星标 ★ IPO日报 精彩文章第一时间推送 10月26日晚间，深圳市英唐智能控制股份有限公司（下称"英唐智控"）发布公告称，公司正在筹划以发行股份及支付现金方式收购桂林光隆集成科 技有限公司（下称"光隆集成"）100%股权和上海奥简微电子科技有限公司（下称"奥简微电子"）76%股权，同时募集配套资金。 公司股票自10月27日开市起停牌，预计在不超过10个交易日内披露交易方案。 在停牌前最后一个交易日，英唐智控股价异动明显。10月24日，公司股价收盘价11.42元/股，涨幅9.91%，当日成交金额15.01亿元，换手率12.90%，市场 似乎已提前嗅到了并购的气息。 张力制图 拟并购两家半导体企业 根据公告，英唐智控已与相关方签署《购买资产意向协议》，但具体交易价格尚未确定，需要后续评估和协商。 其中，标的公司光隆集成成立于2018年，注册资本5000万元，法定代表人陈春明。该公司业务范围广泛，涵盖人工智能应用软件开发、量子计算技术服 务、光电子器件制造与销售等。 而光隆集成的控股股东，桂林光隆科技集团股份有限公司曾是一家拟科创板上市企业，2021年获得国家级专精特新"小巨人"企业称号，但于2022年撤回了 上 ...

Core Viewpoint - Company Silan Microelectronics (士兰微) is making a significant investment of 20 billion yuan to establish a 12-inch high-end analog integrated circuit chip production line, marking another major move in the high-end semiconductor sector after a previous 12 billion yuan investment in an 8-inch SiC project [1][3]. Investment Details - The investment will be executed in two phases in Xiamen's Haicang District, with a new subsidiary, Xiamen Silan Jihua Microelectronics Co., Ltd. (士兰集华), as the implementation entity [3]. - The first phase involves an investment of 10 billion yuan, expected to commence construction by the end of 2025 and achieve a monthly production capacity of 20,000 wafers by Q4 2027 [3]. - The second phase will also invest 10 billion yuan, ultimately increasing total production capacity to 45,000 wafers per month (540,000 wafers annually) [3]. Market Context - The project targets the high-end analog chip market, which has a low domestic localization rate, particularly in high-end segments where the localization rate is below 10% [4]. - The growth of industries such as electric vehicles, large computing servers, and industrial automation is expected to drive demand for high-end analog chips, enhancing Silan's competitive position internationally [3][4]. Financial Structure - The funding structure involves a capital increase for the new subsidiary, with Silan Micro contributing 1.5 billion yuan, while two state-owned platforms will contribute 1.5 billion yuan and 2.1 billion yuan, respectively [5]. - After the capital increase, Silan Micro's ownership in the subsidiary will drop to 25.12%, and the subsidiary will no longer be included in consolidated financial statements [5]. Synergistic Projects - Silan Micro is also working on a similar project for SiC power devices with a total investment of 12 billion yuan, which is expected to produce 720,000 wafers annually [6]. - Both projects are expected to create a complementary effect, enhancing manufacturing processes and applications in sectors like electric vehicles and industrial automation [6][7]. Performance Improvement - Silan Micro's financial performance has shown improvement, with revenue surpassing 11.2 billion yuan in 2024, a year-on-year increase of 20.14%, and a net profit of 220 million yuan [8]. - In the first half of 2025, the company achieved revenue of 6.336 billion yuan, also reflecting a 20.14% year-on-year growth, with a significant increase in net profit [8].

Core Viewpoint - The article discusses the recent developments regarding the NATCAST organization and its funding, highlighting the implications for the U.S. semiconductor industry and the ongoing political tensions surrounding it [2][4]. Group 1: Funding and Oversight - The U.S. Department of Commerce has seized $7.4 billion in semiconductor research funds from NATCAST, which was established during the Biden administration [2]. - The Department described the seized funds as "contingency funds" intended for former Biden officials, promising stricter oversight and accountability for fund usage [2][4]. - NATCAST was initially allocated $11 billion as part of the CHIPS Act to establish semiconductor design research centers, but its future funding and operations are now uncertain [4][5]. Group 2: Political Context and Criticism - The Department of Commerce criticized NATCAST as a "slush fund" for Biden's allies, alleging corruption and nepotism [4]. - The previous Trump administration's Commerce Department aimed to bring NATCAST under its control, indicating a shift in political dynamics regarding semiconductor funding [4]. - The current administration's handling of technology investments is described as undergoing "significant changes," reflecting broader political implications for the semiconductor sector [4]. Group 3: Future Prospects - NATCAST celebrated the creation of a facility in Albany, New York, aimed at advancing extreme ultraviolet (EUV) semiconductor manufacturing, but its future is now in doubt due to funding uncertainties [5]. - Plans for a new research and development facility in Tempe, Arizona, announced in January, are also at risk of not materializing without adequate funding [5].

Core Insights - The article discusses the challenges and solutions related to the transition to Chiplet and 3D-IC technologies in the semiconductor industry, emphasizing the importance of standards and collaboration among companies [3][5][6]. Group 1: Challenges in Semiconductor Integration - Leading chip manufacturers have limited options for 2D scaling, prompting a shift towards multi-chip components and Chiplet integration [5]. - The integration of different chips poses significant challenges, including ensuring reliability and yield, which is more complex than traditional 2D design processes [6][7]. - The industry faces bottlenecks in integrating process and packaging technologies, as well as testing these complex chips [6][7]. Group 2: Importance of Standards and Collaboration - The concept of a "chiplet economy" is emerging, where various suppliers provide chips that are integrated into 3D-IC systems, creating both opportunities and challenges [5]. - Standards are crucial for reducing costs and improving efficiency, allowing companies to share the burden of technology development [6][9]. - The need for a unified platform that integrates different technologies and standards is highlighted as essential for successful Chiplet integration [11]. Group 3: AI and Productivity Challenges - The demand for AI-driven solutions is increasing as companies face productivity challenges in integrating chips and meeting market demands [7][8]. - Traditional scaling methods are becoming less effective, necessitating innovative approaches to bridge the productivity gap [8]. Group 4: Thermal Management Solutions - Effective thermal management is critical for the performance of 3D-ICs, with various cooling technologies such as microfluidics and immersion cooling being explored [11][12]. - Designers must consider thermal issues from the outset of the design process, integrating cooling solutions into the chip design [12][13].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源： 内容 编译自 semiengineering ，谢谢 。 Chiplet 带来了半导体功能和生产力的巨大飞跃，就像 40 年前的软 IP 一样，但要实现这一点，还 有很多工作要做。这需要一个生态系统，而目前这个生态系统还非常初级。 如今，许多公司已达到光罩极限，被迫转向多芯片解决方案，但这并没有催生一个即插即用的芯片 市场。这些早期系统无需遵循标准即可运行，也不追求相同的优势。从设计角度来看，它们仍在构 建一个大型系统。 西门子EDA公司Tessent硅片测试解决方案DFT流程产品经理Vidya Neerkundar表示："chiplet背 后的理念是分而治之。你可以以更快的速度完成任务，并获得更高良率的所有好处。但是，当你分 而治之时，你还需要考虑其他事情。你解决了一个问题，然后又必须解决其他问题。你需要不断推 进问题，不断追赶。" 对这些新问题的全面理解仍在不断发展。"我们知道如何制造标准的 chiplet，"Marvell 技术副总 裁兼定制解决方案首席技术官 Mark Kuemerle 说道。"它叫做 HBM，也是目前唯一的 chiplet。 它是在 ...