协议核心资助对象之一是#意法半导体 卡塔尼亚工厂，该基地是规划中的碳化硅全产业链晶圆厂，集8 英寸碳化硅功率器件制造、封装、测试于一体。这座总投资50亿欧元的工厂，此前已获意大利政府20亿 欧元支持，此次10亿欧元信贷将进一步补充建设与产能爬坡资金，其全面落成后碳化硅晶圆年产能可达 72万片（1.5万片/周），将大幅提升全球碳化硅供给能力。 另一方面，资金中的研发部分将重点攻克8英寸碳化硅产线迁移与工艺优化难题。相较于当前主流的6英 寸晶圆，8英寸晶圆面积提升1.78倍，在衬底价格优化后能显著降低碳化硅芯片成本，是意法半导体应 对市场价格波动、强化竞争力的关键抓手。目前其与三安合资的重庆8英寸碳化硅工厂已进入试生产阶 段，欧洲本土产线的推进将形成双基地布局，覆盖汽车、数据中心等核心需求场景。 （来源：广东省半导体行业协会） 近日，意法半导体与欧洲投资银行签署总额10亿欧元的信贷额度协议，首期5亿欧元已正式到位。 据了解，这是双方自1994年以来的第9次合作，累计融资额达42亿欧元，资金将专项支持意法半导体在 意大利和法国的半导体研发与大规模制造项目。其中60%资金用于提升卡塔尼亚、阿格拉特等核心生产 基地的制 ...

Core Viewpoint - Basic Semiconductor is aiming to become the first Chinese company to go public in the silicon carbide chip sector, with a significant growth trajectory despite not yet achieving profitability [1][2]. Company Overview - Basic Semiconductor was established in 2016 and focuses on the research, development, manufacturing, and sales of silicon carbide (SiC) power devices, serving sectors such as electric vehicles, renewable energy, and industrial control [5]. - The company is the only IDM (Integrated Device Manufacturer) in China that covers the entire value chain of SiC power devices, from chip design to module packaging, and has achieved mass production in all segments [6]. Financial Performance - The company reported a compound annual growth rate (CAGR) of approximately 27.7% in revenue over the past three years, with revenues of 117 million, 221 million, and 299 million yuan for 2022, 2023, and 2024 respectively [7]. - Cumulative losses over three and a half years amount to 998 million yuan, with losses of 242 million, 342 million, and 237 million yuan for the years 2022, 2023, and 2024 respectively [4][10]. - Gross margins have been negative, with rates of -48.5%, -59.6%, and -9.7% for the years 2022 to 2024 [8]. Market Position - According to Frost & Sullivan, Basic Semiconductor ranks sixth in the Chinese silicon carbide power module market with a market share of 2.9%, and ranks third among domestic companies [6]. - The company also ranks ninth in both the silicon carbide discrete device market and the power semiconductor gate driver market, with market shares of 2.7% and 1.7% respectively [6]. Valuation and Funding - The company's valuation has increased approximately 103 times from 50 million yuan in 2017 to 5.16 billion yuan in 2025 [12]. - Basic Semiconductor has undergone 12 rounds of financing, with significant increases in valuation correlating with product development milestones [12][14]. Future Plans - The funds raised from the IPO will primarily be used to enhance R&D capabilities, strengthen the IDM and foundry cooperation model, and expand the global distribution network for silicon carbide products [15].

公司是中国第三代半导体功率器件行业的领先企业,专注于碳化硅功率器件的研发、制造及销售。作为 该领域的先驱者,公司是中国唯一一家整合了碳化硅芯片设计、晶圆制造、模块封装及栅极驱动设计与 测试能力的企业。 公司2023年度、2024年度、2025半年度截至6月30日止，净利润分别为-3.42亿元、-2.37亿元、-1.77亿 元，同比变动幅度为-41.65%、30.72%、-50.41%。（数据宝） 据联交所12月4日披露，深圳基本半导体股份有限公司向联交所提交上市申请，拟香港主板上市，国金 证券香港、中信证券香港、中银国际亚洲为联席保荐人。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 ...

基本半导体向港交所主板递交上市申请，中信证券、国金证券(香港)有限公司、中银国际为其联席保荐 人。 基本半导体是中国第三代半导体功率器件企业，专注于碳化硅功率器件的研发、制造及销售。公司是中 国唯一一家整合了碳化硅芯片设计、晶圆制造、模块封装及栅极驱动设计与测试能力的企业。构建了全 面的产品组合，包括碳化硅分立器件、车规级和工业级碳化硅功率模块及功率半导体栅极驱动，广泛应 用于新能源汽车、可再生能源、储能、工业控制等领域。 2024年收入计，在中国碳化硅功率模块市场排名第六(中国公司中第三)，市场份额2.9%；在中国碳化硅 分立器件市场和功率半导体栅极驱动市场均排名第九，市场份额分别为2.7%和1.7%。 公司是国内首批大规模生产并交付应用于新能源汽车的碳化硅解决方案的企业之一，已获得10多家汽车 制造商超50款车型的design-in，并积累了超过11万件用于新能源汽车产品的累计出货量。 ...

Group 1 - The core point of the article is that Shenzhen Basic Semiconductor Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with the sponsorship of CITIC Securities, Guotai Junan Securities, and Bank of China International [1] - The previous listing application submitted on May 27 has expired after six months [1] - Basic Semiconductor is a company in China's third-generation semiconductor power device industry, focusing on the research, development, manufacturing, and sales of silicon carbide power devices [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the overseas listing and full circulation of unlisted shares for Shenzhen Basic Semiconductor Co., paving the way for its listing on the Hong Kong Stock Exchange [2][5]. Group 1: Company Overview - Basic Semiconductor is a leading enterprise in the third-generation semiconductor power device industry, focusing on the research, manufacturing, and sales of silicon carbide (SiC) power devices [5]. - The company is the only one in China that integrates SiC chip design, wafer manufacturing, module packaging, and gate driver design and testing capabilities, giving it a first-mover advantage in the industry [5][6]. - Basic Semiconductor has established a comprehensive product portfolio that includes SiC discrete devices, automotive-grade and industrial-grade SiC power modules, and power semiconductor gate drivers, serving various sectors such as new energy vehicles, renewable energy systems, and industrial control [5][6]. Group 2: Market Position and Performance - According to Frost & Sullivan, Basic Semiconductor ranks seventh globally and sixth in China in the SiC power module market, and third among Chinese companies in both markets based on 2024 revenue [5]. - The company has shipped over 90,000 units of its products for new energy vehicles as of December 31, 2024, with sales of SiC power modules increasing from over 500 units in 2022 to over 30,000 units in 2023, and further to over 61,000 units in 2024 [7]. - Revenue has steadily increased from 116.9 million RMB in 2022 to 220.6 million RMB in 2023, and is projected to reach 299 million RMB in 2024 [7]. Group 3: Research and Development - Since its establishment in 2016, Basic Semiconductor has focused on the application of SiC semiconductors and has mastered key technologies across the entire industry chain, holding 163 patents and submitting 122 patent applications as of December 31, 2024 [6]. - The company collaborates with various government bodies and research institutions, including the establishment of a research center for third-generation semiconductor materials and devices with Tsinghua University [6].

招此前股书显示，基本半导体是中国第三代半导体功率器件行业的领先企业，专注于碳化硅功率器件的研发、制造及销售。作为该领域的先驱者，该公司是 中国唯一一家整合了碳化硅芯片设计、晶圆制造、模块封装及栅极驱动设计与测试能力的企业。基本半导体的碳化硅功率模块的销量由2022年的超过500件 增至2023年的超过30,000件，并进一步增至2024年的超过61,000件。 深圳基本半导体股份有限公司(简称：基本半导体)于5月27日所递交的港股招股书满6个月，于11月27日失效，递表时中信证券、国金证券(香港)有限公司、 中银国际为其联席保荐人。 ...

Core Viewpoint - ROHM has announced its mid-term business plan for fiscal years 2026 to 2028, setting ambitious financial targets for fiscal year 2028, including sales exceeding 500 billion yen, an operating profit margin over 20%, and a return on equity (ROE) exceeding 9% [2] Group 1: Growth Strategy - The company aims to focus on growth in the automotive sector, particularly in power and analog circuits, while also strengthening its industrial and consumer electronics businesses to create a balanced product portfolio [2] - ROHM plans to significantly expand its silicon carbide (SiC) power device business while phasing out unprofitable operations [2] - The sales target for the automotive sector is set to reach 275 billion yen, accounting for 55% of total sales, with an emphasis on AI server industrial equipment [2] Group 2: LSI and Power Device Business - The LSI business aims for sales exceeding 110 billion yen and an operating profit margin over 22%, focusing on high-profit and high-growth areas through R&D investment [3] - The power device business targets sales of over 215 billion yen and an operating profit margin exceeding 23%, with a focus on making the SiC business a profit driver [5] Group 3: Market Expansion and Product Development - ROHM has delivered products to 16 automotive manufacturers, expecting to increase inverter deliveries to approximately 3 million units by fiscal year 2028, with a customer base projected to triple [6] - The company is expanding into plug-in hybrid electric vehicles (PHEV) and hybrid electric vehicles (HEV) while enhancing competitiveness through the launch of fifth-generation products [6] Group 4: Manufacturing and Cost Optimization - ROHM plans to improve its substrate business and advance SiC crystal substrate manufacturing processes, primarily managed by its German subsidiary SiCrystal [6] - The company aims to achieve nearly complete in-house production of epitaxial wafers to reduce costs and improve yield, with a focus on transitioning to 8-inch wafers for better quality [7] Group 5: Future Sales Goals - The company has set a target of achieving sales of 30 billion yen for AI server solutions by fiscal year 2030, aiming for over 110 billion yen in sales and an operating profit margin exceeding 22% for general-purpose and other businesses by fiscal year 2028 [7] Group 6: Corporate Restructuring - ROHM announced a restructuring plan to consolidate its four domestic manufacturing subsidiaries and Shiga factory into two companies, focusing on front-end and back-end processing, set to begin operations on April 1, 2026 [8]

Summary of SST System Industry Conference Call Industry Overview - The conference focused on the SST (Solid State Transformer) system industry, discussing its cost structure, market trends, and competitive landscape in both domestic and overseas markets [1][2][3]. Key Points and Arguments Cost Structure of SST Systems - The cost composition of SST systems includes rectifier modules (40%-50%), high-frequency transformers (approximately 25%), control and distribution (15%), energy storage (11%), and structural cooling (8%) [1][2]. - Current single watt cost of SST systems is around 5 RMB, with total system costs reaching 8-10 million RMB. By 2028, costs are expected to drop to below 1 RMB per watt, with total system costs around 2 million RMB, but large-scale application is anticipated only by 2030 [1][4]. Price Trends and Market Dynamics - There is a significant price disparity between domestic and overseas SST systems, particularly in North America, where prices are expected to remain around 4-5 RMB per watt until 2027-2028, with limited reduction [5]. - Domestic market competition is intense, with expectations that prices could fall below 1 RMB per watt by 2030 [5]. Technical Standards and Design Differences - North America tends to adopt higher input voltage SST systems (35 kV or 20 kV), which enhances renewable energy integration efficiency but also increases costs. Differences in design standards between North America and China contribute to cost variations [6][8]. - Domestic companies can enter the SST supply chain by exporting components like high-frequency transformers and rectifier modules, capturing growth opportunities despite slower rack power increases compared to North America [9]. Market Opportunities and Challenges - Companies like Jinpan and Sungrow, which have comprehensive system integration capabilities, are better positioned to enter the SST supply chain [3][16]. - The domestic market's ability to reduce SST product prices significantly is attributed to lower value differences compared to overseas products, reflecting market maturity and demand [23]. Future Prospects - The SMT (Solid State Transformer) AC-DC hybrid system market is expected to grow faster than the data center market due to lower energy continuity and stability requirements, making it more cost-sensitive [24]. - The demand for silicon carbide (SiC) in charging stations and data centers is increasing, but the complex production process may lead to supply constraints and price increases [26]. Additional Important Insights - The integration capabilities of domestic companies lag behind those of leading overseas firms like Delta, Schneider, and Eaton, which have dedicated departments for each segment of the SST system [22]. - The competitive landscape in the HVDC (High Voltage Direct Current) sector shows that traditional power distribution companies in China have advantages, but emerging electronic companies are rapidly advancing [18]. This summary encapsulates the critical insights from the SST system industry conference call, highlighting the cost structures, market dynamics, technical standards, and future prospects within the industry.

Core Viewpoint - The National Energy Administration reported that as of September 2025, the total number of electric vehicle charging facilities in China reached 18.063 million, representing a year-on-year growth of 54.5% [1] Group 1: Market Trends - The charging pile market is shifting from a focus on speed and scale to a new phase of high-quality development [1] - The trend towards high power charging is leading to upgrades in core components and complete charging equipment [1] Group 2: Technological Advancements - High power charging requires a combination of high voltage and large current, significantly increasing the technical requirements for charging piles and their core components [1] - The demand for higher voltage necessitates the use of silicon carbide power devices to replace traditional IGBTs, which can provide high power density, high conversion efficiency, and high reliability [1] Group 3: Policy and Investment Opportunities - Recent industry policies indicate a focus on the construction of high-power charging facilities, suggesting that the industry is transitioning towards high-quality development [1] - Under policy guidance, domestic charging infrastructure is expected to enter a new accelerated construction cycle, with a significant increase in demand for high-power fast charging equipment [1] - Related charging pile equipment companies are likely to benefit from these trends, presenting investment opportunities [1]