提前进入国庆长假模式...... 为何曾经手握技术霸权的美国，会对中国成熟芯片如此紧张？中国又是如何避开 "卡脖子" 陷阱，走出 一条独特的破局之路？而在这场博弈背后，"产业链安全" 的定义权，又在悄然发生怎样的变化？ 带着这些疑问，我们不妨在茶香萦绕中，一步步拆解这 66% 依赖率背后的真相，看看中国芯片的突 围，究竟藏着怎样的战略智慧。 | 66% 的依赖率，戳破了美国哪些焦虑的真相？ 玉渊谭天披露的美国政府研究数据剖开了美国 "技术霸权" 的外壳，露出了内里三层实实在在的焦虑： 先说产业 话语权的旁落 。美国一直想把芯片分成 "高大上的先进制程" 和 "不起眼的成熟制程"，觉得 后者没技术含量。但中国用 28nm 及以上芯片的规模优势，狠狠打破了这种划分：特斯拉的自动驾驶模 块里有中国芯片，F-35 战斗机的传感器靠中国芯片运转，连家里的洗衣机、电网的核心设备，都离不 开中国制造。更关键的是，这不是中国 "低价抢市场"，而是全球产业链用脚投票的结果 —— 中国产成 熟芯片价格比美国本土低 30%~50%，良率却达到 98% 的顶尖水平，性价比和稳定性没人能比。 泡一壶清茶，习惯性的打开手机，刷看公众号文 ...

文 | 邬少娟 唐学菲 九天之际，安放安属？隅隈多有，谁知其数？ ——屈原《天问》 "是无中生有吗？" 在本地人看来，外界对于蚌埠"商业航天"产业凭空而起的形容，多半是一种"误读"。 "为什么马斯克的SpaceX，能用不锈钢造火箭，还想尽办法去进行回收？控制成本是商业化的基础核 心，在这一点上我们与蚌埠有高度共识。"落户蚌埠商业航天科技产业园的深蓝航天工程师们觉得这座 城市和商业航天——"很对味"。 截至目前，蚌埠商业航天产业链相关企业数量已达30余家，其中规模以上企业3家，高新技术企业2家， 2025年计划新增规模以上企业不少于3家。据公开数据显示，2024年，蚌埠商业航天产业产值实现1.23 亿元；2025年1-6月，产值同比增长高达119.6%，预计今年全年该产业产值将超过4.3亿元。 图 片来源：蚌埠市委宣传部 从京津冀到西部地区，从长三角到大湾区，在国策的引导下，全国主要城市带都在聚焦发展商业航天， 产业集群正在加速形成。安徽蚌埠，这座淮畔的"珠城"，只是众多积极参与商业航天的竞逐者之一。 无论是规划者、建设者、见证者，在界面安徽的产业观察中，对于蚌埠这座城市的工业底蕴与商业航天 的关系，几乎每个人 ...

Core Viewpoint - The semiconductor industry is experiencing a divergence in performance between major players, with SMIC showing significant growth while Hua Hong Semiconductor faces challenges due to increased competition and operational pressures [3][4][9]. Group 1: Financial Performance - SMIC reported a revenue of 16.301 billion yuan, a year-on-year increase of 29.44%, and a net profit of 1.356 billion yuan, reflecting a substantial growth driven by the demand for 12-inch wafers and the release of capacity in mature processes [3]. - Hua Hong Semiconductor's revenue grew by 18.66% to 3.913 billion yuan, but its net profit plummeted by 89.73% to 22.76 million yuan, indicating severe pressure in the mature process segment [4]. Group 2: Market Reactions - The market reacted negatively to the financial disclosures and shareholder reduction, with SMIC and Hua Hong's stock prices dropping by 7% and over 11% respectively [2][8]. - The reduction of holdings by major shareholders, including the National Integrated Circuit Industry Investment Fund, has raised concerns about the future prospects of these companies [5][7]. Group 3: Strategic Insights - SMIC's focus on advanced process breakthroughs, particularly in 14nm and below, is crucial for its future growth, with a planned capital expenditure of $7.5 billion (approximately 54.4 billion yuan) for 2025, 70% of which will be allocated to advanced process R&D [3][9]. - Hua Hong Semiconductor faces the challenge of maintaining its competitive edge in specialty processes while needing to extend into more advanced processes like 40nm to capitalize on opportunities in automotive electronics [4][9]. Group 4: Industry Context - The semiconductor sector is currently in a cyclical fluctuation phase, with uncertainties in market demand and intensified international competition impacting company performance [8]. - The contrasting situations of SMIC and Hua Hong Semiconductor highlight deeper contradictions within China's semiconductor industry, particularly regarding reliance on imported equipment for advanced processes [9].

Core Insights - The report from Tsinghua University reveals that while China holds the second-largest market capitalization globally at $15.8 trillion, it faces significant structural challenges in industrial strength compared to the U.S. [2] - The disparity between the scale and quality of Chinese companies is highlighted, with Chinese firms excelling in revenue but lagging in profitability and leadership in key sectors [5][9]. Group 1: Market Overview - China has 6,837 listed companies with a total market capitalization of $15.8 trillion, while the U.S. has 4,453 companies valued at $44.67 trillion [3]. - In terms of revenue, Chinese companies generated $1.33 trillion, compared to $2.14 trillion from U.S. firms, indicating a revenue-to-market cap ratio of 23.1% for China versus 48.0% for the U.S. [3][10]. Group 2: Sector Performance - In the materials sector, Chinese companies generated 14,305 million USD in revenue, surpassing U.S. firms by 114%, but the number of leading companies is only 39% of the U.S. total [2][6]. - The information technology sector shows a stark contrast, with 1,179 Chinese firms earning a total profit of $53.1 billion, significantly lower than the $240.5 billion profit from 508 U.S. firms [2][4]. Group 3: Competitive Landscape - China leads in 16 out of 23 industrial sectors, including renewable energy, but the average market capitalization of Chinese leading firms is only 54% of their U.S. counterparts [5][11]. - The healthcare sector is particularly concerning, with U.S. companies holding 54% of global market capitalization and 64% of revenue, while China has only two non-leading firms in nine sub-sectors [5][12]. Group 4: Innovation and Structural Challenges - The report emphasizes the need for China to redefine its industrial competition, as current investments in foundational research remain low at 6% [11]. - The existing classification system for industries hampers the valuation of emerging sectors in China, leading to a significant undervaluation compared to U.S. firms [9][10]. Group 5: Future Outlook - The report predicts that achieving a 70% localization rate in strategic sectors like semiconductors and biomedicine could enhance China's industrial strength coefficient by 75% by 2035 [13]. - The ongoing industrial revolution in China is seen as crucial for reshaping global industrial dynamics, with potential breakthroughs in various sectors [12][13].