Group 1 - The semiconductor packaging equipment industry is experiencing robust growth in China, driven by strong demand in emerging applications such as smartphones, AI, IoT, and automotive electronics. The sales revenue for semiconductor packaging equipment in China is projected to reach 28.27 billion yuan in 2024, representing a year-on-year increase of 18.93% [1][18] - The industry is expected to continue evolving towards high-density, high-performance, and high-reliability equipment due to rapid advancements in technologies like 5G, IoT, and AI [1][18] - The global semiconductor equipment market is also witnessing significant growth, with sales expected to reach 117.1 billion USD in 2024, a 10.16% increase from 2023 [15][17] Group 2 - Key players in the semiconductor packaging equipment market include both international leaders such as ASM Pacific Technology, Kulicke & Soffa, and local Chinese companies like North Huachuang, Shengmei Semiconductor, and Xinyi Chang [21][23] - North Huachuang's revenue from electronic process equipment is projected to be 27.707 billion yuan in 2024, marking a 41.28% increase [23] - Shengmei Semiconductor's revenue is expected to reach 5.44 billion yuan in 2024, reflecting a 46.43% growth [25] Group 3 - The semiconductor packaging equipment industry is supported by various policies aimed at promoting domestic production and technological breakthroughs, including the implementation of national standards and talent cultivation initiatives [8][10] - The industry is characterized by a complex supply chain, with upstream components including sensors and subsystems, midstream manufacturing, and downstream applications serving OSATs, IDMs, and foundries [11][13] Group 4 - The industry is witnessing a shift towards high precision and intelligent equipment, with advancements in packaging technologies such as Chiplet and 3D IC driving innovation [27] - New application scenarios, particularly in electric vehicles and AI chips, are creating additional market opportunities for specialized packaging equipment [28] - The construction of digital factories is transforming traditional equipment operation and maintenance, enhancing efficiency through real-time data collection and predictive maintenance [29]

南方中证半导体产业指数发起式证券 投资基金 2025 年第 2 季度报告 基金管理人：南方基金管理股份有限公司 基金托管人：中国建设银行股份有限公司 送出日期：2025 年 7 月 21 日 南方中证半导体产业指数发起式证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国建设银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、 误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 | 基金简称 | 南方中证半导体产业指数发起 | | | | | --- | --- | --- | ...

Core Viewpoint - The article highlights the significant achievement of Liaoning Tuobang Hongji Semiconductor Materials Co., Ltd. in the semiconductor industry, specifically in the 12-inch semiconductor quartz device sector, by becoming the only domestic company in mainland China to pass the supplier qualification certification from Kokusai Electric Corporation (KE Group) [1][2][3]. Group 1: Company Achievements - Tuobang Hongji has successfully broken the technological monopoly of foreign companies in the high-temperature quartz products sector, achieving high recognition from domestic wafer fabs and semiconductor equipment manufacturers [2][3]. - The company has entered the supply chain of well-known semiconductor enterprises such as Northern Huachuang, Yangtze Memory Technologies, UMC, and Shanghai Huahong [2][3]. - The certification from KE Group, a leading global semiconductor equipment manufacturer, underscores Tuobang Hongji's product quality and performance, which have reached international advanced levels [3]. Group 2: Industry Context - Quartz devices play a crucial role in the semiconductor industry, with high certification barriers set by semiconductor equipment manufacturers [2]. - The low domestic production rate of 12-inch high-temperature quartz products highlights the importance of obtaining official certifications from semiconductor equipment manufacturers [2]. - The achievement of Tuobang Hongji is seen as a significant enhancement of the global competitiveness of domestic enterprises in the core components of the semiconductor industry [3]. Group 3: Company Overview - Liaoning Tuobang Hongji Semiconductor Materials Co., Ltd. specializes in the research, development, production, and sales of high-purity quartz products, which are essential in semiconductor wafer manufacturing and photovoltaic cell processes [5]. - The company is recognized as a national specialized and innovative "little giant," a national high-tech enterprise, and a potential unicorn enterprise in Liaoning Province, having passed certifications from major domestic and international semiconductor equipment manufacturers [5].

Investment Rating - The report indicates a positive investment outlook for the high-purity tantalum material industry, particularly in the context of China's rapid semiconductor industry expansion and government support for new materials [5][44]. Core Insights - High-purity tantalum materials are critical in modern high-tech industries due to their unique properties such as high melting point and corrosion resistance, with significant applications in semiconductor manufacturing, tantalum capacitors, and high-temperature alloys [4][6]. - The Chinese market for high-purity tantalum is expected to grow faster than the global market, driven by increasing downstream demand, technological breakthroughs, capacity expansion, and policy support for domestic alternatives [5][45]. - The industry has experienced a rapid development phase, characterized by active technological innovation, strong market demand, and a rapidly expanding industrial scale [16][20]. Summary by Sections Industry Characteristics - The Chinese semiconductor industry is rapidly expanding, driving demand for high-purity tantalum targets, supported by national initiatives for high-purity metal target material research [13]. - Prices for ultra-high-purity tantalum materials exhibit slight fluctuations, which are considered normal within the industry [14]. - High-purity tantalum materials have a wide range of applications, with semiconductor manufacturing, tantalum capacitors, and high-temperature alloys being the primary sectors [15]. Development History - The high-purity tantalum material industry in China has evolved through three phases: the nascent phase (1950-1980), the initiation phase (1981-2000), and the rapid development phase (2001-2025) [16][20]. - The current phase is marked by significant technological advancements and a complete industrial chain from mining to application, enhancing international competitiveness [20]. Industry Chain Analysis - The upstream segment involves raw material supply and extraction processes, with global tantalum resources concentrated in politically unstable regions, leading to increased reliance on imports [22][29]. - The midstream segment focuses on the manufacturing and processing of tantalum products, where technological capabilities and production scale directly influence market competitiveness [34]. - The downstream segment encompasses various high-end applications, including semiconductors, aerospace, and medical implants, with evolving market demands driving innovation in high-purity tantalum materials [40][41]. Market Size and Growth - The global market for tantalum ingots is projected to reach 4.35 billion yuan by 2025, with China expected to account for 30% of this market [42]. - The demand for high-purity tantalum materials is driven by advancements in AI, high-performance computing, and storage chips, particularly in the semiconductor sector [44][45]. Competitive Landscape - The competitive landscape in the high-purity tantalum material industry is concentrated among leading companies, with a CR6 exceeding 75%, indicating a high level of market concentration [53]. - The industry is shaped by government policies and high technical barriers, which have historically favored established players with significant R&D investments [53].

Global Market Overview - The global equity markets showed mixed performance with moderate valuation changes during the week of July 7-11, 2025. The Asia-Pacific region experienced significant divergence, with South Korea leading gains and India lagging behind. Japan saw a slight decline, while Singapore and Hong Kong indices rose [2][8] - In terms of valuation, the German DAX's PE ratio expanded by 1.65x, approaching historical highs, while the French CAC40 increased by 1.73% but saw a PE decrease of 0.64x, indicating earnings upgrades. Other indices in Hong Kong, except for the Hang Seng Technology Index, maintained high valuation levels [2][8] A-share Market Analysis - The A-share core indices mostly rose with moderate valuation expansion. The CSI 1000 and National CSI 2000 led the gains with increases of 2.36% and 2.29%, respectively. Small-cap stocks outperformed, with various small-cap indices rising over 2%. The large-cap value index slightly declined due to bank sector pressures [21][22] - As of July 11, 2025, the PE, PB, PS ratios of major A-share indices were positioned between the 96%-100% percentile for the past year, while the PCF ratio was between 90%-93%. Overall, large-cap growth indices showed superior percentile levels compared to large-cap value indices [22][23] Industry Performance - Most primary industries experienced gains with moderate valuation expansions. The real estate sector led with a 6.12% increase, followed by non-bank financials at 3.96%. The banking sector saw a slight decline of 1%. Other sectors like steel and building materials continued their upward trend [42][44] - Valuation changes were generally consistent with stock price movements, with the PE of computing and real estate sectors expanding by over 2x, while steel, media, and comprehensive sectors saw PE expansions exceeding 1x [42][44] Valuation Comparisons - The essential consumer sector demonstrated superior valuation attractiveness. The banking sector's valuations are at historical highs, with PE, PB, and PS ratios nearing 100% in both 1-year and 3-year dimensions. In contrast, essential consumer sectors like food and beverage, and agriculture show significant valuation recovery potential, with 3-year/5-year average valuation percentiles at 11.13% / 6.68% and 27.20% / 19.14%, respectively [44]

Market Overview - The main board saw significant gains with Huamai Holdings up by 10.09%, Huanrui Century by 10.06%, and Jingyida by 10.02% [1] - The ChiNext board led the gains with Pulian Software increasing by 20.00% and Changxin Bochuang by 15.07% [1] - The Sci-Tech Innovation board also saw increases, with Lexin Technology up by 5.77% [1] - Active sub-industries included SW Panel with a rise of 1.04% and SW Portal Websites by 0.77% [1] Domestic News - TSMC reported a June sales figure of NT$263.71 billion, a decrease of 17.7% month-on-month but an increase of 26.9% year-on-year, with a cumulative sales figure of NT$1,773.046 billion for the first half of the year, up 40.0% year-on-year [1] - United Microelectronics Corporation's advanced packaging interposer has been validated by Qualcomm and is expected to enter mass production in Q1 2026 [1] - Upwind New Materials announced a control acquisition of at least 63.62% of shares in Zhiyuan Robotics for approximately RMB 2.1 billion, making it the first intelligent listed company in A-shares [1] - STMicroelectronics launched a new 3MP automotive-grade CMOS image sensor, SC326AT, featuring significant optimizations in sensitivity, noise suppression, and power control [1] Company Announcements - Dinglong Co. expects a net profit of RMB 290 million to 320 million for H1 2025, representing a year-on-year increase of 33.12% to 46.9% [3] - Shenzhen Textile A anticipates a net profit of RMB 28 million to 42 million for H1 2025, a decrease of 4.31% to 36.20% year-on-year [3] - Heertai forecasts a net profit of RMB 326.67 million to 366.27 million for H1 2025, a growth of 65% to 85% year-on-year [3] - Quectel expects revenue of RMB 11.45 billion for H1 2025, a year-on-year increase of 38.81%, with a net profit of RMB 463 million, up 121.13% year-on-year [3] International News - Murata Manufacturing is ramping up production of its first high-frequency filter using XBAR technology, crucial for 5G and emerging wireless technologies [2] - India's first semiconductor chip manufacturing plant has commenced operations in Gujarat, with production expected to start by December 2026 [2] - NEXTIN, a South Korean testing equipment company, is expanding into the next-generation display sector with orders for OLEDoS testing equipment from major Chinese firms [2] - IDC reported a 6.5% year-on-year increase in global PC shipments in Q2, reaching 68.4 million units, with Apple and Asus showing the largest growth [2]

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 英特尔于 2023 年 12 月从以色列政府获得了 32.5 亿美元的补贴，用于在 Fab28 工厂旁边建设其 Fab38， 但在 2024 年中暂停了该项目。 英特尔此前在以色列的裁员，主要集中在海法和佩塔提克瓦的研发中心，由于 Fab28 对英特尔和以色列 具有战略重要性，此前它一直未受到裁员的影响。 现在 Fab28 工厂也加入裁员行列，预估影响职位包括中层经理（如团队负责人）、一线主管和远程运行 中心（ROC）的技术人员。这些主管负责监督班次运营，位于生产工人之上的一到两个层级。 另外有消息称英特尔认为 Fab28 工厂已经过时，其长期可持续性可能存疑，内部讨论不排除包括完全关 闭该地点运营的可能性。 ***************END*************** 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 7月9日消息，报道称，英特尔在以色列计划裁员数百人，并考虑关闭位于以色列的 Fab28 半导体工厂。 报告中并未提及具体裁员人数，仅透露会影响数百名员工，此外消息称英特尔还考虑关闭位于以色列南 部城市基里亚特加特的 Fab28 ...

Core Viewpoint - The article highlights the significant milestone of Changxin Technology Group's (Changxin Storage) submission for an IPO in the A-share market, marking a pivotal moment for China's semiconductor industry [3][4]. Summary by Sections Company Overview - Changxin Storage has a registered capital of 60.19 billion yuan and was valued at 150.8 billion yuan in its latest financing round in March 2024 [3]. - The company has no actual controlling shareholder and boasts a strong lineup of investors, including major players like Tencent, Alibaba, and the National Integrated Circuit Industry Investment Fund [3]. Market Position - Currently, Changxin Storage is the largest and most advanced DRAM chip manufacturer in China, having successfully mass-produced various DRAM products such as DDR4, LPDDR4, and LPDDR5 [3]. - The company plans to start mass production of HBM3 high bandwidth memory between the end of 2025 and 2026 [3]. Competitive Landscape - The global DRAM market is dominated by South Korean and American companies, with SK Hynix, Samsung Electronics, and Micron Technology holding 36%, 34%, and 25% market shares respectively, totaling 95% [4]. - Experts estimate that Changxin Storage may still have a technology gap of 3-4 years compared to these leading firms, but its technology is rapidly advancing [4]. Growth Potential - Changxin Storage's DRAM shipment market share reached 6% in Q1 2025, with expectations to increase to 8% by the end of the year [4]. - The demand for storage chips is expected to grow significantly due to emerging fields like new computing and smart vehicles, providing substantial room for domestic replacement in China [4]. Industry Impact - The IPO of Changxin Storage is anticipated to have a positive ripple effect on the entire domestic storage industry chain, promoting the localization of equipment and benefiting related sectors such as packaging, testing, and IC substrates [4]. - If successful, Changxin Storage will become the first storage chip stock in A-shares, representing a significant event for the capital market and a strategic move in China's tech competition [4].

Core Viewpoint - Changxin Storage has initiated its IPO counseling, marking a significant milestone for the company and highlighting the investment potential in China's semiconductor industry [1][5]. Company Overview - Changxin Technology Group Co., Ltd. (Changxin Storage) was established in 2016 and specializes in the design, research, production, and sales of DRAM memory chips, which are used in smartphones and PCs [4]. - The company has a registered capital of 601.9 billion RMB and currently has no controlling shareholder, with the largest shareholder being Hefei Qinghui Electric Enterprise Management Partnership, holding 21.67% of the shares [4]. Financing History - Since its angel round financing in 2018, Changxin Storage has completed seven rounds of financing, attracting significant investments from various venture capital firms and insurance institutions, with total financing amounting to hundreds of billions of RMB and a post-investment valuation reaching 140 billion RMB [5][6]. - The latest strategic financing round in March 2024 raised 10.8 billion RMB, marking it as the largest financing event of the year [6]. Market Position and Growth - Changxin Storage has rapidly gained market share, with its DDR4 products accounting for approximately 5% of the global DRAM market as of 2024. Projections indicate that this share could increase to 8% by the end of 2025 [7]. - The company launched its LPDDR5 series DRAM products in November 2023, including a 12GB LPDDR5 chip, which has been validated in models from domestic brands like Xiaomi [7]. Strategic Partnerships and Government Support - The Hefei government has played a crucial role in supporting Changxin Storage, contributing three-quarters of the initial investment of 18 billion RMB for the first phase of the project [11]. - The company has received backing from major investment entities, including the National Integrated Circuit Industry Investment Fund, which is one of its significant shareholders [12][14]. Future Outlook - According to industry forecasts, Changxin Storage's DRAM wafer production is expected to increase significantly, with a projected output of 2.73 million wafers in 2025, a 68% increase from 2024 [13]. - The company aims to continue expanding its production capacity, particularly in DDR4 and DDR5 segments, to challenge established global players in the semiconductor market [13].

Core Viewpoint - Changxin Storage is experiencing significant growth in DRAM shipments, with a projected 50% year-on-year increase in 2023, and an increase in market share from 6% to 8% by the end of the year [2]. Company Overview - Changxin Storage, established on June 13, 2016, is a comprehensive memory chip manufacturer focused on the design, research, production, and sales of DRAM [3]. - The company is headquartered in Hefei, Anhui, and has multiple R&D centers and branches both domestically and internationally [3]. - The CEO, Dr. Cao Kanyu, has over 20 years of experience in the semiconductor industry and has played a crucial role in the development of China's DRAM sector [4]. Market Performance - According to Counterpoint, Changxin Storage's DRAM shipment volume is expected to grow significantly, with notable increases in both traditional DDR4 and LPDDR4 products, as well as in the newer DDR5 and LPDDR5 segments [2]. - The market share for DDR5 is projected to rise from less than 1% in Q1 to 7% by year-end, while LPDDR5 market share is expected to surge from 0.5% to 9% [2]. Financing and Valuation - In March 2024, Changxin Storage completed a strategic financing round of 10.8 billion RMB, valuing the company at approximately 140 billion RMB [6][7]. - The financing round was the largest in the year and included investments from major stakeholders, including Zhaoyi Innovation Technology Group, which increased its stake to about 1.88% [7][9]. Shareholder Information - Changxin Storage has 49 shareholders, with the largest being Hefei Qinghui Electric Enterprise Management Partnership, holding 21.67% of the shares [1][4]. - Other significant shareholders include Hefei Changxin Integrated Circuit Co., National Integrated Circuit Industry Investment Fund, and Alibaba [4][5].