华夏时报记者石飞月北京报道 科创板上市两年后，华虹半导体终于来兑现承诺了。近日，该公司公告称，正筹划以发行股份及支付现金的方式购买上海华力微电子有限公司(下称"华力 微")的控股权，收购标的资产为华力微一部分成熟制程业务的股权。华力微为华虹半导体及其间接控股股东华虹集团共同投资的公司，华虹集团此前曾承 诺将华力微注入华虹半导体。 此次资产并购是当前国产半导体行业并购浪潮的组成部分，华虹半导体也将进一步强化其聚焦成熟制程与特色工艺的战略定位，巩固其在汽车、工业、消 费电子等市场的技术优势。不过，在业内人士看来，半导体行业技术迭代加速，先进制程正逐步成为市场主流，若不能前瞻性地加大研发投入、提前布局 先进技术，华虹半导体可能面临技术代际差距扩大的风险。 资产整合 对于控股华力微，华虹半导体公告给出的理由是，"解决IPO承诺的同业竞争事项"。 其实这也是华虹集团在华虹半导体申请科创板上市时做出的一项承诺。2023年，华虹半导体科创板招股书显示，华虹集团发布了《关于避免同业竞争的补 充承诺函》，承诺在华虹半导体于科创板上市之日起三年内，在履行政府主管部门审批程序后，将华力微注入华虹半导体。 本次收购标的资产为华力微所 ...

Core Viewpoint - The article discusses the potential impact of the U.S. imposing high tariffs on semiconductor imports from Taiwan, particularly on mature process chips, which could lead to significant adjustments in Taiwan's semiconductor industry and supply chain dynamics [2][3]. Group 1: Tariff Implications - The U.S. is expected to announce results of a national security investigation regarding semiconductor imports, with potential tariffs on mature process chips from Taiwan reaching up to 20% [2]. - Taiwan's semiconductor industry, heavily reliant on exports to the U.S., faces heightened uncertainty due to these potential tariffs, which could disrupt existing supply chains [2][3]. - The article suggests that while the tariffs may not completely destabilize the semiconductor sector, they will likely prompt strategic adjustments, including increased overseas investments and manufacturing [3]. Group 2: Market Conditions - The semiconductor industry is experiencing a downturn, with major IC design firms significantly reducing wafer production for mature processes by 20% to 30% in Q3 compared to Q2, due to various negative factors including weak demand in mobile, networking, and automotive sectors [5][6][7]. - The automotive market is particularly struggling, impacting demand for mature process chips, with major companies like NXP and STMicroelectronics warning of poor market conditions [7]. - The capacity utilization rates for wafer foundries are expected to decline from around 70% in the first half of the year to approximately 60% or lower in the second half, which will adversely affect profit margins [7]. Group 3: Company Strategies - Companies like UMC are investing in R&D to focus on advanced technologies for 5G, AI, IoT, and automotive electronics, with UMC having invested NT$15.6 billion in R&D last year [9]. - UMC is exploring potential collaborations with Intel to enhance process technologies, while World Advanced is focusing on its 8-inch production and plans to build a 12-inch fab in Singapore with a total investment of $7.8 billion [10]. - Powerchip is targeting AI applications and has begun mass production of silicon interposers, contributing to revenue generation [11].

Core Viewpoint - The spokesperson of the State Council Taiwan Affairs Office, Chen Binhua, emphasized the rapid development of high-tech industries such as semiconductors and artificial intelligence in mainland China, driven by global market demand, and highlighted the expectation that mainland China's market share in mature process chips will surpass Taiwan within two years [1]. Group 1: Industry Development - The semiconductor and AI industries in mainland China have gained a competitive advantage in the mature process chip sector due to a complete industrial system and rich application scenarios [1]. - The mainland will continue to leverage its industrial foundation and large-scale market advantages to promote deep integration of technological and industrial innovation [1]. Group 2: Cross-Strait Cooperation - There is a call for enhanced cooperation and integrated development between the two sides of the Taiwan Strait in relevant industries to strengthen the economic growth of the Chinese nation [1]. - The mainland welcomes Taiwanese businesses to seize opportunities for investment and establish a presence in the mainland, aiming for better development in the new round of technological and industrial transformation [1].

Investment Rating - The industry investment rating is "Outperform the Market" [5][8] Core Viewpoints - The semiconductor industry in China is expected to accelerate its domestic production process due to the ongoing tariff disputes, which may enhance the competitive landscape for mature process chips [2][4] - The introduction of new rules regarding the origin of semiconductor products is likely to weaken the competitiveness of American wafer products in the Chinese market, allowing domestic manufacturers to capture market share more rapidly [2][3] - Domestic equipment and materials are anticipated to be integrated into the semiconductor supply chain, fostering innovation and enhancing the resilience of companies against trade friction [3][4] Summary by Sections Investment Highlights - The tariff disputes are expected to optimize the competitive landscape for domestic mature process chips, with potential anti-dumping investigations against U.S. mature process chips [2] - The new origin recognition rules for semiconductor products will classify the origin based on the wafer fabrication plant's location, which may reduce trade friction costs and enhance domestic chip manufacturers' market share [2] Domestic Supply Chain Development - Initiatives to prioritize the procurement of domestic advanced equipment and core materials are being implemented to ensure supply chain stability and independence [3] - Measures include simplifying qualification processes for domestic companies and promoting collaboration between procurement and innovation chains [3] Investment Recommendations - The semiconductor industry's domestic production process is expected to accelerate, with a focus on the growth of domestic mature process manufacturers and breakthroughs in advanced processes [4] - Investors are encouraged to pay attention to the potential for increased market share among domestic manufacturers and leading companies in various segments of the semiconductor industry [4]

Core Viewpoint - The article discusses the potential merger between UMC and GlobalFoundries, highlighting the implications for the semiconductor industry and market dynamics [2][3]. Group 1: Merger Speculation - UMC has responded to merger rumors with GlobalFoundries, stating that the company does not comment on market speculation and is not currently involved in any merger discussions [2]. - Reports indicate that UMC and GlobalFoundries had previously explored potential collaboration two years ago but did not reach any agreement [2]. - The proposed merger aims to create a larger foundry entity to secure the supply of mature process chips in the U.S. and increase investment in research and development [2]. Group 2: Market Impact - Following the merger news, UMC's American Depositary Receipts (ADR) initially surged nearly 20% before settling around a 10% increase, while GlobalFoundries' stock price declined [3]. - Both UMC and GlobalFoundries hold approximately 5% market share in the global chip foundry market [3]. - UMC reported a revenue of NT$232.3 billion (approximately $7.21 billion) and a net profit of NT$47.2 billion, while GlobalFoundries had a revenue of $6.75 billion and a net loss of $265 million [3]. Group 3: Semiconductor Market Dynamics - According to the Semiconductor Industry Association, as of 2023, chip manufacturers in mainland China and Taiwan account for 75% of the global market share in mature process chips, while the U.S. holds only 5% [3]. - Mature process chips represent 70% of global semiconductor demand and are widely used across various industries [3]. - UMC's CFO emphasized that there are no ongoing merger discussions and that the company maintains good communication with all operating governments, ensuring shareholder interests are prioritized [3].

Core Viewpoint - The passing of Han Jong-hee, Vice Chairman and CEO of Samsung Electronics, marks a significant loss for the company, as he was a key figure in its television business and overall technological innovation [1][5][7]. Group 1: Background and Career - Han Jong-hee was born on March 15, 1962, and graduated from Inha University with a degree in Electrical Engineering [6]. - He joined Samsung Electronics in 1988 and held various leadership roles, including head of the Visual Display Business from 2017 to 2023 [5][6]. - He was instrumental in maintaining Samsung's position as the global leader in television sales for 19 consecutive years [5]. Group 2: Recent Developments - Han Jong-hee recently participated in the AWE 2025 event in Shanghai, where Samsung launched several strategic products, including the 115-inch Neo QLED TV [9][10]. - He expressed confidence in the partnership with Suning.com, highlighting a long-standing collaboration of over 30 years [10]. Group 3: Company Challenges - Samsung Electronics is facing significant challenges in the semiconductor market, particularly in artificial intelligence chips, where it is lagging behind competitors like SK Hynix [12]. - The company's semiconductor division reported a decline in operating profit, dropping from 3.86 trillion KRW (approximately 193 billion RMB) in Q3 to 2.9 trillion KRW (approximately 145 billion RMB) in Q4 of the previous year [12]. - Analysts predict a potential 22.5% decline in Samsung's operating profit for Q1 of this year [15].

Investment Rating - The report suggests a cautious outlook for the US stock market, predicting continued volatility and a downward trend until late March or early April 2025, with a focus on sectors such as healthcare, consumer services, traditional telecommunications, and utilities [6][14]. Core Insights - The US stock market is facing significant pressure due to uncertainties surrounding tariffs and economic indicators that have fallen short of expectations, leading to a potential rotation of funds out of the market [6][14]. - The report highlights the resilience of the US labor market, as indicated by an increase in job vacancies and resignation rates, which may alleviate recession fears [6][26]. - The copper industry is expected to see price increases due to anticipated tariffs on imports, which could create supply shortages in the US market [14][26]. - The pharmaceutical sector is poised for valuation recovery, supported by government policies aimed at optimizing drug pricing and promoting innovative drug development [14][19]. Summary by Sections US Market Dynamics - The US stock market has retraced all gains since the Federal Reserve's rate cuts in September 2024, with consumer discretionary and industrial sectors facing significant impacts from tariff uncertainties [6][14]. - Major US indices experienced declines, with the Dow Jones dropping 1.14% and the S&P 500 down 0.76% [8][10]. European Market Dynamics - European markets also faced declines, with the Stoxx 600 index down 1.7%, driven by concerns over economic growth and tariff announcements from the US [10][14]. Asian Market Dynamics - The Asian markets showed mixed results, with the Thai market gaining 0.9%, while other markets like the Philippines and Singapore experienced declines [21][22]. Sector Performance - In the US, the industrial sector was notably affected by tariff announcements, leading to a 1.54% drop in the industrial index [10][14]. - In the Hong Kong market, sectors such as consumer goods and technology showed positive performance, with notable gains in companies like China Resources Beverage [10][11]. Individual Company Insights - Snowflake reported better-than-expected revenue performance, with AI products contributing to growth, and the company is viewed positively for its long-term investment potential [8][19]. - The copper sector is recommended for investment due to expected price increases driven by tariff-related supply constraints, with specific companies like Zijin Mining and Luoyang Molybdenum highlighted [14][19].

Core Viewpoint - The article discusses the potential impact of the U.S. Trade Representative's hearing on mature process chips manufactured in mainland China, which may lead to increased tariffs under the Trump administration, reflecting ongoing tensions in the semiconductor industry [2]. Group 1: U.S. Trade Actions - The U.S. Trade Representative's office is set to hold a hearing regarding mature process chips from mainland China, which could result in additional tariffs [2]. - The Biden administration previously initiated a Section 301 investigation into China's dominance in traditional semiconductors and its effects on the U.S. economy [2]. - The U.S. has been criticized for its unilateral and protectionist approach, with previous tariffs deemed in violation of WTO rules [2]. Group 2: China's Response - China has expressed strong dissatisfaction with the U.S. actions and has called for respect for facts and multilateral rules, indicating a readiness to defend its rights [3]. - The Chinese semiconductor market holds only a 1.3% share of the U.S. market, highlighting the limited impact of Chinese chips on U.S. imports compared to exports [2]. Group 3: Market Dynamics - The U.S. semiconductor market is heavily subsidized by the Chips and Science Act, with American companies holding nearly half of the global market share, raising questions about the U.S. accusations against China [2].