记者：覃毅 代工入账千亿，福建龙岩老板邱文生，却想另寻新路。 以下文章来源于21世纪商业评论 ，作者覃毅 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 来源：21世纪商业评论（ID：weixin21cbr） 7月30日，他掌舵的华勤技术宣布， 拟用24亿元现金，受让晶合集成6%股份 ，首次进军晶圆制 造。 交易完成后，邱文生将向晶合集成提名1名董事，并通过"董事席位+长期锁定"双重机制，双方深 度战略协同。 邱创办的华勤，主要代工智能硬件，与闻泰、龙旗，并称中国ODM三巨头，2024年其营收约 1100亿。 只是，代工业务毛利率走低，近年他努力拓展汽车、机器人等增长曲线，已投入大量财务资源。 "ODM基因决定'客户说了算'，汽车电子与机器人业务需品牌溢价和软件定义能力， 能力要求与 原有代工逻辑不同 。" ...

Core Insights - Both SMIC and Hua Hong Semiconductor reported significant year-on-year revenue growth in Q2, indicating strong demand and improved profitability in the semiconductor industry [2][4] Group 1: SMIC Performance - SMIC achieved a total revenue of $2.209 billion in Q2, a year-on-year increase of 16.2%, but a slight quarter-on-quarter decline of 1.7% [2] - The gross margin for SMIC was 20.4%, reflecting a decrease of 2.1 percentage points from the previous quarter [2] - SMIC's capacity utilization rate reached 92.5%, up by 2.9 percentage points quarter-on-quarter, indicating near-full production capacity [2] Group 2: Hua Hong Semiconductor Performance - Hua Hong Semiconductor reported a revenue of $566.1 million in Q2, marking an 18.3% year-on-year increase and a 4.6% quarter-on-quarter increase [4] - The gross margin for Hua Hong was 10.9%, exceeding guidance expectations [4] - The profit attributable to the parent company was $8 million, which represents a 19.2% year-on-year increase and a substantial 112.1% quarter-on-quarter increase [4]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6][2]. Core Insights - The company is expected to benefit from an increase in industry demand driven by government subsidies in home appliances, automotive, and industrial sectors, leading to improved capacity utilization in domestic wafer fabs [6]. - The earnings forecast for the company has been raised by 7%, with projected net profits for 2025, 2026, and 2027 expected to be $740 million, $1.014 billion, and $1.276 billion respectively, reflecting year-on-year growth rates of 50%, 37%, and 26% [10][8]. - The company's stock is currently trading at a price-to-earnings (P/E) ratio of 50x, 37x, and 26x for the years 2025, 2026, and 2027 respectively, which supports the "Buy" rating [10][6]. Financial Performance - For Q1 2025, the company reported revenues of $2.25 billion, a year-on-year increase of 28%, and a net profit of $190 million, which is a significant increase of 162% year-on-year [10]. - The gross margin for Q1 2025 was reported at 22.5%, an increase of 8.9 percentage points compared to the same period last year [10]. - The company anticipates that its Q2 2025 performance may exceed initial guidance due to ongoing recovery in domestic consumption and demand from AI and consumer electronics [10]. Market Position - The company is positioned as a leading domestic wafer foundry, expected to benefit from the overall improvement in industry conditions and demand [6]. - The report highlights that the semiconductor manufacturing industry is a cornerstone of the digital economy, suggesting a positive outlook for the company's operational environment [10].

Group 1 - The core viewpoint of the articles highlights the significant activities of Yu Renrong, the leader of OmniVision Technologies, in both the semiconductor industry and education, particularly through the establishment of Dongfang University of Technology [1][3][4] - OmniVision Technologies is planning to list in three locations, with recent efforts to go public in Hong Kong after a successful listing of its subsidiary, Xinhenghui, on the ChiNext board [1][10] - The establishment of Dongfang University of Technology aims to cultivate talent in critical fields such as artificial intelligence, integrated circuits, and new materials, addressing the growing demand for skilled professionals in the semiconductor industry [4][5][10] Group 2 - The university is positioned as a new research-oriented institution, focusing on interdisciplinary studies and aligning with national strategic needs, which is expected to enhance the talent pool for the semiconductor sector [3][4] - Yu Renrong's dual role as a leader in a top semiconductor design firm and as an educational investor is anticipated to foster collaboration between the industry and academia, potentially leading to innovations in semiconductor technology [5][10] - The recent visit of SMIC's chairman to the university indicates a growing interest from major semiconductor manufacturers in collaborating with educational institutions to secure a future talent pipeline [5][7]

Core Viewpoint - Hefei is intensifying its efforts in the semiconductor sector with the establishment of the "Hefei Jinghui Chuangxin Investment Fund," which has a scale of 300 million RMB, backed by three publicly listed companies in the semiconductor industry [4][10]. Group 1: Fund Establishment and Structure - The "Hefei Jinghui Chuangxin Investment Fund" was jointly established by three companies: Jinghe Integrated Circuit, Huicheng Co., and Guanggang Gas, with a total market capitalization of approximately 60 billion RMB [4][5]. - Jinghe Integrated Circuit contributed 200 million RMB, while Huicheng Co. and Guanggang Gas each contributed 50 million RMB [5]. - The fund is managed by "Hefei Jinghe Huixin," a private equity investment institution formed by a partnership between Jinghe Integrated Circuit and Huicheng Co. [4][8]. Group 2: Industry Context and Trends - The establishment of this fund reflects a growing trend of corporate venture capital (CVC) in the primary market, indicating that industry giants are increasingly participating in equity investment [6][11]. - Hefei's industrial ecosystem is evolving, with local industry leaders like Changxin Storage and Chery Automobile becoming key players in the investment landscape [4][12]. - The fund's creation is part of a broader initiative by Anhui province to promote investment in emerging industries, including artificial intelligence, new energy vehicles, and semiconductors [12][13]. Group 3: Company Profiles - Jinghe Integrated Circuit is the third-largest wafer foundry in China and the largest in Hefei, achieving a revenue increase from 230 million RMB in 2018 to over 10 billion RMB in 2022, culminating in a 40 billion RMB valuation upon its IPO in 2023 [7][8]. - Huicheng Co. specializes in advanced packaging for display driver chips and became the first domestic company to achieve mass production of 12-inch wafer gold bump packaging [8][10]. - Guanggang Gas is the largest supplier of high-purity electronic gases in China, holding a 15.3% market share in the electronic gas sector as of 2024 [10][11]. Group 4: Investment Strategy and Impact - The fund aims to leverage the expertise and resources of its founding companies to identify and invest in promising startups within the semiconductor industry [10][12]. - The establishment of this fund is indicative of a strategic shift in Anhui's investment landscape, where local industry leaders are expected to play a significant role in nurturing and supporting the growth of the regional startup ecosystem [12][14].

Core Viewpoint - The A-share market has regained upward momentum in July, supported by a low interest rate environment and a recovery in risk appetite, with expectations for incremental policies to potentially break the current sideways trend [1][2]. Group 1: Market Overview - After breaking through the March high, the A-share market experienced slight fluctuations but continued to trend upwards, reaching recent highs [1]. - The market's risk appetite has improved, with sectors like non-bank financials, media, and military industry showing signs of recovery [1]. - The upcoming policy window in July is expected to further support the market's gradual upward trajectory [1]. Group 2: Sector Analysis - The market is likely to see a thematic event-driven approach in July, with a high probability of sector rotation between high and low-performing areas [2]. - Key sectors to watch include: 1. Consumer expansion and domestic demand, with a focus on dairy products, IP consumption, leisure tourism, and medical aesthetics [2]. 2. Robotics, with a trend towards domestic production and integration into daily life, particularly in humanoid and functional robots [2]. 3. Semiconductor localization, emphasizing semiconductor equipment, wafer manufacturing, materials, and IC design [2]. 4. Military industry, with expectations for order recovery and signs of bottoming out in Q1 reports across various sub-sectors [2]. 5. Innovative pharmaceuticals, which are expected to reach a turning point in fundamentals after a prolonged adjustment period [2]. Group 3: Market Performance - The A-share market has shown a continued upward trend, with electronic and other high-elasticity sectors leading the gains [3]. - Despite some fluctuations, the overall market confidence has strengthened, with over 3,200 stocks rising, indicating a positive earning effect [3]. - Leading sectors included electronics, power equipment, and pharmaceuticals, while sectors like coal, transportation, and banking faced declines [3].

Core Viewpoint - The company anticipates moderate growth in revenue in the second half of the year, with a healthy overall growth outlook for the year despite uncertainties related to tariffs and currency fluctuations [1][2]. Group 1: Financial Performance - In May, the company's consolidated revenue was approximately 3.55 billion, a decrease of 3.38% month-over-month and a decrease of 0.56% year-over-year [1]. - For the first five months of the year, consolidated revenue reached approximately 19.17 billion, reflecting a year-over-year increase of 15.57% [1]. - The company's net profit after tax for Q1 was approximately 2.41 billion, representing a quarter-over-quarter increase of 30.7% and a year-over-year increase of 89.8%, marking a nine-quarter high [1]. Group 2: Market Conditions and Customer Demand - The company has observed a "dulling" effect of tariff uncertainties, with customers showing strong demand and placing urgent orders, particularly in the automotive, industrial, and consumer electronics sectors [2]. - Despite the challenges posed by tariffs, customer orders from IDM and IC design companies have increased, indicating a positive market outlook [2]. Group 3: New Facility Developments - The construction of the 12-inch fab in Singapore is progressing well, with production expected to begin in Q1 2027, potentially ahead of schedule [3]. - The company plans to move equipment into the facility in Q4 and anticipates producing samples for customers in the second half of 2026 [3]. - There is significant interest from customers regarding the new facility, and recruitment for the plant is proceeding smoothly, attracting global talent [4].

Group 1 - The recent tensions in the Middle East have led to a temporary impact on A-share market sentiment, but the market has rebounded, with the Shanghai Composite Index reaching a new high in nearly a month [1] - The market is expected to maintain a slow upward trend as it approaches the policy window period at the end of June, with potential for new policies aimed at stabilizing employment and promoting high-quality development [1] - Popular sectors such as banking and innovative pharmaceuticals may experience short-term fluctuations due to accumulated gains, while TMT and technology growth sectors are anticipated to see a rebound after sufficient adjustments [1] Group 2 - The outlook for July suggests a theme-driven market with high-low sector rotation, as popular sectors like innovative pharmaceuticals and banking have shown signs of correction, while TMT and advanced manufacturing sectors are beginning to rebound [2] - Key focus areas for 2025 include expanding domestic demand and consumption, with expectations for policies to support sectors like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend towards domestic production of robotics is expected to continue, with opportunities arising in sensors, controllers, and functional robots [2] - The semiconductor industry is projected to see continued domestic growth, with attention on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is anticipated to experience a rebound in orders by 2025, with signs of recovery already visible in various sub-sectors [2] - The innovative pharmaceutical sector is expected to reach a turning point in fundamentals by 2025, following a period of adjustment [2] - The AI sector is poised for new catalysts, with significant updates expected from companies like MiniMax, indicating a resurgence in AI-related investments [2] Group 3 - The A-share market has ended a month-long period of consolidation, with the Shanghai Composite Index reaching a new high, supported by a broad-based rally among individual stocks [3] - The market saw a significant increase in the number of rising stocks, with over 4,700 stocks gaining, while only a few sectors like oil and coal experienced declines due to falling international oil prices [3] - Leading sectors included electric power equipment, non-bank financials, retail, automotive, and machinery [3]

Group 1 - Mexico is perceived as not being perfect but also not as bad as it seems, indicating a nuanced view of the country's situation [2] - In the Middle East, e-commerce has become the "new normal," but physical retail stores remain essential to daily life [3] - "博萃循环" has secured several million yuan in Series B financing, targeting the international battery recycling market and operating in over ten countries [4] Group 2 - Shanghai's foreign trade export value reached 629.02 billion yuan in the first four months of the year, showing a year-on-year growth of 13.8% [5] - NIO reported a total revenue of 12.0347 billion yuan (approximately 1.658 billion USD) for Q1, with a year-on-year increase of 21.5% and vehicle deliveries up by 40.1% [6] - Aishida plans to invest up to 150 million yuan in Vietnam for modern cookware, small appliances, and industrial robots, aiming to enhance its global presence [7] Group 3 - TSMC's chairman stated that the company will not establish a factory in the Middle East, despite rumors, and expects revenue growth of 24% to 26% this year [7] - Neuralink completed a $650 million Series E funding round, raising its valuation to $9 billion, with plans to accelerate clinical trials and product development [8]

Core Viewpoint - A-shares show resilience amid external market adjustments, indicating a strengthening internal trend supported by recent monetary policy changes and trade negotiations [1][2]. Market Outlook - The current market has largely priced in the tariff events and the first phase of trade negotiations, with a need for additional catalysts to break through March highs [2]. - The extreme drop on April 7 was a one-time reaction to the "equal tariffs" event, and the market has since undergone substantial recovery [2]. - Future challenges to March highs will require new policies, trade negotiation progress, or significant economic indicators [2]. Hot Sectors - June is expected to be driven by event-based thematic trading, with focus on low-position sectors like consumption and pharmaceuticals, as well as adjusted technology growth [3]. - Key areas of interest include: 1. Consumption expansion and domestic demand as a priority for 2025, with expectations for policy support in sectors like dairy, IP consumption, leisure tourism, and medical aesthetics [3]. 2. The trend of robot localization and integration into daily life, with opportunities in sensors, controllers, and dexterous hands [3]. 3. The ongoing trend of semiconductor localization, focusing on semiconductor equipment, wafer manufacturing, materials, and IC design [3]. 4. The military industry is expected to see order recovery by 2025, with signs of bottoming out in various sub-sectors [3]. 5. Innovative drugs are entering a recovery phase after four years of adjustment, with positive net profit growth expected to continue into 2025 [3]. Market Review - A-shares experienced narrow fluctuations with reduced trading volume, while consumption and pharmaceuticals rebounded [4]. - The market showed overall weakness, with 31 primary sectors exhibiting mixed performance, led by textiles, pharmaceuticals, beauty care, environmental protection, and real estate [4].