The "national team" made a shot!
Heavenly eye search APP showsFishtablegamblingRecently, the third phase of the national integrated circuit industry investment fund co., ltd. was established, with the legal representative Zhang Xin, with a registered capital of 344 billion yuan, and its business scope is private equity fund management, venture capital fund management services, private equity funds engaged in equity investment, investment management, asset management and other activities, enterprise management consulting
344 billion yuan, which is much higher than the previous market expectations. In March this year, Bloomberg reported that the third phase of the National Great Fund raised 200 billion yuan, which is expected to be launched soon. According to today's figures, the higher-than-expected percentage is 70%.
So where will the money go? Huaxin Securities believes that in addition to continuing the support for semiconductor equipment and materials, Huaxin Securities is more likely to list HBM and other high value-added DRAM chips as key investment objects. AVIC Securities had previously expected that the key restrictions in the United States may be the focus of investment in the third phase of large funds, such as artificial intelligence chips, advanced semiconductor equipment (especially lithography machines, etc.), semiconductor materials (photoresist, etc.). Judging from today's market, Zhangjiang Hi-Tech rose by the daily limit in the afternoon, with a turnover of more than 900 million yuan. Some lithography stocks have risen sharply, perhaps in response to this.
Exceed expectations
The mysterious veil of the third phase of the big fund has been revealed.
According to APP, recently, the third phase of the National Integrated Circuit Industry Investment Fund Co., Ltd. was established, with legal representative Zhang Xin, registered capital of 344 billion yuan, business scope for private equity fund management, venture capital fund management services, private equity funds engaged in equity investment, investment management, asset management and other activities, enterprise management consulting.
According to shareholder information, the company is jointly owned by 19 shareholders, including the Ministry of Finance, Guokai Financial Co., Ltd., Shanghai Guosheng (Group) Co., Ltd., Industrial and Commercial Bank of China Co., Ltd., China Construction Bank Co., Ltd., Agricultural Bank of China Co., Ltd., Bank of China Co., Ltd.
The amount of money sold this time far exceeded market expectations. In March, Bloomberg quoted people familiar with the matter as saying that as the United States prepares to significantly upgrade technological restrictions aimed at curbing the progress of chips and artificial intelligence in China, China's National Integrated Circuit Industry Investment Fund is raising funds from local governments and state-owned enterprises for its third phase of the fund, which is expected to exceed 200 billion yuan of the second phase of the fund to reach $27 billion.
It was also reported by Reuters last September. The media said at that time that the National Integrated Circuit Industry Investment Fund was raising a new phase of industrial funds to continue to support the development of China's semiconductor industry. According to reports, the third phase of the big fund plans to raise 300 billion yuan, up from 138.7 billion yuan in 2014 and 2041 in 2019.Fishtablegambling0.5 billion yuan has been significantly increased, and financial support has been even greater. Large funds provide financial support for IC enterprises to promote the industry into the fast lane of development. According to CSIA data, the sales CAGR of China's integrated circuit industry during the period from 2015 to 2020 is 19.Fishtablegambling.6%, the industrial structure tends to be more reasonable.
The registered capital of 344 billion yuan has obviously exceeded the expectations of the two major foreign media mentioned above.
Where are you going?
So, after the establishment of the third phase of the big fund, which sectors will benefit and where will they invest? This morning, the photoresist plate suddenly pulled up, the performance is very powerful. Obviously, this reflects the above advantages.
The first and second phases of the large fund are mainly invested in wafer manufacturing, promoting independent production capacity to climb the slope step by step. According to the statistics of Ji WeChat, the first phase of the big fund focuses on IC manufacturing, accounting for 67%, 17% for design, 10% for closed testing, and only 6% for equipment and materials. According to incomplete statistics, according to incomplete statistics, as of September 10, 2023, the second phase of the large fund has invested a total of 119.7 billion yuan, of which about 99.5 billion yuan went to wafer manufacturing, accounting for 83.2%. And increased investment in upstream equipment and materials, accounting for 9.5%.
AVIC Securities believes that at present, the effect of policy support has reflected that the independent production capacity of 8812 inches in 2022 is 3.05 million pieces per month (equivalent to 8 inches), accounting for 12.3%, and is expected to rise to 17.0% by 2025. In addition, capacity growth in the next three years is much higher than in other countries. Autonomous wafer production is expected to grow by 18.8%, 19.6% and 17.4% from 2023 to 2025, compared with the same period last year.
The more extreme the sanctions, the stronger the rebound. In the next stage, the key link may be the key. Under the background of layers of blockade, it will be an inevitable trend for China's IC industry to independently attack the fortified positions, while the United States will focus on restricting links or focusing on investment in the third phase of large funds, such as artificial intelligence chips, advanced semiconductor equipment (especially lithography machines, etc.), semiconductor materials (photoresist, etc.). In addition, despite the rapid growth of fab production capacity, it is still dominated by mature processes, and the future policy is expected to be skewed to advanced process fabs.
Huaxin Securities believes that the first two phases of the National Fund's main investment direction is concentrated in the field of equipment and materials, laying a solid foundation for the initial development of China's chip industry. With the rapid development of digital economy and artificial intelligence, computing chips and memory chips will become the key nodes in the industrial chain. The National Fund has always had a deep grasp of industrial trends and has the determination to promote industrial upgrading and enhance national competitiveness. Therefore, the third phase of the large fund, in addition to the continuation of support for semiconductor equipment and materials, is more likely to HBM and other high value-added DRAM chips as a key investment object.
Responsible editorFishtablegamblingYang Yucheng?
Proofread: Yang Lilin
This article was first posted on the official account of Wechat: brokerage China. The content of the article belongs to the author's personal point of view and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
