'By supporting the development of strategic industries through the establishment of industrial funds, we can both realize the will of our country and meet the requirements of strategic industries for long-term investments, and make use of the fund mechanism to effectively avoid the drawbacks brought by traditional support methods such as direct state grants or direct investment by the state.' Wang Zhanfu said that the ICIC actively explored the combination of national strategies and market mechanisms in diversified fundraising, corporate governance, management structure, investment decision-making mechanism, strategic positioning of investments and balanced returns. The integrated circuits The whole industry chain competitiveness, and has accumulated a lot of experience and good practices.
Rapid formation of investment capacity
Promoted the synergy between upstream and downstream
Wang Zhanfu said that over the past three years, under the guidance of the leading group and offices of the national IC industry and the relevant ministries and commissions, the large fund management and operation team strictly implemented the requirements of the "Outline of the National Integrated Circuit Industry Development Promotion Program" and intensified the efforts in the design, manufacture, Packaging and testing, equipment and materials and other aspects of the investment layout, support for key enterprises to break through key technologies, promote synergy and sustainable development of the production chain.
In accordance with the principle of separation of ownership and management, the large-scale fund has designed a two-tier management structure and set up the National Integrated Circuit Industry Investment Fund Co., Ltd. (hereinafter referred to as' Fund Company ') and Huaxin Investment Management Co., Ltd. (hereinafter referred to as' Management company '), the fund company entrusts the management company to act as sole manager to undertake the fund investment business.The two companies quickly establish a sound corporate governance structure and management structure, set up management team, and actively carry out investment decisions and project implementation .As of 2017 On November 30, a total of 62 large-scale fund effective decision-making projects involving 46 companies, the cumulative effective commitments of 106.3 billion yuan, the actual contribution of 79.4 billion yuan, accounting for the first phase of the total size of 77% and 57% of the actual contribution of large funds Part of the direct drive of social financing more than 3500 billion yuan, to achieve nearly 1: 5 amplification effect. Fund has promoted the establishment and shares of the Beijing Manufacturing and Equipment Sub-Fund, Shanghai IC Manufacturing Sub-Fund, Shanghai Design and M & A Sub-Fund Many local sub-funds, driven by this, Hubei, Sichuan, Shaanxi, Shenzhen, Anhui, Jiangsu, Fujian, Liaoning and other places Funds have been proposed or have been set up sub-funds, with a total total size of more than 300 billion yuan.ICC industry investment and financing bottlenecks have been initially alleviated, confidence in industrial development has been greatly boosted.
At present, the large-scale fund covers all aspects of manufacturing, design, packaging and testing, equipment materials, and other sectors of the industrial chain with the committed investment of 63%, 20%, 10% and 7% of the total investment respectively. Give full play to the role of capital link, as the industry chain has been cast all the major shareholders of the company to promote the strategic cooperation between upstream and downstream business. Large Fund actively guide Ziguang Zhaoyuan, Zhongxing Microelectronics and other design companies to strengthen cooperation with SMIC and other chip manufacturers, SMIC's share of domestic customer revenue increased from less than 20% in 2009 to about 50% at present; vigorously promote the application of the products of such equipment enterprises as CSIC, North China CRE, Shanghai Silicon Industry Group and other equipment enterprises in the domestic production line, In the semiconductor SMC plasma etching machine in SMIC 40 nm and 28 nm production line share of 50% and 30%, respectively, in Shanghai Huali production line up to 35%, Shanghai silicon industry 12-inch wafer test piece has been to SMIC, Huali and the Yangtze River to send samples.
Technical and industrial indicators improve rapidly
Leading enterprises bigger and stronger
In accordance with the overall positioning of achieving the national strategic goal in a market-oriented manner and based on its own characteristics in a long-term large-scale investment platform of a single industry, the ICF continuously explores investment strategies and investment paths, and innovates the investment and financing system Mechanism to crack the bottleneck of industrial financing.From the actual results, the fund investment significantly enhance the overall strength of the leading domestic enterprises to promote enterprises to increase investment in equipment, research and development, mergers and acquisitions to help companies improve corporate governance and standardize internal management, in the Significant progress has been made on key technologies and core products, further narrowing the gap with international advanced enterprises and greatly boosting the confidence of the industry in investment.
After three years of exploration and practice, the fund has made remarkable investments and Wang Zhanfu has listed a series of gratifying figures.
- Major leading enterprises in the design industry have been laid out, Zigui Zharui, etc. have launched 5G core chip research and development, advanced design level of 16/14 nm.
- Manufacturing advanced technologies, memory, specialty processes, compound semiconductors and other major areas have been laid out. The good rate of SMIC's 28nm polysilicon gate process products has reached 80%. The Yangtze River Storage 32-layer 3D NAND flash memory chips will provide samples by the end of 2017 , 64-layer process began to develop.
- Leading enterprises in IC packaging and testing industry have all laid out their layout in support of Changjiang Electronics Technology Co., Ltd., acquiring MFGC's international mergers and acquisitions, acquiring advanced international packaging technology and production capacity, and Changjiang Electronics Technology Co., Ltd. becoming the third largest IC packaging and testing industry in the world, 14-nanometer bump package has been mass production.
- Equipment materials industry in the etching machine, 12-inch wafers and other key areas have been the layout.
Large funds in the industrial chain links the first three companies accounted for more than 70% of investment, effectively promoted the core competitiveness of leading enterprises.Wang Zhanfu example, the large fund has focused on investment in the Yangtze River Storage, SMIC, Huali, San'an Optoelectronics, Ziguang Zengrui, Changjiang Electronics Technology and other leading enterprises, each in the 5 billion yuan to tens of billions of dollars or so. SMIC has 22 consecutive quarterly earnings, revenue, gross profit, profits are record highs; long Electrical Technology, Ziguang Zhan Rui were ranked third in the world IC packaging and design industry, the design industry 10. At the same time, actively promote the integration of industrial resources to create large-scale integration of leading integrated circuit manufacturers to promote the country's largest integrated circuit manufacturing SMIC and the largest After the reorganization plan was approved by the CSRC in March this year, the Company completed the reorganization and integration quickly and proactively promoted the integration of Qixing Electronics and North Microelectronics, the integration of Semiconductor Manufacturing Co., Ltd. and Tuo Jing, and the establishment of two North and South Equipment Enterprise Groups (Smichen Semiconductor and North China) to promote the serialization and complete set development of domestic equipment.
Wang Zhaofu emphasized that large funds should take advantage of their professional investment and pay attention to the overall distribution of the overall profit by focusing on the strategic projects and marketization projects, the high yield / risk projects and the medium and low yield / risk projects, short-term projects and long-term projects. , The fund has been invested enterprises operating income, profit was significantly higher than the industry average.After assessment by third-party professional assets assessment agencies, as of the end of 2016, the fund annualized internal rate of return of 4.69%, the holding of listed companies to achieve a larger float Surplus, value-added more than 50%.
Closely follow the theme of industrial development to further attract social capital to follow up
For the sustainable development of large funds, Wang Zhanfu admitted that there are still many problems facing the first .First, the overall fund size and industrial development demand is relatively small, leveraging and synergy can hardly meet the needs of industrial development.According to preliminary estimates, the future The total capital requirement for the entire industry in five years is about 1.15 trillion yuan to 1.4 trillion yuan and the demand for funds is about 170 billion to 210 billion yuan, which is far from the current fund scale. Meanwhile, the fund needs further investment in specific projects To attract social capital to follow up and broaden the channels for investment in industry.Secondly, the synergy between the fund and various policies needs to be enhanced.A large fund is only one measure to restrict the bottleneck of investment and financing in industrial development, and can not solve all the problems of industrial development. Policies such as fiscal and taxation, finance, personnel training, intellectual property and research and development support will be further strengthened to establish an efficient synergetic mechanism. Moreover, it is more difficult to balance returns in the short term. As funds gradually invest in storage, advanced logic processes and a series of investments Huge, long cycle of major strategic projects, these projects are completed within a period of time, the fund surplus Facing some pressure. In addition, international cooperation in environmental challenge, the next stage of development of the industry in particular, to further increase the resistance to international cooperation.
On the next working train of thought, Wang Zhanfu told reporters that the major fund will continue to focus on the "national IC industry development to promote the outline of" the core tasks and goals, closely linked to the theme of industrial development, and actively respond to changes in the situation, with the characteristics of the investment stage, and steadily promote the investment business Continue to support the development of leading enterprises in the industry, and continue to support memory, advanced logic technology, special processes, and compound semiconductor manufacturing to achieve high coverage in key fields of design and superior enterprises, and complete the processing of CPU, FPGA, etc. High-end chips and EDA tools investment layout continue to walk through independent innovation and overseas mergers and acquisitions to increase investment in equipment, materials projects to accelerate the development of downstream applications and investment projects corresponding park-like standards to achieve investment downstream and the surrounding area. Sub-fund investment strategy, co-ordination of the sub-fund investment layout, and fund investment to strengthen synergy.Second, enhance the level of investment management, improve the investment management system, give full play to the Fund as an important shareholder influence, strive to strengthen proactive management, and promote key enterprises to further improve Corporate governance will develop on its own Integrate into the national strategy and actively carry out high-level services such as investment and financing, industrial chain coordination and policy coordination and support the enterprises under investment to become bigger and stronger. Third, in combination with the progress of initial fund investment, especially the continuous investment requirements of large-scale production line projects, The first phase of the fund and follow-up industry development funding needs of convergence.
Support the development of strategic industries Set a new benchmark for industrial investment funds
A series of progress made by large funds not only enhance the competitiveness of China's IC industry chain, but also provide a good reference for the operation of China's industry investment funds .Especially, the funds play an exemplary and leading role in improving the whole industry of integrated circuits Chain investment layout, optimize the investment structure and take into account the benefits, comprehensively strengthen the investment management have accumulated a lot of experience.
IC industry is a high-input, high-risk industry, with a strong investment intensity, long payback period, competitive international features, requires sustained investment in order to achieve the survival and development.Zhang Zhanfu confidently said that large-scale funds to promote China's IC industry continued rapid Growth in 2016. China's IC industry achieved sales of 433.55 billion yuan in 2016, an increase of 20.1% over the same period of last year, much higher than the average global growth rate. The major funds actively explored the use of capital as a link to fight
Upstream and downstream industries, successfully played the role of industry organizers, effectively promoted the industrial coordination and industrial governance, helping domestic industry chain cooperation deepening.Currently, the proportion of all aspects of the IC industry chain to further optimize and coordinate the design and manufacturing industry The proportion of high-speed growth year by year.Especially worth noting is that all aspects of the industry have achieved varying degrees of technological upgrading.It is widely used in the field of intelligent terminals, network communications chip design 28-nanometer process, part of the 16/14 nm process ; Logical manufacturing technology 28nm process has achieved mass production, 16/14 nm process is tackling the problem, narrowing the gap with the world's advanced technology; advanced packaging and testing capacity continues to increase, accounting for 30%; medium etching machine, film Equipment, packaging lithography machines, targets and a number of key equipment, the core material to achieve mass production, some of the high-end products into the engineering verification.
Finally, Wang Zhanfu said with deep feeling: Only in accordance with the principles of market-oriented operation, specialized management and scientific decision-making, and adhering to the organic combination of national strategy and market mechanism can we promote investment and management in an orderly manner and enhance the competitiveness of the entire industrial chain of integrated circuits , Truly bigger and stronger China's integrated circuit industry.