Core Viewpoint - The article provides a comprehensive overview of the chip design process, emphasizing its complexity and the various stages involved in transforming electronic systems into physical integrated circuits. It highlights the importance of both front-end and back-end design, as well as the tools and methodologies used in the industry. Group 1: Basic Concepts of Chip Design - Chip design is a crucial pre-step in chip manufacturing, involving multiple stages of collaboration and strict validation [8][11] - The design process can be categorized into digital chip design and analog chip design, with a focus on digital chip design in this article [11] - The design hierarchy includes system level, register transfer level (RTL), gate level, transistor level, layout level, and mask level [11][12] Group 2: Chip Design Process - The chip design process consists of four main stages: specification design, system design, front-end design, and back-end design [25][21] - The current mainstream approach is top-down design, starting from system-level design and moving to RTL design [24] - The output of the design process includes specifications, design plans, netlists, layouts, and masks [21][23] Group 3: Front-End Design - Front-end design focuses on converting functional requirements into realizable circuit logic, ensuring functional correctness without considering physical implementation details [29] - Key steps in front-end design include HDL coding, simulation verification, logic synthesis, static timing analysis, and formal verification [52][60][68] - Tools used in front-end design include HDL simulators, logic synthesis tools, and static timing analysis tools [28] Group 4: Back-End Design - Back-end design is based on the netlist obtained from front-end design, focusing on creating the physical layout [72] - Key steps in back-end design include layout planning, physical layout, clock tree synthesis, routing, and physical verification [72][76][97] - The final output of back-end design is the GDSII file, which is used for manufacturing the chip [108] Group 5: Market and Industry Insights - The global chip design market is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2020 to 2024, with the market size surpassing $480 billion by 2024 [39] - The share of the Chinese market in chip design is rapidly increasing, rising from 19% to 28% [39] - Major players in the EDA industry include Synopsys, Cadence, and Siemens EDA, which collectively hold over 70% market share [38]

美国对华 半导体 技术封锁再度升级，以EDA（电子设计自动化）工具和IP核为核心的断供措施引发产 业链震荡。面对外部技术限制，国产EDA企业股价集体上涨， 华大九天 、 概伦电子 等企业通过并购 整合加速技术布局，本土替代进程进入关键阶段。 技术封锁升级倒逼产业链重构 美国商务部工业与安全局（BIS）对全球EDA三大巨头 新 思科 技 （Synopsys）、楷登电子（Cadence） 和西门子EDA（SiemensEDA）下达出口限制函，要求暂停对华供应先进EDA工具。EDA作为芯片设计 的底层工具，其断供直接影响芯片设计、制造、封测全流程，尤其对数字芯片设计、先进制程研发等环 节冲击显著。Omdia数据显示，全球约90%的EDA库文件资源由上述三家企业掌控，中国芯片设计企业 在调用成熟IP库时面临掣肘。 国产EDA企业迎来短期市场机遇。据时代财经报道，多家国产EDA企业客户咨询量和订单量激增。例 如，华大九天明确表示其工具链为自主研发，不受外部限制影响，公司2024年营收达12.2亿元，同比增 长20.98%，市场份额稳居本土企业首位。概伦电子则在投资者互动中强调，其产品性能已部分超越国 际竞品，用户切换使 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry, particularly focusing on domestic EDA companies [2]. Core Insights - The U.S. sanctions are implementing a comprehensive and precise strike through the ECCN classification system, affecting chip design, manufacturing, and verification, creating a multi-dimensional technology blockade network [8][9]. - The sanctions have led to significant challenges for China's semiconductor industry, including a 24-month delay and an increase of 520 million yuan in R&D costs due to the discontinuation of critical IP [10][11]. - Domestic EDA companies are expected to gain market share due to policy support and market demand, as they have achieved full-process coverage in areas like simulation and panel design [29]. Industry Tracking - The overall electronic industry showed mixed performance during the week of May 26-30, 2025, with the semiconductor sector declining by 1% and the components sector increasing by 2.21% [16][21]. - The optical and electronic sectors led the decline, with a drop of 1.27%, while the components sector was supported by a 2.69% increase in printed circuit boards [21][27]. Industry News - The U.S. plans to restrict EDA software exports, causing a collective surge in domestic EDA company stock prices [29]. - The largest silicon carbide wafer factory in Wuhan has commenced production, with an annual capacity of 360,000 pieces, aimed at meeting the demand for electric vehicle chips [55]. - Japan is planning to subsidize domestic companies for purchasing U.S. semiconductor products, which is part of broader trade negotiations [52].

Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry, particularly focusing on domestic EDA companies due to recent developments in U.S. export restrictions [2]. Core Insights - The U.S. has implemented a comprehensive technology blockade against China's semiconductor industry, affecting chip design, manufacturing, and verification processes. This blockade is executed through the ECCN classification system, targeting EDA tools and advanced IP cores [8][9]. - The blockade's impact is expected to create significant challenges for China's semiconductor sector, necessitating a complete ecological reconstruction within five years under extreme technological pressure [9][10]. - Domestic EDA companies are anticipated to benefit from the current geopolitical climate, with market shares expected to rise as they fill gaps left by foreign companies [29]. Industry Tracking - The electronic industry showed mixed performance during the week of May 26 to May 30, 2025, with the overall index down by 0.59%. The component sector saw a rise of 2.21%, while the optical and semiconductor sectors experienced declines [16][21]. - The top five gainers in the electronic sector included Yuanwanggu, Shangluo Electronics, and Tianjin Printron, while the biggest losers were Tailong Co., Fuliwang, and Maolai Optics [16][18]. Industry News - The U.S. plans to restrict EDA software exports, leading to a surge in domestic EDA company stock prices. This news has prompted a collective rise in A-share EDA concept stocks [29]. - A significant carbon-silicon wafer factory has commenced operations in Wuhan, with an annual capacity of 360,000 pieces, aimed at supporting the electric vehicle market [55]. - The largest semiconductor display production line in China has begun mass production, marking a significant advancement in high-end display technology [48].