破局。一旦完成从0到1，中国企业就非常擅长完成从1到100的持续迭代。这与其他产业相同，一旦中国完成从0到1，从1到 100就是不可阻挡的。"纳芯微创始人、董事长兼CEO王升杨在接受经济观察报采访时说。 提前"上车" 2015年，当绝大多数中国芯片公司还集中在白牌消费电子等门槛较低的红海市场竞争时，王升杨做出了一个关键决策，让纳芯微转向门槛更高的工业和汽车 电子市场。 这是一个需要耐心的决定。车规级芯片意味着极高的可靠性、安全性和长效性要求，产品生命周期需长达15年以上，认证周期漫长。 2016年，纳芯微推出了首款汽车级芯片，开始了在 ...

（文章来源：证券日报） 证券日报网讯东方钽业9月17日发布公告，在公司回答调研者提问时表示，公司实际控制人中国有色矿 业集团有限公司旗下中色经贸有限公司完成了巴西Taboca公司的约束性股权收购事项。2025年4月，公 司已与Taboca公司签署了《铁钽铌合金采购合同》，拟采购约3000吨铁铌钽合金原材料，采购金额预计 为5.4亿元人民币，在钽铌矿石原料供应上实现了自主可控。同时公司拥有矿石湿法冶炼到钽铌制品生 产加工的全流程生产线，形成从原材料到传统产品的供应链保障，并不断向高端产品突破的全链条进行 升级改造。 ...

Group 1 - The company, Lao Feng Xiang, announced the establishment of Lao Feng Xiang Precision Materials Company with a registered capital of 50 million RMB, where its subsidiary, Shanghai Lao Feng Xiang Jewelry Research Institute, will contribute 35 million RMB, accounting for 70% [1] - The total investment for the project is expected to be no more than 215 million RMB, with 50 million RMB contributed by shareholders and the remaining amount to be financed through debt [1] - Lao Feng Xiang Precision Materials Company will primarily produce gold bars that meet the certification standards of the Shanghai Gold Exchange and will gradually expand into refining other precious metals such as platinum, palladium, rhodium, silver, and titanium [1] Group 2 - The project aims to establish a precious metal research and production base within Shanghai, promoting breakthroughs in new materials and processes, thereby filling the current gap in the precious metal industry in Shanghai [2] - The expansion of the company's gold business will provide essential material support for jewelry manufacturing, enhancing supply chain control and product added value [2] - The initiative is designed to lay the foundation for providing high-end metal materials to multiple industries, achieving mutual benefits and sustainable development for the three cooperating parties [2]

Core Viewpoint - TSMC has announced multiple capacity adjustment plans, including exiting GaN foundry business within two years and integrating 8-inch old fabs to enhance production efficiency and reduce operational costs while increasing competitiveness in advanced processes [1][2]. Group 1: Capacity Adjustments - TSMC will close its 6-inch fab in Hsinchu Science Park and integrate the 8-inch fabs (Fab 3, Fab 5, Fab 8) to alleviate labor shortages and improve capacity utilization [2]. - Approximately 30% of the affected employees will be relocated to the Southern Science Park and Kaohsiung facilities as part of the restructuring efforts [2]. Group 2: Strategic Initiatives - The 6-inch fab will be transformed into a CoPoS panel-level packaging production base, while the 8-inch fabs will focus on mass production of self-developed EUV pellicles, which are critical for maintaining lithography precision in advanced processes [2]. - TSMC's self-developed EUV pellicles aim to address industry challenges related to traditional organic materials, which have insufficient transparency and stability, thereby reducing production costs and cycle times [2]. Group 3: Industry Context - Over the past decade, TSMC has made record capital investments in advanced processes, but the returns from solely relying on capital investments are diminishing as Moore's Law approaches physical limits [3]. - The high cost of EUV equipment, with a single EUV scanner priced at approximately $150 million and High-NA versions exceeding $350 million, has led TSMC to slow down the procurement of High-NA devices and accelerate the development of key supporting technologies like EUV pellicles [3].

Group 1 - The A-share market saw a collective rise on August 29, with the Shanghai Composite Index increasing by 0.48%, driven by gains in sectors such as insurance, automotive, and electric power grid, while semiconductor and computer hardware sectors experienced declines [1] - The semiconductor ETF (159995) fell by 3.53%, with notable declines in component stocks such as Northern Huachuang down 6.53%, Shengmei Shanghai down 6.31%, and Cambricon-U down 6.20% [1] - Despite a 9.8% year-on-year decline in total investment in China's semiconductor industry, which is projected to reach 455 billion yuan in the first half of 2025, investment in semiconductor equipment grew by 53.4%, indicating a strategic commitment to supply chain autonomy [1] Group 2 - The DeepSeek-V3.1 version released by DeepSeek features high energy efficiency and a large dynamic range, aimed at the next generation of domestic chip design, highlighting significant achievements in domestic software and hardware collaboration [1] - The domestic internet companies are expected to maintain high demand for computing infrastructure due to increased capital expenditure and disruptions in overseas GPU supply [1] - The semiconductor ETF (159995) tracks the Guozheng Semiconductor Index, which includes 30 leading companies in materials, equipment, design, manufacturing, packaging, and testing within the A-share semiconductor industry [2]

Core Viewpoint - The article discusses the acquisition of Shanghai Huahong Microelectronics by Huahong Semiconductor to address competition issues related to its IPO, which is expected to positively impact the company's production capacity and market position in the semiconductor industry [2][10]. Group 1: Acquisition Details - Huahong Semiconductor plans to acquire the controlling stake in Shanghai Huahong Microelectronics through a combination of issuing shares and cash [2]. - The core asset involved in this transaction is Huahong Micro's "Huahong Fifth Factory," which competes with Huahong Semiconductor in the 65/55nm and 40nm technology nodes [5]. - The asset is located in the Zhangjiang Hi-Tech Park in Shanghai and features the first fully automated 12-inch foundry line in mainland China, with a monthly capacity of 38,000 wafers [5]. Group 2: Financial Performance - In Q2 2025, Huahong Semiconductor reported a revenue of $566.1 million, representing an 18.3% year-over-year increase and a 4.6% quarter-over-quarter increase [6][7]. - The gross profit for the same period was $61.6 million, with a gross margin of 10.9%, showing a slight improvement from previous periods [6]. - The net profit attributable to the parent company was $8 million, marking a 19.2% year-over-year increase and a significant 112.1% quarter-over-quarter increase [6]. Group 3: Market Position and Future Outlook - The acquisition is expected to enhance Huahong Semiconductor's 12-inch production capacity and deepen its differentiated process technology, contributing to steady growth in the company's performance [9]. - Following the acquisition, the competitive landscape between Huahong Semiconductor and SMIC (Semiconductor Manufacturing International Corporation) will become clearer, indicating a significant shift in China's wafer foundry market [10]. - The integration of Huahong Fifth Factory, with a projected equipment localization rate of 65% (expected to optimize to 75%), will enhance supply chain autonomy and strengthen Huahong Semiconductor's advantages in mature process technology [12].

Core Insights - The total investment in China's semiconductor industry for the first half of 2025 is projected to be 455 billion yuan, reflecting a year-on-year decline of 9.8% [1] - This decline indicates that the global semiconductor industry is undergoing a cyclical adjustment phase, although the year-on-year decrease has shown a significant improvement compared to a 41.6% drop last year [1] - Notably, investment in semiconductor equipment has increased by 53.4%, marking it as the only sector to achieve positive growth, highlighting China's strategic commitment to supply chain autonomy [1]

Group 1 - The core viewpoint of the article highlights that Inspur Digital Enterprise (00596) has seen a significant increase in stock price, reaching a historical high of 11.12 HKD, driven by strong performance expectations for the first half of the year [1] - The company anticipates a net profit attributable to shareholders of approximately 180 to 190 million RMB for the first half of the year, primarily due to the substantial growth and profitability of its cloud services business [1] - According to Zhongtai Securities, Inspur Digital Enterprise, as a large-scale ERP vendor in China, benefits from its long-standing industry experience and is accelerating its cloud transformation, leading to improved operational and profitability quality [1] Group 2 - The article mentions that the National Internet Information Office has discussed security risks related to the H20 computing chip vulnerabilities with NVIDIA, indicating a focus on technology security [1] - Shanghai Securities suggests that the uncertain external environment and technology sanctions may accelerate the push for technological independence and supply chain self-sufficiency [1] - The State-owned Assets Supervision and Administration Commission (SASAC) has mandated that by the end of 2027, all central enterprises must achieve trusted and controllable information system replacements [1]

Core Viewpoint - Inspur Digital Enterprise (00596) has seen a significant increase in stock price, reaching a historical high due to strong expected profit growth driven by cloud service transformation [1] Group 1: Company Performance - Inspur Digital Enterprise anticipates a net profit attributable to shareholders of approximately 180 to 190 million RMB for the first half of the year, primarily due to substantial growth and profitability in its cloud services business [1] - The company is recognized as a comprehensive ERP provider in China, leveraging its extensive industry experience and knowledge to enhance its cloud transformation efforts, leading to improved operational and profit quality [1] Group 2: Market Environment - The National Cyberspace Administration of China has raised security concerns regarding NVIDIA's H20 computing chip vulnerabilities, indicating a push towards technological self-sufficiency and supply chain control amid external uncertainties and tech sanctions [1] - The State-owned Assets Supervision and Administration Commission (SASAC) has mandated that all central enterprises achieve secure and credible information system replacements by the end of 2027, further emphasizing the need for domestic technology solutions [1]