出品：新浪财经上市公司研究院 作者：光心 2025年以来，AI芯片产业链景气度持续提升，半导体设备领域投资热度居高不下。据华泰证券统计， 2025年第二季度全球半导体设备公司总收入同比增长24%，预计2025年全年全球半导体设备企业收入同 比增长12%。 具体来看，AI芯片对计算性能和功耗的高要求大幅提高了芯片设计和制造的复杂性，因此对高性能SoC 测试机和存储测试机的需求显著增长。此外，HBM技术已成为AI计算的标配，其对应的COWOS封装技 术成为GPU与HBM高速互联的关键技术支撑，因此对先进封装设备的需求也迎来高速增长。 在此背景下，海外半导体设备市场受AI相关投资驱动实现高增，市场规模同比增长40%，其中测试机、 封装设备等后道设备的增长尤为显著。 具体各个企业来看，2025年上半年各家半导体设备厂商出现业绩分化。其中，九家前道设备企业均实现 营收增长，但其中精测电子、芯源微、拓荆科技增收不增利，归母净利润同比大幅下滑。 观察2025年单季度，则业绩分化更加明显。以最受关注的两家龙头企业为例，2025年第二季度北方华创 营收和归母净利润分别同比增长22.5%和-1.6%，增收不增利，而中微公司营收和 ...

Core Insights - The semiconductor and integrated circuit sector in Dongguan has seen sustained interest, particularly with the debut of the first strategic scientist team, which has made significant technological breakthroughs in key areas such as TGV 3D packaging technology and low-power AI chips [2][4][5] Group 1: Technological Innovations - The strategic scientist team introduced five major innovations, including TGV 3.0 technology, which features sub-10 micron through holes and a 10:1 aspect ratio for 3D packaging, enabling wafer-level and board-level mass production capabilities [4][5] - The "energy-aware computing" AI chip operates at a low power consumption of only 70mW, integrating self-energy harvesting and multi-modal sensing functions [4] - The PLP plasma etching equipment has broken international monopolies in panel-level packaging, achieving technical specifications comparable to global leaders [5] - The fully automated wafer AI-AOI inspection equipment boasts a detection precision of 0.072 microns, filling a gap in high-end inspection equipment domestically [5] Group 2: Industry Ecosystem and Support - Dongguan has established a robust industrial foundation with 257 semiconductor and integrated circuit companies, projecting industry revenue to exceed 75 billion yuan in 2024 [11] - The Dongguan Integrated Circuit Innovation Center aims to enhance technological innovation capabilities and strengthen the industry ecosystem, providing a comprehensive platform for product development, pilot manufacturing, testing, and talent cultivation [13][15] - The center has attracted 15 research teams, fostering over 40 industry chain enterprises, with a focus on advanced packaging and industrial software [17] Group 3: Market Potential and Future Outlook - The advanced packaging industry is projected to grow from $37.8 billion in 2023 to $89.1 billion by 2029, with a compound annual growth rate of 11% [21] - The center's model is being replicated in other sectors, such as industrial software, indicating a broader strategy for integrating technology and manufacturing [20] - Dongguan is positioning itself as a national hub for advanced packaging, leveraging its scientific resources and industrial capabilities to drive innovation and market growth [25]

Core Viewpoint - The article discusses the transformative impact of technological advancements on China's economy, particularly focusing on the semiconductor industry and the investment strategies of Linxin Investment, which has successfully navigated this evolving landscape over the past decade [2][3][4]. Group 1: Semiconductor Industry Growth - The Chinese semiconductor industry has experienced significant growth, evolving from a nascent stage to a robust sector with substantial investments driving its development [3][4]. - Linxin Investment has played a crucial role in this evolution, participating deeply in the semiconductor sector and witnessing its transformation firsthand [5][6]. Group 2: Investment Strategies and Achievements - Over the past ten years, Linxin has managed nearly 10 billion RMB, investing in over 130 semiconductor projects, with 18 achieving IPOs and total exit amounts exceeding 17 billion RMB [7]. - The firm has adopted various investment strategies, transitioning from mergers and acquisitions to early-stage investments, and focusing on deep industry integration and restructuring [6][7][8]. Group 3: Key Investments - Linxin's notable investments include significant stakes in leading semiconductor companies such as Lanqi Technology and Zhongwei Company, which have yielded substantial returns [12][19]. - The investment in Lanqi Technology, which saw a dramatic increase in market value post-IPO, exemplifies Linxin's successful investment approach [18][19]. Group 4: Evolving Investment Logic - Linxin's investment logic has matured, emphasizing the importance of understanding industry dynamics and identifying potential leaders within the semiconductor space [20][22]. - The firm has developed a dual strategy of early-stage investments and mergers, aiming to capitalize on both emerging technologies and established companies [33][34]. Group 5: Institutional Development - Linxin has undergone significant institutional evolution, transitioning from a small team to a more structured organization capable of managing larger funds and complex investments [40][41]. - The firm has focused on enhancing its fundraising capabilities and operational management to support its growing portfolio and ensure sustainable growth [42][43]. Group 6: Future Outlook - The semiconductor industry is entering a new phase characterized by both overcapacity in low-end products and scarcity in high-end technologies, presenting unique investment opportunities [33][34]. - Linxin aims to leverage these opportunities through strategic acquisitions and investments in innovative technologies, reinforcing its commitment to driving technological advancement in the industry [46][47].

Core Viewpoint - The article highlights the significant growth and evolution of the semiconductor industry in China over the past decade, emphasizing the role of investment firms like Linxin in driving this transformation through strategic investments and a focus on early-stage and merger opportunities [2][5][52]. Group 1: Investment Achievements - Linxin has managed nearly 10 billion RMB in funds over ten years, investing in over 130 semiconductor and hard technology projects, with 18 achieving IPOs and total exit amounts exceeding 17 billion RMB [2][7][47]. - Key investments include leading companies in the semiconductor sector such as Lanqi Technology and Zhongwei Company, which have become industry leaders [7][21][29]. Group 2: Investment Strategy Evolution - The investment strategy has evolved from mergers and acquisitions to early-stage investments, focusing on disruptive technologies and integrating industry resources [7][39][50]. - Linxin's approach includes a dual strategy of "mergers and early-stage investments," allowing for a comprehensive investment framework that supports both new ventures and established companies [39][40]. Group 3: Industry Context and Future Outlook - The semiconductor industry in China has transitioned from a nascent stage to a competitive landscape, with significant opportunities for growth and consolidation [4][36][52]. - The company anticipates that future investments will increasingly focus on mergers, with projections indicating that over 70% of efforts will be directed towards this area, reflecting the industry's maturation and the need for larger, more competitive entities [50][53]. Group 4: Operational and Organizational Development - Linxin has undergone significant organizational changes to enhance its fundraising and operational capabilities, transitioning from a project-based approach to a more institutionalized model [43][44]. - The firm has established a robust ecosystem by collaborating with 18 listed companies and 137 integrated circuit firms, enhancing its resource integration capabilities [41]. Group 5: Mission and Values - The core mission of Linxin is to drive technological advancement through investment, aiming to cultivate world-class enterprises in the semiconductor sector [53][54]. - The company emphasizes values such as integrity, cooperation, and simplicity, which guide its strategic direction and operational practices [54].