主题演讲环节，邀请到了业内知名专家、企业家做专题分享。同期举行的展览展示会上，一系列新技 术、新产品出台展示，展示开放合作的十足诚意。 作为国家集成电路产业的重要布局点和创新策源地，无锡已形成覆盖设计、制造、封测、装备、材料的 完整产业链，集聚企业超600家。今年1至9月，设计、制造、封测核心三业营收总额突破1145亿元。最 新发布的2025年全球产业综合竞争力百强城市榜单中，无锡位列全球第十三、国内第三，产业规模位居 全省第一。未来，无锡将聚焦光刻胶、电子束量测装备等关键薄弱环节，聚力攻坚Chiplet、HBM、硅 光集成等前沿技术，构建既具备国际竞争力又安全可控的产业生态，为我国半导体产业自主可控发展做 出更大贡献。 活动现场，6项集成电路重点项目签约落地，总投资额26亿元，涵盖了半导体装备、材料、零部件等环 节。SEMI中国区总裁冯莉发布了"2025 年全球半导体设备产业发展趋势"，为行业发展提供了前瞻洞 察。无锡市工业和信息化局发布了集成电路新技术新产品，展示了无锡在光子芯片、车规级芯片等领域 的创新成果。连云港市工业和信息化局发布了半导体石英材料最新成果，体现了区域协同发展的新态 势。 园区推介环节 ...

Core Viewpoint - The debate over whether to use consumer-grade chips or automotive-grade chips in vehicles continues, with strong arguments on both sides regarding safety and performance [3][5]. Group 1: Differences Between Consumer-grade and Automotive-grade Chips - Automotive-grade chips are governed by industry standards, specifically AEC-Q100, which includes rigorous testing for environmental stress, longevity, packaging integrity, manufacturing reliability, electrical validation, and defect screening [18][23]. - Consumer-grade chips typically have less stringent temperature requirements, often ranging from 0 to 70°C, compared to automotive-grade chips that can operate in extreme conditions from -40°C to +150°C [20][22]. - The automotive industry recognizes AEC-Q100 as a benchmark for reliability, even though it lacks legal enforcement, leading to widespread acceptance across the supply chain [24]. Group 2: Reasons for Using Consumer-grade Chips - Automotive-grade chips face challenges such as insufficient computing power and higher costs, prompting some manufacturers to opt for consumer-grade chips [25][26]. - Companies like Tesla have consistently used consumer-grade chips for their infotainment systems, citing their superior performance and cost-effectiveness [26][29]. - The rapid evolution of automotive technology demands higher performance from chips, which consumer-grade options can provide more readily than automotive-grade alternatives [30][40]. Group 3: Future of Automotive Chips in China - The automotive industry is evolving quickly, and existing standards may not adequately address the needs of modern smart vehicles, necessitating a reevaluation of chip standards [41][46]. - The establishment of a national automotive chip standard verification platform in China indicates a move towards developing relevant standards for the industry [47][49]. - The future direction of automotive chips may involve either enhancing automotive-grade chip performance or allowing consumer-grade chips with compliance processes, but the AEC-Q standard should remain a fundamental guideline [52][51].

Core Insights - The semiconductor and integrated circuit industry is focusing on collaborative innovation across the entire supply chain to enhance self-innovation capabilities and core competitiveness in the global technology competition [1][7][8] - Shenzhen is positioning itself as a leader in the semiconductor market, leveraging its complete electronic information ecosystem and AI industry foundation to drive chip innovation and industrial upgrades [1][9][10] Industry Overview - The rise of the semiconductor industry is characterized by collaborative innovation across key areas such as design, manufacturing, materials, and equipment, as showcased at the recent high-tech fair [2] - The EDA (Electronic Design Automation) tools market, valued at over $10 billion, is crucial for the semiconductor manufacturing industry, which is worth hundreds of billions [2] - Domestic EDA market share is currently below 3%, dominated by international giants like Synopsys, Cadence, and Siemens EDA [2][3] Company Developments - Huada Jiutian has become the fourth largest EDA tool provider in China, with a comprehensive product line covering 80% of mainstream EDA design tools and achieving over 50% of the domestic EDA market [3] - The company has developed a full-custom design platform for EDA tools, with around 70 commercialized products [2][3] AI and Material Innovation - AI is being utilized to enhance advanced packaging materials, with efforts to create a closed-loop AI-driven platform for material design and testing [5] - The automotive sector presents significant opportunities for domestic chips, but also imposes high entry barriers due to stringent performance requirements [5][6] Market Trends - The domestic integrated circuit industry is entering a critical phase of breakthroughs and harvests, with strong performance in domestic equipment and materials [7][8] - The semiconductor industry is experiencing a shift in global competition dynamics, driven by advancements in AI technology [8][9] Future Projections - Shenzhen's semiconductor and integrated circuit industry is projected to reach a scale of 256.4 billion yuan in 2024, reflecting a year-on-year growth of 26.8% [10] - Continued rapid growth is expected in the first half of 2025, with an anticipated scale of 142.4 billion yuan, marking a 16.9% increase year-on-year [10]

2025年10月，荷兰突然对安世半导体动手，把公司直接强制接管，理由是"技术转移风险"。这理由看上去挺冠冕堂皇，真掰开了看，不过是给大西洋联盟的 对华技术围堵找个漂亮的说辞。比起商业争执，这更像是一次政治宣示，跟2024年的新能源车关税战是一条线上的事。 荷兰经济事务部长甚至话说得很死，公开表示关键科技必须隔绝中国影响。这种把经济问题硬拽进政治圈的做法，欧洲自己也清楚后果。更早在2025年9 月，欧盟刚通过《关键原材料法案》，把半导体供应链列为高度敏感领域，这等于提前铺好了法律地毯，让类似安世这样的剧情容易发生。 看似有底气，其实欧洲心里也虚。2025年前九个月，中国新能源车对欧出口逆势上涨了52%，但欧洲车企在中国的销量却掉了42%。这种不对称的依赖摆在 台面上，欧洲就陷在一个怪圈里，既怕中国技术崛起，又怕真正撕破脸失去中国市场。 从结果看，安世事件已经被推上了中欧关系的风向标位置 。它不只是荷兰自己的意气之争，更是欧洲在战略产业上跟着美国亦步亦趋的缩影。 中国手里不是没牌。稀土、光伏这些反制筹码一旦打出来，效果一定显著。但问题是，一刀切可能反而把欧洲逼得更快完全倒向美国。看看德国的态度，10 月初德国车企 ...

□ 本报记者徐冠英 无锡高新区与江南大学、中国药科大学共同出台"三年行动计划"，成立实体化运行的"双高协同"创新发 展中心；苏州高新区与3所结对高校组建36个创新联合体，配备1亿元成果转化基金；盐城环保高新区联 合4所结对高校，建设约1万平方米的"双高协同"工作基地……11月13日召开的全省"双高协同"工作现场 调度会，交流"双高协同"试点工作阶段性成效，凝聚以硬招实招求实效的共识，谋划下一步重点任务。 进入实质落地阶段 7月，省政府办公厅印发《关于推进高新区和高等院校协同创新发展的实施意见》。当月，试点单位确 定，18个高新区与37所高校结成51个对子，开始探索"双高协同"模式。 无锡高新区党工委书记、新吴区委书记崔荣国介绍，试点工作开展以来，无锡高新区组建"双高协同"促 进中心，打造成果中心、需求中心、能力中心"三大平台"，编制企业技术需求清单、高校成果转化清 单、校企设备平台共享清单"三张清单"。目前，清单内已纳入企业技术需求100项、高校可供转化专利 成果5151项、可共享大型科研设备500台(套)。 无锡高新区的结对伙伴之一——江南大学，出台"双高协同"政策指南清单，形成"考核、经费、职称、 人才、 ...

Core Viewpoint - The takeover of Nexperia by the Dutch government highlights the hypocrisy of Western legal and contractual principles, revealing the geopolitical motivations behind such actions [1][6]. Group 1: Impact on Global Supply Chain - Nexperia holds a 9.4% share of the global automotive chip market, with 40% of Europe's automotive chips relying on its supply, indicating its critical role in the industry [2]. - The Dutch government's unilateral actions, including invoking a 70-year-old law for the takeover, disrupt the established norms of international investment and trade [2][3]. Group 2: Political and Economic Ramifications - The incident reflects the increasing politicization and securitization of international trade relations, with Western nations using security as a pretext for regulatory actions [3][5]. - The actions taken by the Dutch government are seen as influenced by U.S. export control policies, which aim to restrict Chinese companies' access to critical technologies [3][5]. Group 3: Legal and Contractual Integrity - The behavior of the Dutch government is viewed as a blatant challenge to international legal order, undermining the principles of contract and law that are supposed to govern global trade [6]. - The incident raises concerns about the reliability of the Netherlands as a business environment, questioning the commitment to contractual integrity and the rule of law [2][6]. Group 4: Strategic Implications for Europe - The event underscores the need for Europe to avoid falling into the "security trap" set by the U.S. and to adhere to the principles of law and multilateralism to protect its own interests [4][5]. - The EU's so-called "strategic autonomy" is called into question, as its policies towards China appear heavily influenced by U.S. pressures, undermining its independent decision-making [5].

Core Viewpoint - The automotive industry is facing renewed supply chain challenges, particularly concerning the semiconductor company Nexperia, which has become a focal point in recent quarterly reports due to its significant market share and the ongoing control disputes affecting its operations [2][3]. Group 1: Nexperia's Market Position - Nexperia, previously part of NXP Semiconductors, has a dominant position in the automotive basic chip market, holding approximately 20% of the global market share in small-signal discrete semiconductors [3]. - The company is actively expanding into emerging SiC power devices and providing specific products like analog interface chips, which amplifies the risk of supply chain disruptions [3]. Group 2: Recent Regulatory Developments - On September 29, the U.S. Department of Commerce proposed a "50% ownership penetration rule" to expand the scope of its entity list [4]. - The Dutch government imposed restrictions on Nexperia's asset and business adjustments, leading to a suspension of the parent company, Wingtech Technology's control over Nexperia [4]. - On October 4, the Chinese Ministry of Commerce issued export control notifications prohibiting Nexperia China and its distributors from exporting specific components manufactured in China [4]. Group 3: Impact on Automotive Production - By the end of October, Honda's factory in Mexico halted operations due to chip shortages, while Nissan announced production cuts at its domestic plants starting November 10 [4]. - Volkswagen and Bosch reported partial production stoppages, with Volkswagen assessing alternative procurement solutions to mitigate supply chain impacts [4]. - The delivery cycle for automotive-grade products has extended to over 12 weeks, with companies actively seeking alternative products [5]. Group 4: Supply Chain Management Improvements - The automotive industry has learned from past supply chain disruptions, enhancing inventory levels and supplier management practices [12][18]. - Companies are establishing secondary safety stock for critical chips and improving direct communication with semiconductor suppliers [17]. - Despite improvements, challenges remain due to the complexity of semiconductor manufacturing and the unpredictability of supply chain issues [18].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 140.50 RMB [6][4]. Core Views - The company has shown strong revenue growth, achieving 388 million RMB in the first three quarters of 2025, a year-on-year increase of 45.70%. The net profit attributable to the parent company was -128 million RMB, indicating a reduction in losses compared to the previous year [1][4]. - The demand in the downstream market is recovering well, and the company’s products, including 2.5G PHY and automotive-grade chips, are ramping up production, contributing to revenue growth [1][2]. - The company is expected to achieve over 40% revenue growth in 2025, driven by the expansion of its product offerings and market penetration in automotive applications [3][4]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 166 million RMB, a year-on-year increase of 48.87% and a quarter-on-quarter increase of 17.78%. The gross margin was stable at 42.69% [2][1]. - The company’s expense ratio decreased significantly, leading to a further reduction in losses [2]. Product Development - The company is expanding its product lineup, with multiple new products in the automotive sector achieving mass production. This includes the automotive Ethernet TSN switch chip and various PHY chips [3][4]. - The 2.5G PHY chip is expected to see record revenue in 2025, with the company also developing higher-end applications like the 10G PHY chip [3][4]. Market Outlook - The automotive-grade market is experiencing a mild recovery, and the company is well-positioned to benefit from this trend through its innovative product offerings [3]. - The company’s strategy includes actively expanding into the automotive gateway and high-speed video transmission chip markets, which are expected to contribute to revenue in the medium to long term [3].

Core Viewpoint - The company acknowledges the rapid growth of the overseas market for mapping services and emphasizes its support for Chinese automotive enterprises expanding internationally [1] Group 1: Company Response - The company responded to an investor inquiry regarding the overseas market demand for mapping services, highlighting the increasing need for such services [1] - The company is actively supporting Chinese automotive enterprises in various sectors, including intelligent driving, smart cockpit, global data compliance, and automotive-grade chips [1] - The company is positioned to benefit from the trend of Chinese automotive companies expanding into international markets [1]

Key Insights - The report highlights a mixed performance in the macroeconomic environment, with manufacturing PMI at 49.0%, indicating a contraction, while non-manufacturing PMI slightly improved to 50.1% [5][6] - The semiconductor industry shows promising growth, particularly for companies like Jinghe Integrated, which reported a 20% year-on-year revenue increase in Q3 2025, driven by new product developments [9][10] - The defense and aerospace sector, represented by companies like Guangwei Composite, experienced a revenue increase of 4.4% year-on-year, although net profit decreased by 32.55% [18][19] Macroeconomic Overview - October's PMI data reflects a significant impact from holiday scheduling and international trade uncertainties, leading to weaker manufacturing supply and demand [5][6] - The manufacturing production index fell to 49.7%, down 2.2 percentage points from the previous month, while new orders also declined [5][6] - Non-manufacturing sectors showed slight improvement, with construction activity indicating a positive trend [5][6] Semiconductor Industry - Jinghe Integrated's Q3 2025 results show a revenue of 8.13 billion yuan, a 20% increase year-on-year, with a gross margin of 25.9% [10] - The company is actively developing OLED DDIC, CIS, automotive-grade chips, and PMICs, with a focus on process upgrades [9][10] - The transition to 4F2+CBA architecture in DRAM is expected to create outsourcing opportunities for peripheral circuits [12] Defense and Aerospace Sector - Guangwei Composite reported total revenue of 1.986 billion yuan for the first three quarters of 2025, a 4.4% increase, but net profit fell by 32.55% [18][19] - The company’s third-quarter revenue was 785 million yuan, reflecting a 5.24% year-on-year increase and a 23.58% quarter-on-quarter increase [18][19] - The energy new materials segment showed rapid growth, with a 58.95% increase in revenue, while the fiber expansion segment saw a decline [19][20]