Securities Times·e reporter learned from the “Micro-Semiconductor Summit” hosted by Jiwei.com, Xiamen Semiconductor Investment Group and Mobile China Alliance. Since September 2014, it has been integrated by the National Integrated Circuit Industry Investment Fund. The circuit industry has attracted a wave of long-lost investment booms.

At present, all over the country including Beijing, Shanghai, Shenzhen, Nanjing, Hefei, Xiamen, Wuxi, Shijiazhuang, Kunshan, as well as Fujian, Hubei, Anhui, Shaanxi, Guangdong, Sichuan, Liaoning, etc. have established billions of scale investment in integrated circuit industry. The fund has formed a total fund size of 138.72 billion yuan, and the scale of enterprises and local industrial funds has exceeded 500 billion yuan.

In the view of Wang Yanhui, founder of Jiwei.com, if the past five years are the five years of growth of China's mobile phone concept stocks, he believes that IC (integrated circuit) concept stocks will usher in a huge outbreak cycle in the next five to ten years. The conference attracted more than 100 domestic and foreign semiconductor company CEOs, 50 government leaders, academicians, scholars, 50 semiconductor mainstream investment institutions and 150 brokerage analysts.

The domestic semiconductor industry asset securitization rate is rapidly increasing. In the past year, including Huiding Technology (92.610, -1.13, -1.21%) (603160), Zhaoyi Innovation (115.990, -8.42, -6.77%) (603986) , Fu Weiwei (199.500, -1.60, -0.80%) (300613), Shengbang shares (63.880, -2.08, -3.15%) (300661), Guokewei (44.840, -3.74, -7.70%) (300672 ), a number of integrated circuit companies including Weir shares (20.150, 0.00, 0.00%) (603501) and other intensive access to the A-share market.

According to the statistics of the micro-grid, there are more than 20 IC design companies listed in the market, and 70 A-share listed companies in the semiconductor and component industries, with a total market value of nearly 400 billion yuan. Since the beginning of 2016, the semiconductor industry has achieved financing of RMB 22 billion through the A-share capital market, Changjiang Electronics Technology (16.970, -0.09, -0.53%) (600584) and Tongfu Microelectronics (10.180, -0.28, -2.68%) ( 002156), Ninestar (26.710, -0.19, -0.71%) (002180) and other companies leveraged the strength of the A-share market to achieve a snake-like overseas merger.

It is worth noting that the large fund (National Integrated Circuit Industry Investment Fund) that invests in the entire industry chain of integrated circuits has played an important role in this round of investment boom. On September 24, 2014, the large fund was jointly established by Guokai Finance, China Tobacco, Yizhuang Guotou, China Mobile, Shanghai Guosheng, China Electronics, Ziguang Communication and Huaxin Investment with a registered capital of 98.72 billion yuan. The big funds have successively cooperated with Zhongwei Semiconductor, SMIC, Ziguang Group, Sanan Optoelectronics (21.490, -0.01, -0.05%), Big Dipper (26.770, 0.27, 1.02%) and Silan Micro (6.920, -0.12, -1.70%) and other companies signed an investment agreement.

Then, will the current investment boom of the integrated circuit industry cause excess capacity in the industry in the future, repeating the mistakes of the photovoltaic industry?

Concerned about this, Dr. Zhang Yujing, the founder of SMIC, who is known as the "father of Chinese semiconductors", analyzed the situation from two aspects. He believes that from an optimistic point of view, the existing domestic production capacity can only meet about 15%-30% of the market demand, and the fab production increase is far from saturation. If there is a surplus trend in the future, it can be resolved through mergers and acquisitions, integration, and active exploration of the international market. From a cautious point of view, there are also concerns that the results of flowering everywhere will evolve into sorrows, because the semiconductor industry is a high-input, high-risk, slow-return industry.

"Solar energy (6.100, -0.06, -0.97%) is not much technical difference, we can make the most high-end, we can also make the highest end of the LED, but we can't do it at the high end of the semiconductor, this is a gap. Therefore, local governments need to be calm and rational to promote the semiconductor industry. I don't agree that you have to have it, and you should think calmly and rationally," he suggested.

In response to the raging industry boom, Chen Datong, chairman of the Huachuang Investment Investment Committee, also called on the industry to remain calm.

He said that there have been no semiconductor companies listed in China for many years. Last year, many outstanding companies in the industry began to intensively land in the capital market. In this context, there are two issues to be aware of:

First, will there be a mixed situation in the future when the threshold is lowered?

The second is that after the listing financing has money, there should be more extraordinary development. What should the company do at this time?

Chen Datong believes that the market problem must first be solved by the market. In the semiconductor field, companies that rely entirely on the government and take government money have almost no success. The power of the government is very special. Many things can't be done without the government's guidance. But the government only plays a guiding role. In the final analysis, it depends on the market.

Secondly, in order to develop supernormally, domestic leading enterprises must cooperate with industrial capital in depth, and build an efficient cooperation platform to promote synergy among industry capitals, resource integration and information sharing, rationally arrange regional layout, and avoid vicious competition. Thereby enhancing the overall advantages of China's semiconductor industry.

In the industry's view, China has become one of the most dynamic regions in the integrated circuit industry in the world, and has gradually formed the Beijing, Tianjin, Bohai Sea region, the Yangtze River Delta region, the Pearl River Delta region, and the emerging Midwest and the Delta region. Industrial area.

Then the Chinese semiconductor industry that stands on the air is flying? Wang Huilian, general manager of Xiamen Semiconductor Investment Group, believes that China's IC industry, which seems to be noisy and not bad, is actually "very poor money."

"But the difference is not the money invested, but the expansion of our R&D and scale, especially the expansion of the scale of the enterprise. It is very scarce to make money by its own ability. At the same time, in the case of limited scientific and technological resources, the tradition Means (funds, scientific research projects) support the chip industry, the form of resource allocation is not consistent with the pace of development, and the ability to co-ordinate resources is weak," he said.

Wang Huilian believes that each region should combine regional resources, adhere to the path of differentiation, and seek breakthrough opportunities in the segmentation field. For example, Xiamen, as the core of the Weinan triangle area, currently covers the industrial chain links such as chip design, manufacturing, packaging, testing, equipment and materials around Lianxin, Ziguang, Sanan and Tongfu Microelectronics.

At the semiconductor industry roundtable forum held during the summit, the guests thought that at present, China's IC enterprises are generally characterized by a large number, small scale and fragility. It is expected that the theme of the next few years will be integration, and the future of China's IC concept stocks will be ten. Five years are promising. However, the development of IC companies is not to be large and large, but to provide better products, services and greater value. The needs of semiconductor companies and capital levers should be organically combined.

In response to the problems in M&A integration, Zhang Yujing said that in order to quickly acquire capacity, technology, market, talents, patent protection, etc., acquisition is a good method, but to avoid "one swarm" behavior, so as not to increase the price. If the target is too large, it can be reduced to zero, and each method of breaking, while paying attention to the integration of different cultures after the merger.

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