Set micro-grid launch micro-channel IC WeChat public number: 'Daily IC', real-time release of major news, every day IC, every day set of micro-network, micro-into a success!
1. Violet yesterday holdings of Lenovo and SMIC shares, Lenovo: Welcome!
Set the micro-mesh news, Purple Holdings acquired 159 million shares of Lenovo Holdings (0.41% of Lenovo H share capital) yesterday, the total consideration of about 50.14 million Hong Kong dollars. Purple Holdings since December 19 has been the fourth consecutive day of holdings Lenovo Holdings shares, after three days had holdings of 2.92 million shares, holding 5% over the total cost of about 85.323 million Hong Kong dollars.
Lenovo Holdings said in an interview with SINA that it welcomes market investors who recognize the brand name and value of Legend Holdings as shareholders of the company and that the company's operations are normal and fundamentals are stable and Legend Holdings will continue to play a "two wheel drive" business model The unique advantages of promoting the company's value of sustained growth.
As to be a "H share circulation" pilot company, Legend Holdings said it has taken note of the related rumors, the company rumors about the limited understanding of the media reports without further information as a listed company, Lenovo Holdings to support the regulatory agencies to promote capital market reform The various initiatives.
Holdings Lenovo, Yesterday, Purple Technology announced on the Hong Kong Stock Exchange said December 22 in the open market to further purchase of SMIC about 416 million shares, representing about 0.08% of SMIC issued share capital does not include The average purchase price per share for transaction costs is HK $ 11.87, saying the purchase of SMIC shares is an attractive investment that helps to increase the return on investment
2. Zhao Weiguo: chips unlike the Internet can not be a fresh eat all day;
Ziguang Group's Violet Holdings announced yesterday that it had bought 2.92 million shares of Legend Holdings in the open market recently and held more than 5% of its outstanding shares. The news triggered market concerns. Legend Holdings rose even further this week, gaining 50%.
Lenovo Holdings said in an interview that it welcomes market investors who recognize Lenovo's controlling brands and value to become shareholders of the company and that the company's operations are now normal and fundamentals remain stable. Legend Holdings will continue to play its unique role of 'twin-wheel drive' business model Advantages, promote the company's sustained growth of value.
Zhao Weiguo, chairman of Ziguang Group, said in an interview with "Talent": "Today's China has three depths in the development of chip manufacturing industry: market depth, capital depth and talent depth. The Chinese market is large enough, the money is enough, Levels and levels are rapidly improving.
'The chip industry is not like the internet industry and can not rely on a single one to eat all over the world.' Zhao believes that 'a steady stream of capital investment requires 10 billion U.S. dollars a year.'
Dialogue Zhao Weiguo: Chip unlike the Internet industry, can not rely on a recipe fresh around the world
"Talented": By the end of September, the first storage and power plant of Changjiang Storage will be capped ahead of schedule. The storage of the Yangtze River is a milestone in the mass production of China's memory chip industry. What are your expectations of this project?
Zhao Weiguo: Yangtze River Storage is China's Liaoning Province aircraft carrier in the field of science and technology.From its investment scale, technical level, the significance of the national industrial safety and national information security, this analogy is not an exaggeration.Changjiang Storage through this project, China National Semiconductor The industry really has a certain status in the world.Changjiang Storage, with a total investment of more than 24 billion US dollars, is the largest investment so far the Group One of the Yangtze River Storage R & D and construction, is undoubtedly the most important work of the Group one.
"Talent": In the storage area, the situation is very grim, Samsung, SK hynix, Micron Technology, SanDisk, Intel, Toshiba almost control the global market in your opinion, to rewrite the monopoly pattern giant, but also how long it takes When do we expect Samsung to contend positively with SK hynix?
ZHAO Weiguo: China is completely empty in the field of mainstream memory chips, and before the Yangtze River Storage Project, we did not narrow the gap because the original base was zero, so the distance from the international giants before the storage of the Yangtze River is infinite. So Purple plans a 10-year investment of 100 billion U.S. dollars because the industry has the following characteristics: capital-intensive, talent-intensive, technology-intensive and global competition.
Chip manufacturing is not only high-end manufacturing, but also cutting-edge manufacturing, a decade of 100 billion US dollars in investment, which is an average of 10 billion US dollars each year, Intel, TSMC, Samsung each year in the chip manufacturing capital spending each exceeded 10 billion US dollars. To the average annual investment of 10 billion US dollars in the scale of investment, simply can not enter the chip manufacturing first camp.This industry is not only advanced technology, and must have capacity.
I think for five years we can gain a firm foothold. In another five years there should be considerable achievements, so we should have the mental preparation and strategic endurance of 'bench to sit cold for ten years'.
Historical opportunity
"Talents": The global storage industry has undergone a history of being dominated by the 'United States-Japan-Korea' enterprises and not a country that has remained undefeated for a long time. With the rise of China's economy, have Chinese enterprises ushered in storage Chip strong ranks of opportunity? Reflect the course of industrial development, how do you experience and feelings?
Zhao Weiguo: China's development of chip manufacturing industry is currently a window of great opportunity.China today, the development of chip manufacturing, there are three depth: the market depth, capital depth, talent depth.
China imports about two-thirds of the world's total annual output of chips. This is a huge market. China now has amassed the world's second largest capital after the United States. This is the depth of capital. China has graduated more than 7 million university students and nearly a million Of the total number of graduate students and doctoral students. As a total sum of these two numbers, the total number of mainland personnel recruited in the course of the year is even larger than that of all employed people in Taiwan. In addition, a large number of returned overseas students, overseas personnel working in China, The growth of entrepreneurial crowd, which is the huge depth of talent.Although the level and level of talent and the United States, Japan, South Korea and Taiwan, China still has a gap, but we are growing rapidly.
To reflect on the development of China's chip industry, we must have three clear-cut understandings. First, we must have talent. Second, we must have time. Third, we must spend endless money (just a metaphor, meaning that we need sufficient funds). The so-called talent means that there must be a world-class leader.This is a 'world war' (global competition), There is no world-class talent, there is no way to fight (on the stage).
The chip is not like the Internet industry, can not rely on a recipe to eat all over the world.This is a need to progress every day, continue to accumulate in the industry.So, have enough patience and patience, and have a full understanding of the time.This is a marathon , But not a sprint.But every 100 meters, but also like a hundred meters sprint stubbornly, so I say there should be a 'bench to sit ten years cold' strategic endurance and psychological preparation.
The so-called endless spending of money means that there must be sufficient input and an endless stream of capital investment. Ten years of 100 billion U.S. dollars is a basic figure.
"Talent": What is the difference between the semiconductor industry and high-speed rail, aeroengine and aircraft carrier?
Zhao Weiguo: The integrated circuit industry should adhere to the market orientation of the chip industry, which in China can be described as 'the full promotion of the national strategy, the full support of the local government and the successful operation of the enterprise market.'
Chip is not like high-speed rail, not a national procurement; chip market is fully competitive .If the market is not sufficient, it is certainly not good chip .Enterprise must be a market-oriented enterprises, which is a necessary condition. Only in this way It is possible to succeed in the chip field.
You see the state-owned enterprises to do the Internet, basically unsuccessful. Because the state-owned enterprises is difficult to adapt to the level of the Internet industry to meet the requirements of the Internet.For its market characteristics, the chip market and the Internet market is more like, but more difficult because the chip market no way Winning with a business model, with no spending habits and language advantages and no control by the government, it is only possible for fully market-oriented enterprises to succeed in such a fully marketed market such as chips. Hopefully the Chinese central and local governments will The focus of support is on fully market-based enterprises.
At present, the United States, Japan, South Korea and Taiwan enterprises in China is far ahead, we are latecomers .As a chaser, it is bound to pay a higher price.Aeroengine and aircraft carrier are the national procurement.Chip's mainstream market is not a country Procurement, so the development of the chip industry is more difficult.This requires the Chinese government to invest more resources to build the house to be high, the foundation must be playing deep.
Investment barriers
"Talent": How do you think about the inequality in the field of chips, foreign investment in China and overseas investment by Chinese enterprises? What kind of difficulties did China have in the development of the integrated circuit industry?
Zhao Weiguo: In the field of integrated circuits, overseas companies invest in China and Chinese enterprises invest overseas, which is totally unequal to their treatment. In overseas countries, the United States, Japan, South Korea and Taiwan, China are strictly guarding against mainland enterprises. At home, Due to the enthusiasm of Chinese local governments for attracting investment, overseas companies have almost super-national treatment in China, which has caused some difficulties for Chinese mainland enterprises in the development of the integrated circuit industry. Asymmetric competition in the field of overseas companies in mainland China rely on preferential policies and mainland China enterprises talent, capital and local government resources competition, so that Chinese companies are facing a very cruel local competitive environment.
"Talents": Purple previously planned to acquire Micron Technology, Western Digital, Taiwan Lik Sang, South Mao were terminated, after the Chinese fund acquisition of the United States Lattice Semiconductor, also the U.S. government halted.For now, China Semiconductor International The biggest obstacle to mergers or acquisitions is the issue of international investment barriers? Even political factors?
Zhao Weiguo: The development of integrated circuit industry is the key to the rise of China's science and technology industry and the key to making China a real great power and a powerful nation. The United States, Japan, South Korea and Taiwan Province of China do not want the rise of mainland China at all.
The industry of integrated circuits, not only has a large market, a wide range of applications, but also profits once it leads. Therefore, the blocking of enterprises in mainland China by the United States, Japan, South Korea and Taiwan from both political and economic factors.
The United States, Japan, South Korea and Taiwan of China have adopted the typical 'double standard': when marketization benefits them, they talk to you about marketization; when marketization is detrimental to them, they give you talk about the state Security. He came to mainland China, to tell you about marketization; you went to him, he told you about national security. Is completely two sets of principles. From a business perspective, it is extremely unfair. Business is a basic principle equal.
"Talent": ICs are extremely burn-down industries. Although there are still large amounts of fund backed up by China National Development Bank and China Development Bank?
Zhao Weiguo: Indeed, the funds are not enough. Apart from the support of the National Grand Fund, CDB and the Export-Import Bank of China, Ziguang also raised funds in various ways, including setting up various funds, jointly investing with local governments and cooperating at the capital level Etc. Purple also hopes to set up China National Semiconductor Corporation.
Samsung is a technology capital consortium. The chip business is only part of the business. Samsung's finance and industry for the development of the chip industry has provided huge sums of money. Purple light to learn from Samsung's development experience, a chip and cloud-based business as a comprehensive Science and technology consortia so that it is possible to complete the rejuvenation of China's IC industry's great cause.
Turn to independent research and development
"Talents": Is M & A necessary for Ziguang and should it seek a more modest mode of cooperation in the face of international mergers and acquisitions?
Zhao Weiguo: Purple today's model is independent innovation and international cooperation, although the purple through mergers and acquisitions into the chip industry, but the current focus of work has completely turned to independent research and development.
"Talents": Will the future rhythm of international mergers and acquisitions slow down?
Zhao Weiguo: will slow down, and now mergers and acquisitions is not our focus, which both purple own strategic considerations, but also the international environmental factors.
Interpretation: Why investment in Lenovo Legend Holdings?
Recently, Legend Holdings Ltd (03396.HK), which has been underperforming, has come out of a staggering wave of gains.
Since December 18, Lenovo Holdings shares rose continuously, up 4 days 42.18% .As of December 21 closing, the company shares have risen to 30 Hong Kong dollars, hit a new high for two years.
Why Lenovo stock prices skyrocketing?
First, Legend Holdings has been undervalued for a long time.
All along, Lenovo Holdings endured PB less than 1 times, PE less than 10 times the embarrassing situation in Hong Kong stocks in the context of a bull market, suffered a "unfair" treatment.
Lenovo Holdings shares long-term maintained at 17-21 Hong Kong dollars, the current net assets per share of 25.78 Hong Kong dollars, the stock price has long been below the net asset prices.
Second, Lenovo Holdings long-term market is not understood.
As is known in the industry, Legend Holdings is a large investment holding group that invests in six segments of IT, financial services, modern services, agriculture and food, real estate and chemical and energy materials.
Legend Holdings, the parent company of Legend Group (00992.HK), controls more than 30% of the consolidated financial statements and figures show that Legend Group provides nearly 94% of Lenovo's sales revenue.
However, Lenovo's share of Lenovo's net profit contribution has been weakened since it was launched, with Lenovo contributing 40.9% of net profit contribution in fiscal year 2014 as its main performance pillar. By 2016, this figure has been Down to 27.5%, to mid-year report, its share of net profit even more to less than 1%.
However, the share price of Lenovo Holdings is severely limited by the performance of Lenovo Group, and the general investors' perception of the value of Lenovo Holdings also depends on Lenovo Group, as evidenced by the stock price movements of the two companies in recent years.
Lenovo's development strategy is to keep pace with 'strategic investment' and 'financial investment.' The market has given a 'two-wheel drive, unique' component, but the capital market does not fully understand the intent of this strategy.
Liu Chuanzhi has publicly stated that the market does not understand Lenovo Holdings business, still remain in the IT business Lenovo Group .. He also stressed that Legend Holdings will not reduce Lenovo Group, will actively layout, strengthen strategic investment to balance the development and Reduce the impact Lenovo Group generated.
Such hybrid portfolios have traditionally been confused by the market, and investors have always avoided these businesses.Many investment institutions are "unable to understand" or "do not want to see" their attitude toward Legend Holdings.
However, as the Hong Kong stock market moves into a bull market and the companies invested by Legend Holdings grow and can really bring return on value, many investors will re-establish the analysis system of Legend Holdings.
Previously, Legend Holdings strategic investment Shenzhou Car Rental (00699.HK) was listed on the Hong Kong Stock Exchange in 2014. At present, La Cala is paying for the GEM is still in the stage of declaration.Group strategic investment and financial investment dual-driven business model is gradually Force, the gradual flowering of investment companies, these will be turned into a huge return on investment.
The true value of Lenovo Group is gradually recognized by the market.When the synergies between various business segments truly reflect the performance of the enterprise market value will be gradually restored, Lenovo Holdings is walking in the repair of the valuation of this road.
Why Ziguang Group bought Legend Holdings shares?
From the perspective of value investing, there are two principles for buying stocks: first, they are cheap enough; second, they buy good stocks and buy enough. Good company standards include a good corporate governance structure and steady growth Sex.
Obviously, the current Lenovo control stock price in line with the above two investment standards.
According to the announcement released on the evening of December 21, Ziguang Holdings (00365.HK), the subsidiary of Ziguang Group, increased its holding of 2.92 million shares of Legend Holdings from December 19 to December 21, accounting for 5.28% of the outstanding shares of the latter.
Ziguang Group is a high-tech enterprise under Tsinghua University.At present, the formation of a high-tech industry chain led by IC, from the core to the cloud.
Ziguang Group has grown into China's largest integrated integrated circuit companies, the world's third-largest handset chip companies; in the field of enterprise-class IT services ranked China first, second in the world.
In the fields of enterprise information service, IT manufacturing, mobile equipment and other fields, there is a lot of room for cooperation between Ziguang Group and the enterprises invested by Legend Holdings.
In addition, Legend Holdings' rich overseas M & A experience will also be effectively combined with the cross-border mergers and acquisitions needs of the Ziguang Group.At present, governments of all countries have implemented strict technical blockade on the IC industry and can imagine and operate a number of large-scale overseas M & A projects Legend Holdings, will undoubtedly help the Group's overseas acquisition plan.
At the same time, Ziguang Group, which strives to become a strong enterprise in science and technology in the world, needs to invest strategically in foreign markets. However, it is necessary for Ziguang Group to make reasonable financial investments in order to invest heavily in the distribution of storage chips and chips.
In addition, Lenovo Holdings listed in Hong Kong for nearly three years, many restrictions will be lifted, the Group's investment in Ziguang stamped on the point.
In view of the above reasons, this group of investment in the Purple Group will be a matter of course
3. Zhong Ying Electronics: lithium battery chip applications and customers are increasing;
China Securities Net News December 22, Zhongying Electronics recently introduced the company's research revealed the basic situation of the company's display driver chips, the relevant responsible person said that core Ying technology has two AMOLED display driver chip new products have been crystal Round factory flow film, film back, if the product validation 1 to 2 months after no problem, the general will be to customers.Currently in line with customer debugging to improve the screen production yield as the primary, once the large number of mature industries broke out, will be Give the company new growth opportunities.
AMOLED display driver chip companies have invested in R & D for many years, the product is competitive. AMOLED has a high resolution display driver chip design and production experience.
In addition, the field of home appliances, the current market share of small appliances in the field is relatively high, the company officially cut into the major appliance market since 2013, the product to fixed-frequency air conditioners, refrigerators, washing machines mainly at present, the company's large appliances and motor control Customers are still increasing, mainly to benefit from the advantages of chip localization, and gradually realize the import substitution.
Lithium battery chips, the company's lithium battery chip applications and customers are increasing, mainly from sales of mobile phone repair market used in the repair and electric bicycles, power tools market, the chip can also be used for road rescue mobile power, wireless vacuum cleaners. Lithium battery R & D cycle is long, the product is divided into measurement chips and protection chips. Lithium battery management chip has passed the quality certification of world-class laptop maker, and cooperate with manufacturers to develop new chips, since 2018 have the opportunity to increase the relevant Income contribution. The sales volume in the next year is expected to be a gradual increase.
New energy vehicle lithium battery management chip is still in the technical research stage of preparation.
4.ICPark relies on 'IC partner' plan to solve the typical problems in China's industrial chain
Set micro-mesh news, integrated circuit industry is the power system in the field of information in the new century, with the rapid development of global information, networking, integrated circuit industry with its endless changes, strong penetration and non-stop innovation into the national economy According to the International Monetary Fund, the output value of 1 yuan in the integrated circuit industry can bring the output value of 10 yuan in the related electronic information industry to bring the gross domestic product (GDP) of 100 yuan. In recent years, the Chinese integrated circuit industry has benefited In the field of mobile intelligent terminals, network communications, Internet of things and some other key areas, the level of IC design technology in China has reached the international advanced level, but the problems are also equally severe, with the rapid growth of market demand and the support of national policies. Mainly for the overall lack of technical strength, the product can not meet user needs, in the high-end chips such as CPU, DSP and FPGA gap is greater, not yet with the major international players on the same stage of competition, etc. And these problems can be attributed to China's IC industry chain is weak, that China has not established enough to support all aspects of IC design products to high However, ICCAD2017 held a few days ago, reporters visited the Zhongguancun IC Design Park (ICPark) booth found that some of the park's practices, such as the main operation to create a good industrial environment, the signing of the mainstream enterprises to form Industry gathering, at the same time start the 'IC partners' plan to cultivate small and micro IC companies, for the rapid construction and improvement of industrial ecology, foster the growth of key enterprises, is a beneficial attempt.
China's IC's "barrel" phenomenon
Recently, China Semiconductor Manufacturing Association IC Design Branch and Zhongguancun Integrated Circuit Design Park jointly organized by the '2017 China IC Design Industry Forum and IC Innovation Summit Forum' (2017 ICCAD) held, China Semiconductor Association IC Design Branch Wei Shaojun, chairman made a keynote speech entitled "China's circuit design industry tempering forward." In 2017, the scale of IC design industry in China further growth, the industry sales are expected to reach 194.598 billion yuan, an increase of 151.852 billion yuan in 2016 28.15% .In the global IC design industry accounted for a substantial increase in the share.However, at the same time, China's IC design industry also has a series of problems: For example, although China's IC design industry sales accounted for the proportion of the current year's chip consumer value, from 2012 13% to 26% in 2016, but high-end chips such as microprocessors and memory have not been built yet by our own enterprises. This part of chip occupies nearly 70% of China's imported integrated circuits. In addition, the overall industrial strength of China's IC design is still not Strong, although this year's total sales of the entire industry close to 30 billion US dollars, but with strong global growth, Compared to the market with a total amount of nearly 400 billion U.S. dollars, it still accounts for only 7.5%, a slight increase from 7.1% in 2016.
In response, Wei Shaojun said that in accordance with the "National Integrated Circuit Industry Promotion Outline" requirement, by 2020, IC design industry sales to reach 350 billion yuan, with the total industry sales this year as the base, the IC design industry in the The compound annual growth rate will reach 21.6% in the next three years, and the realization of this growth rate will become more and more difficult.
In fact, these problems are long-term problems, which have plagued the development of IC industry in our country for a long time.This analysis of the causes of these problems can be attributed to China's IC industry chain, our country has not established enough to support the IC design all-round development Of the industrial environment.In this regard, some experts pointed out that China's current IC design industry is very uneven development in the field of communications chips, has been able to enter the international camp, in the mobile intelligent terminals, network communications, Internet of Things and other key areas IC design technology reached the international advanced level, but in other areas such as computer, multimedia, navigation, simulation, power is much weaker in the key areas such as memory or even blank.At the same time, IC design and services industries such as IP, EDA tools, China weaker, Synopsys Cadence, Mentor are three major suppliers of EDA tools, and Chinese companies have a small share in this area. "It's like a bucket that decides how much water it can hold is always the shortest piece of wood '
'Eat all size' quickly complete industrial agglomeration
So, how to solve the current imbalance in the development of the industry, the lack of a key link in the industrial chain? Industrial Park can play a lot of space because the integration of resources and elements is to ensure that industrial planning to achieve the key. Park for the enterprise to create the elements The resource environment is not limited to a single environment at the policy level but a system environment formed through the integration and operation of various resources such as financial resources, financial resources, market resources, human resources, hydropower resources, etc. After the system environment is formed In a short period of time, the comprehensive promotion will not be established and surpassed by other means.
Consistent with this concept, the reporter noted that ICark2017 annual meeting, ICPark signed a contract with eight companies to jointly build the integrated circuit industry gathering area. 8 companies including Wen-An Zhi, Anchorage space, Zhongqing Modern Technology, Howe Science and Technology, Siu Yi innovation, Beijing Siu-core, Si Sitai, Gao Tuo, and so on, the scope of business involved in IC design, sensors, multimedia chips, IP, IT integrated manufacturers and other different areas, and are subdivided the industry leader After the signing of the contract, these enterprises will be able to quickly form a good environment for the development of the enterprise system, and experts pointed out that 'to promote industrial agglomeration, create an industrial environment, the different needs of enterprises together, will happen a fantastic response. The building of the industrial chain has a great role in promoting.
In addition, ICPark has also launched an 'IC Partner' program, which focuses on the micro-equity investment approach to solve the IC company's lease costs during the initial stage of the venture.The micro-equity investment program is divided into two payment modes, one Way is to charge part of the rent, the other is 'equity room' model, IC companies can use equity instead of rental fees, that ICPark injection of IC companies, ICPark become shareholders, IC companies will provide the whole industry chain solution Program in the 'IC Partners' program to become partners, ICPark for the industry chain on the lower ability of independent development, technological innovation and other issues of weakness, will provide enterprises with 200 million video streaming support, 500 million technology platform Support 3000000 yuan R & D innovation support and 1000000 yuan innovation incubation support.For the lack of talent supply, policy support is difficult to continue and other issues, to give 1000000 yuan talented person policy support, and selected for the 'thousands of people plan', 'sea poly project ',' Poly-Engineering 'to provide one million yuan of financial support,' Haiying talent 'for three consecutive years 300,000 to 500,000 yuan of financial support, and for high-tech enterprises, income tax 15% rate charged.
This shows that ICPark, on the one hand, joins hands with large leading enterprises in the manner of a common industrial cluster; on the other hand, it rapidly completes the park with the help of 'IC partners' The initial stage of the industrial chain gathering an important task.
However, the construction of the park needs further innovation. After spell over the preferential policies of the government and investment promotion, the soft environment of entrepreneurship service, finance and law will become the important factors that will affect the development of the industrial park and form attractiveness. ICPark In these How to force the force, need further observation.