（文章来源：证券日报） 宁波江丰电子材料股份有限公司（以下简称"江丰电子"）党委书记、总工程师王学泽出席展会。王学泽 重点展示了江丰电子在先进制程领域的最新突破和研发成果。他表示，在当前全球半导体产业格局深度 调整的背景下，中国半导体产业正迎来重要发展机遇。国产半导体材料、装备与技术已实现从"跟 跑"到"并跑"的历史性跨越，在多个细分领域展现出国际竞争力。 展会期间，江丰电子受邀参加"第七届全球IC企业家大会"并作主题演讲。王学泽在演讲中表示，面对半 导体产业的快速迭代，江丰电子将持续加大研发投入，完善创新体系，为全球半导体产业提供更优质的 产品与解决方案，助力产业实现高质量发展。 本报讯 （记者吴奕萱）11月23日至25日，第二十二届中国国际半导体博览会（IC China 2025）在北京 国家会议中心举办，本届博览会以"凝芯聚力·链动未来"为主题，聚焦全产业链协同创新，汇聚全球优 质资源，构建覆盖半导体产业的一站式对接平台，推动全球产业链协同发展。 ...

Group 1 - The A-share market is experiencing a surge in investment interest in the semiconductor sector, particularly with the entry of "cross-border players" [1] - Companies like Hunan Heshun Petroleum and Dream Home are planning acquisitions to gain control over semiconductor firms, indicating a trend of cross-industry investment [1] - Internal players in the semiconductor industry are also engaging in capital operations for technological enhancement and vertical integration, as seen with Shenzhen Yintang and Suzhou Su Dawei Ge [1] Group 2 - Companies such as Chipone Microelectronics and Hunan Guokewei are initiating mergers and acquisitions across various core areas of the semiconductor industry, highlighting a clear trend of industry consolidation [2] - The vertical integration of industry chain enterprises is expected to optimize the structure and enhance the overall efficiency and competitiveness of China's semiconductor industry [2] - A number of domestic semiconductor companies are accelerating their entry into the capital market, with several IPOs being approved or registered in November [2] Group 3 - The investment enthusiasm in listed companies reflects the significant development potential and strategic value of the semiconductor industry [3] - The global semiconductor market is projected to reach 43.71 trillion yuan by 2024 and grow to 65.48 trillion yuan by 2029, while China's market is expected to reach 16.02 trillion yuan in 2024 and 28.13 trillion yuan by 2029 [3] - Future development in the semiconductor industry will see deeper specialization in segments like design, manufacturing, and testing, driven by actual demand in automotive electronics and IoT [3]

证券研究报告 科技 越南有望成为东南亚下一个半导体中 心—SEMIEXPO Vietnam 2025 洞察 华泰研究 2025 年 11 月 18 日│中国内地 动态点评 科技 增持 (维持) | 黄乐平，PhD | 研究员 | | --- | --- | | SAC No. S0570521050001 | leping.huang@htsc.com | | SFC No. AUZ066 | +(852) 3658 6000 | | 陈旭东 | 研究员 | SAC No. S0570521070004 SFC No. BPH392 chenxudong@htsc.com +(86) 21 2897 2228 于可熠 研究员 SAC No. S0570525030001 yukeyi@htsc.com +(86) 21 2897 2228 行业走势图 (10) 6 22 38 54 Nov-24 Mar-25 Jul-25 Nov-25 (%) 科技 沪深300 资料来源：Wind，华泰研究 11/7-11/8，我们参加了 SEMI 在越南河内举办的 SEMIEXPO Vietnam 论坛。 越南政府总理范明 ...

Core Viewpoint - SMIC's fourth-quarter revenue guidance indicates flat or 2% growth, reflecting cautious customer behavior in planning for the upcoming year [1] Group 1: Revenue Guidance - The fourth-quarter revenue guidance is expected to be flat or show a 2% increase, with no significant quarter-on-quarter leap [1] - This cautious outlook is attributed to customers adjusting shipment volumes in preparation for next year's plans [1] Group 2: Production Capacity - Despite the flat revenue guidance, the company's production lines are operating at a high capacity utilization rate of 95.8% in the third quarter, indicating strong demand and a supply-constrained situation [1] Group 3: Market Conditions - The smartphone market is experiencing a severe shortage of memory chips, leading to significant price increases, which raises concerns for customers about assembling complete devices [1] - In the networking and communication sector, customers are placing orders more cautiously in the fourth quarter, fearing excess inventory, while market orders are shifting to competitors [1]

中新网北京11月16日电 14日，广东省半导体装备及零部件学会2025年学术会议暨半导体装备及零部件 产业链合作发展论坛在佛山举行，会议由广东省半导体装备及零部件学会与季华实验室联合主办，来自 产学研界的专家学者和行业代表在会上共同探讨半导体产业发展新路径。 季华实验室理事长、主任曹健林指出，要造出能用、好用且有竞争力的超精密装备，需要"用装备的队 伍""造装备的队伍""关键技术研发队伍"三支队伍的密切配合。高端装备是当前中国制造业面临的关键 挑战，制造业升级需依靠生产企业、专家与专业研究所三者长期稳定协同。 中国集成电路零部件创新联盟理事长雷震霖系统分析了全球集成电路产业格局、AI时代下面临的机遇 与挑战，以及国内装备产业的发展瓶颈，并提出系列发展建议。 季华实验室常务副主任兼学会理事长宋志义表示，季华实验室与广东省半导体装备及零部件学会将携手 打造一个集高水平学术交流、产学研协同创新及高效能成果转化为一体的卓越平台，致力于推动产业链 实现从"跟跑""并跑"到"领跑"的跨越。 本次大会汇聚了来自南洋理工大学、马来亚大学、华南理工大学等海内外知名高校，季华实验室等省级 科研平台，以及产业链关键企业的众多专家学 ...

Core Insights - SMIC's co-CEO Zhao Haijun expects the company's annual sales revenue to exceed $9 billion, marking a new milestone for revenue scale [2] - The company reported a 9.9% year-on-year increase in revenue for Q3 2025, with a net profit growth of 43.1% [5] - Despite a seasonal slowdown in Q4, the company maintains a supply-demand imbalance, indicating continued strong performance [2] Financial Performance - In Q3 2025, SMIC's revenue reached 171.62 billion RMB, with a year-on-year growth of 9.9% and a net profit of 15.17 billion RMB, up 43.1% [5] - For the first three quarters of 2025, total revenue was 495.10 billion RMB, reflecting an 18.2% increase year-on-year, while net profit grew by 41.1% to 38.18 billion RMB [5] - The gross margin for Q3 2025 was 25.5%, up 4 percentage points year-on-year, and the gross margin for the first three quarters was 23.2%, an increase of 5.6 percentage points [5] Market Performance - As of November 14, SMIC's A-share price slightly declined by 0.89%, with a market capitalization of 649.5 billion RMB [5][6] - The stock's performance reflects a broader market sentiment, with a notable premium of -44.65% in the Hong Kong market compared to A-shares [6]

Core Viewpoint - Vietnam is actively positioning itself in the global semiconductor supply chain by planning to establish its first semiconductor manufacturing plant by 2026, reflecting its ambition in the industry [2][4]. Group 1: National Strategy and Development Plans - Vietnam has released a national semiconductor industry development strategy extending to 2030, with a vision towards 2050, which includes a talent cultivation plan and a list of 11 strategic technologies and products [4]. - The government aims to have the first semiconductor production base operational by next year, which will require increased international support in funding, human resource training, technology transfer, and administrative management [4]. Group 2: Challenges and Recommendations - SEMI leaders highlighted potential challenges Vietnam may face in its technological growth and urged the government to accelerate reforms, simplify administrative processes, and promote the use of English in professional and regulatory fields [4]. - To ensure the successful development of the semiconductor industry, Vietnam needs to secure reliable clean energy supplies and build robust digital infrastructure [4]. Group 3: Industry Composition and Education - Vietnam currently has over 50 chip design companies employing around 7,000 engineers, with about 15 companies involved in chip packaging, testing, and semiconductor equipment production, employing approximately 6,600 engineers and over 10,000 technicians [5]. - The country has established standardized semiconductor education programs, with 166 universities offering related majors and over 6,300 undergraduates majoring in semiconductors, alongside more than 12,000 students studying related fields [5]. Group 4: Foreign Investment and Future Opportunities - As of August 2025, Vietnam has around 170 foreign direct investment projects in the semiconductor and high-tech sectors, with a total registered capital of nearly $11.6 billion [5]. - These initiatives indicate that Vietnam is actively laying the groundwork for its semiconductor industry, aiming to secure a place in the global chip supply chain, with the upcoming establishment of its first semiconductor manufacturing plant expected to bring new development opportunities [5].

东南亚半导体协会主席琳达·谭表示，越南凭借政治稳定、经济多年持续稳健增长，以及拥有年 轻、充满创造力与进取精神的人力资源，日益成为半导体领域投资者极具潜力的理想目的地。随着众多 世界知名集团的参与，SEMI Expo Vietnam 2025也为越南企业更深入融入全球半导体供应链创造了重要 机遇。 据悉，目前，越南集成电路设计企业已达50多家，15家企业、约7000名工程师和万余名技术人员参 与半导体封装、测试及设备与材料生产。三星、英特尔、安靠、富士康、哈拿微等传统大型合作伙伴继 续扩大在越投资与生产规模，表明越南在成本效益、生产效率及产品质量方面具备竞争优势。同时，英 伟达、高通、高意、美满等全球顶级科技集团也将越南选为半导体芯片研发、工厂建设及供应链扩展的 战略基地。 （原标题：2025年越南国际半导体展览会在河内举办） 越通社11月7日报道，越南财政部当日在河内举行"2025年越南国际半导体展览会（SEMI Expo Vietnam 2025）"开幕式，这是越规模最大的国际半导体展览会，越副总理阮志勇、有关部委和地方领 导、全球半导体协会及众多国际半导体知名企业约5000人出席活动。 越南财政部副部长 ...

Core Viewpoint - Vietnam aims to establish its first semiconductor manufacturing plant by 2026, highlighting its ambition to secure a position in the global chip supply chain [2][4]. Group 1: Government Initiatives - The Vietnamese government has set a long-term vision to become a high-income economy by 2045, with the semiconductor industry as a strategic pillar for this model [4]. - A national semiconductor industry development strategy has been released, targeting 2030 and looking ahead to 2050, alongside a talent cultivation plan [4][5]. - The government plans to establish a national one-stop investment office to streamline administrative processes for foreign investors [5]. Group 2: Industry Development - Vietnam currently has over 50 chip design companies employing around 7,000 engineers, with approximately 15 companies involved in chip packaging and testing [5]. - As of August 2025, Vietnam has about 170 foreign direct investment projects in the semiconductor and high-tech sectors, with a total registered capital of nearly $11.6 billion [6]. Group 3: Education and Workforce - There are 166 universities offering semiconductor-related programs, with over 6,300 undergraduate students majoring in this field and an additional 12,000 students studying related areas [6]. - The country has developed standardized semiconductor education curricula to support workforce development [6]. Group 4: International Collaboration - The government seeks international support in funding, human resource training, technology transfer, and administrative management to establish the semiconductor production base [5]. - SEMI leaders have urged the Vietnamese government to accelerate reforms and simplify administrative procedures to foster a technology-driven growth path [5].

Core Viewpoint - Yunnan Ge Industry (002428.SZ) announced the establishment of Hubei Xinyao Semiconductor Materials Technology Co., Ltd. with a total investment of 50 million yuan, in collaboration with individual Liu Guangzheng, to implement a high-quality gallium arsenide wafer construction project [1] Group 1: Project Overview - The project will be located in the chemical park of the High-tech Industrial Park in Huanggang City, Hubei Province [1] - The plan includes the construction of new factory buildings, the addition of main process equipment and auxiliary facilities, and the relocation of the existing gallium arsenide wafer production line to the new site [1] - The total investment for the project is 272 million yuan [1] Group 2: Production Capacity - Upon completion, the subsidiary will have an annual production capacity of 700,000 pieces of 6-inch high-quality gallium arsenide wafers and 30,000 sets of semiconductor-grade 4-6 inch quartz tubes [1] - The project will also include the establishment of a product research and development center supported by the auxiliary facilities of the project [1]