1. Goer shares will increase investment in microelectronics, and TOF 3D modules have begun mass production;
Set micro-network news (text / Lee), July 6th, Goer shares introduced on the investment interactive platform, the company's Qingdao technology industry project is progressing smoothly, and some will be delivered before the end of this year. The project includes finished product research and development, Trial, automated R&D trial production, high-end intelligent manufacturing, etc. In addition to the original Qingdao Goer and Goer technology industry projects, the company's layout in Qingdao will increase investment in microelectronics, in chip development and design, 3D packaging and testing, etc. Aspects build the company's long-term competitiveness.
The company also said that the company's TOF 3D module has begun mass production. In MR, the company participated in the optical, structural, hardware design and machine manufacturing of Microsoft's next-generation MR company. Currently there are products based on this platform. Samsung Odyssey MR products are on the market.
In addition, Goar shares subsidiary Dana China is increasing domestic sales. Dan took the relatively high-end direction, but also began to produce more fashionable mid-range portable smart speakers, including WIFI and Bluetooth. Dynaudio It has deep cooperation with Volkswagen's mid- to high-end cars and is actively expanding other customers at home and abroad. (Proofreading/Lee)
2. Perspective of A-shares 'China Core': 70 companies' R&D investment revenue ratio exceeds 9%;
Judging from the annual report of listed companies, compared with international large enterprises, the R&D investment of the chip industry still needs to be improved; because the chip industry is a capital-intensive industry, this requires enterprises and capital to be forward-looking when investing.
The localization of chips continued to advance steadily, and the self-sufficiency rate of Chinese chips gradually increased.
The rise of 'China Core' is closely related to R&D investment. With the disclosure of the 2017 annual report of listed companies, the research and development of listed companies in the chip industry chain is exposed. About 85% of the company's R&D expenditures have increased year-on-year, accounting for 9.17% of revenue. It is significantly higher than the average R&D investment of A-share listed companies in operating income, but there is still room for improvement compared with international large enterprises.
The investment continues to increase
The manufacture of 'China Core' started late, but it is trying to get out of the dilemma of chip dependence on imports.
There are 70 listed companies in the two major concept stocks of integrated circuits and chips. In 2017, the total R&D expenses were 28.747 billion yuan, an increase of 18.8% compared with the 2016 figure of 24.179 billion yuan, showing a further increase in research and development.
From the perspective of R&D investment scale, ZTE's R&D expenses are the highest, reaching 12.762 billion yuan. It is also the only chip-issuing company with a total investment of over 10 billion in A-shares. Ziguang shares, Ninestar ranks at 3.049 billion yuan and 1.641 billion yuan respectively. Second, third place. Another 28 listed companies invested more than 100 million in 2017, the total of the above three accounts for 44.29%.
However, after eliminating ZTE, the average R&D investment of the rest of the company is only 229 million yuan, which is still at a low level. Compared with foreign countries, it is understood that Intel's R&D expenditure in 2017 is as high as $13.098 billion in the world; Qualcomm is $3.450 billion. In the second.
Among the indicators of 'R&D expenditure as a percentage of revenue (R&D intensity)', Hite High-tech has the highest R&D intensity, reaching 58.25%. From the performance of the company in 2015-2017, it is less than 20% in previous years, reflecting the company's 2017 Larger investment.
In the second place, the new research and development strength of NavInfo is 42.36%; in fact, the company's R&D intensity has continued to be above 40% since 2015. Similar to the situation, there are 8 listed companies, and the research and development intensity for three consecutive years is More than 20%.
On average, 70 R&D investment in listed companies in the chip industry accounted for 9.17% of revenue.
'At present, China's chip industry is still at an early stage, technology is immature or at the low-end level, and R&D investment is sure to increase. But on the other hand, from a capital perspective, this is a high-input, high-risk industry. Insufficient capital dynamics, resulting in a small scale and weaker R&D investment compared with international large enterprises. 'A Shanghai-based private equity fund partner explained to the 21st Century Business Herald on May 2.
Just because the domestic chip industry is in its infancy, there is huge room for development, especially for companies that compete with foreign leaders, but this requires strong R&D strength to support, and many companies are already making efforts. 'The chip industry is everywhere, most companies scale. Small and not strong, there are not many companies that compete with the global leader in the attitude of the national team. 'The aforementioned Shanghai private equity fund people talked about.
Taking Huiding Technology as an example, the company is a leading company in fingerprint identification. It is a number of domestic mobile phone suppliers such as Huawei and VIVO. On May 2, the company said that it uses the Samsung mobile phone Galaxy J7 with IG32J1, a single-chip fingerprint identification solution. Duo's mass production was successful and went on sale in India, which means that Huiding Technology's fingerprint identification solution entered Samsung's supply chain.
In terms of R&D investment, although the scale is not the largest in the chip industry, the research and development of Huiding Technology continues to increase.
According to the 2017 annual report, during the period of 2014-2017, the company's research and development expenses were 82.208 million yuan, 160 million yuan, 308 million yuan and 597 million yuan, which continued to rise; especially in 2017, the research and development expenses increased by 93.73%.
However, this also led to a small increase in net profit in 2017. It is understood that Huiding Technology's non-net profit attributable to shareholders in 2017 was 871 million yuan, up 2.27% year-on-year. 21st Century Business Herald participated in Huiding Technology on April 27th. At the performance conference, Zhang Fan, chairman of Huiding Technology, said, 'The company's profits have been invested in the construction of a new growth foundation in the future.'
At the same time, the proportion of R&D investment in operating income in 2017 increased from 10% in 2016 to 16.21%.
In addition, in the team, the number of R&D personnel has also expanded from 800 to 1019. The number of Doctors of Huiding Technology has increased from 12 in 2016 to 28 in 2017.
As of the end of 2017, the number of international and domestic patents applied for and obtained by Huiding Technology has reached 1,879, more than double the figure at the end of 2016.
Technological change, advance development
Judging from the annual report of listed companies, compared with international large enterprises, the R&D investment of the chip industry still needs to be improved; because the chip industry is a capital-intensive industry, this requires enterprises and capital to be forward-looking when investing.
A medium-sized private equity fund partner in Shenzhen told the 21st Century Business Herald on May 2 that the chip industry is changing rapidly. During the technology shift period, if new technologies cannot be laid out early, the chances of catching up may be lost forever.
'Every new technology is coming, it is the opportunity to overtake the curve. If you catch up, you can establish a leading position. If you don't keep up, it will widen the gap and even be eliminated. This shows the investment in the chip industry. Urgency. ' The person said.
At the same time, he stressed that enterprises should be more precise when investing in the layout. 'The chip industry is characterized by technological innovation, which determines that there will be only two extreme results of investment success or investment failure. Some companies have made great efforts to The research and development of the technology, through the difficulties to solve the problem of non-performing rate, may eventually find that the demand for this technology or product market is not large, which means that the initial research and development investment is basically sloppy.
Taking the above-mentioned Huiding Technology as an example, the company will launch the 'Screen-on-Screen Optical Fingerprint' and '3D Face Recognition' technologies. This technology is currently the world's leading chip makers competing for sub-second development, participants have Qualcomm, Apple, Xinsi, etc. Among them, Qualcomm's ultrasonic fingerprinting solution for OLED displays will not be commercially available until the summer of 2018.
Huiding Technology said that the company continued to invest in screen optical fingerprinting technology in 2017, but failed to invest in commercial scale in 2017. This is an important reason why the company's net profit did not increase significantly in 2017.
From the first quarter of 2018, the technology has made progress. The optical fingerprint products under the screen have been used in the first quarter of 2018 for the flagship models of well-known brands such as Huawei and vivo. Zhang Fan, chairman of Huiding Technology, said at the performance briefing , 'The mass production of optical fingerprints is the result of work in previous years; the mass production time of optical products lags behind the time we expected at the beginning, because this is a new technology that has never been tried, The performance of the fingerprint technology under the screen is the best in the industry. '
Zhang Fan revealed that more than 180 patents have been accumulated on the screen optical fingerprint technology, which has gradually helped customers to enter mass production. He said that for the optical fingerprint products under the screen, the basic goal for 2018 is to reach tens of millions of shipments. Level. 'With the increase in shipments of optical fingerprint products, the company's gross profit situation will also be improved accordingly, and gross profit performance will also pick up.'
In addition, for the current popular technology - 3D face recognition, Huiding Technology is also in the layout. The company said that it is expected to gradually provide the market with low power consumption, small size and lower cost of innovative 3D face recognition system solutions in 2018. 21st Century Business Herald
3. SMIC subscribes for a debt financing facility of 200 million yuan;
SMIC (00981-HK) announced that on May 18, 2018, SMIC Beijing, the subscriber (Shanghai Guotai Junan Securities Asset Management Co., Ltd., as the manager) and the custodian bank (as the trustee) entered into asset management. Under the terms of the Asset Management Agreement, the Subscriber will provide asset management and investment services to SMIC in accordance with the terms of the Asset Management Agreement, including investment in targeted debt financing instruments.
On July 6, 2018, according to the terms of the asset management agreement, the issuer (Qinxin Financial Leasing Co., Ltd.) has been issued and the subscriber has used the funds of the entrusted assets to subscribe for the total issued principal amount of the targeted debt financing instrument of RMB 500 million. In the RMB 200 million yuan.
The interest rate and payment date of the targeted debt financing instrument are: 5.15% per annum, paid by the issuer on the maturity date (ie July 6, 2019). The maturity date is July 6, 2019.
The National Integrated Circuit Fund holds approximately 14.82% of the company's equity interest through its wholly-owned subsidiary, Xinxin (Hong Kong) Investment Co., Ltd., and the National Integrated Circuit Fund also holds approximately 32.31% equity interest in the issuer.
The issuer is mainly engaged in providing financial support to the development of the integrated circuit industry and related industries, promoting the construction and upgrading of production lines among leading integrated circuit manufacturing companies in China, focusing on the basic needs of the integrated circuit design industry and its supporting companies, and promoting integrated circuits. Coordination, interaction and development of equipment industry and related industry chain connections.
4. Maijie Technology received a letter of disclosure on the performance of the GEM Board of Directors;
Qianlong.com, Beijing, July 6th, July 6th, the management department of the Growth Enterprise Board of the Shenzhen Stock Exchange released the 'Regulatory Letter on Shenzhen Maijie Microelectronics Technology Co., Ltd.'.
According to the data, on January 31, 2017, Maijie Technology disclosed the 2017 Annual Results Announcement. It is estimated that the company's net profit attributable to shareholders of listed companies (hereinafter referred to as 'net profit') will be -22,352,160 yuan in 2017. 17,658.30 million yuan. On February 28, the company disclosed the "2017 Annual Results Express", the estimated net profit was -20,500,700 yuan. On March 23, the company disclosed the "2017 annual performance forecast and performance report amendment notice", the net profit correction For -36,475.93 million yuan. On April 18, the company disclosed the "2017 Annual Report". In 2017, the company's audited net profit was -35,119.86 million. Your company's performance forecast, the net profit disclosed in the performance report and the periodic report The audited net profit is quite different, and the revised announcement is not disclosed in time, and the correction time lags.
The above-mentioned related acts of the company violated the relevant provisions of Articles 2.1, 2.4, 11.3.4 and 11.3.8 of the Rules Governing the Listing of the GEM of the Shenzhen Stock Exchange. The board of directors of the company should pay full attention to the above issues. Learn lessons, rectify in time, and eliminate the recurrence of the above problems.
5. To pure technology: to create a core supplier of key process equipment and materials;
China Securities Network News recently reported that the company’s controlling shareholder pledges 100% of the shares. After verification, the controlling shareholder Jiang Yuan is the actual controller of the company and serves as the chairman of the company and the general manager. The number of shares held by the company is 7600.32. In the case of 10,000 shares, 20 million of them were pledged on August 7, 2017, accounting for 26.31% of the shares held by the company. The number of pledged shares accounted for 9.51% of the total number of shares of the company. Up to now, the total pledge of shareholders of pure technology The number of shares was 47.6672 million shares, and the number of pledged shares accounted for 23.37% of the company's total shares. The company's relevant people admitted that the company condemned the report of distorting the facts and reserved the right to further pursue its legal responsibility.
As a high-purity process system integrator in the semiconductor industry, Zhichun Technology has successively won the 12-inch new build of Hualiwei, SMIC, Hefei Ruili (Changxin), Yangtze River Storage, Nanjing TSMC, SK Hynix Wuxi and other users in 2017. Orders for production line construction further established the company's position in the industry. In 2017, the company's revenue reached 369 million yuan (all high-purity process integrated system revenue), an increase of 40.18% compared with 2016, including the semiconductor industry camp It received 210 million yuan, a growth of 59.92% compared with 2016.
According to the introduction of pure technology related personnel, the company started the research and development project of wet equipment in 2015. Through structural optimization and process extension, decisively invest in the development and manufacture of cleaning machines closely related to high-purity chemicals, and actively participate in local integrated circuit equipment. Career. Through active integration with national key institutions and laboratories, an academician workstation was established in 2016 to carry out related research and development work for the special needs of users in the production and R&D process. Relevant research and development projects are aimed at the core business of the company. High-purity and wet cleaning equipment are currently in stable development. In 2017, the company established an independent semiconductor wet-process division (subsidiary to micro-semiconductor, brand ULTRON), dedicated to building a high-end wet-process equipment manufacturing and development platform, enriched Production and sales system in the field of semiconductor equipment.
The company's main products are as follows: First, wet process equipment. The company has formed the Ultron B200 and Ultron B300 tank wet cleaning equipment, Ultron S200 and Ultron S300 single-chip wet cleaning equipment product series, and has obtained bulk orders. 2. High-purity process system: special gas cylinder cabinet, high-purity chemical liquid supply cabinet and related system integration.
Zhichun Technology has been working in the high-purity process of semiconductor for more than 10 years. The high-purity process system uses a large number of special gas cabinets, chemical liquid delivery cabinets, chemical distribution cabinets, etc. It is a key support (equipment) system directly related to yield. It is an auxiliary equipment (non-auxiliary equipment) that is integrated with the process machine. The company has successively localized the gas equipment of various high-purity special gas systems and the liquid feeding equipment of high-purity electronic chemical systems in 2007. To pure technology for Hualiwei, SMIC, Hefei Ruili (Changxin), Yangtze River Storage, Hefei Jinghe, TSMC Nanjing, SK Hynix Wuxi, China Resources Shanghua, Silan Micro and other first-line users to provide high-purity technology System related products and services.
Zhichun Technology has established a high-purity process technology as the core, gradually upgrading the key process equipment in the process system, process production consumables and core components, key production links, professional services and intelligent production systems, and other core elements of self-research, the development of self-production ratio strategy.
Zhichun Technology strives to realize the strategic goal of upgrading from high-purity process system integration service provider to core supplier of process equipment and materials, and actively extending to some strategic emerging downstream industry chain. (Highland)
6. Domestic chips 'Supplementary class' Capital of each road: Can you overtake the corner?
Since the ZTE incident, the company has quietly set off a wave of chip research and development. In addition to ZTE’s intention to increase its core chip R&D investment, Alibaba also announced the acquisition of Zhongtian Microsystems’ AI chip industry, and Dong Mingzhu, Chairman of the Gree Electric Appliance Co., Ltd. 'Make the chip unwavering', and recently announced that Gree air-conditioning will use its own chips next year. There are also entrepreneurs who are chasing the wind and have joined the chip business.
Securities Times reporter Zhuo Yong
' Recently, many investors are busy with two things: one is to look at the blockchain, and the other is to look at the chip. ' At a recent venture capital summit forum, an investor who participated in the roundtable discussion said. Since the ZTE incident In addition to ZTE's intention to increase investment in core chip research and development, Alibaba also announced the acquisition of Zhongyi Microsystems' layout of AI chip industry, and even Chairman of the Gree Electric Appliances Dong Mingzhu also said that 'it is firm. Not moving ', and recently announced that Gree air-conditioning will use its own chips next year. There are also entrepreneurs who are chasing the wind have also joined the chip business.
This national effort to give domestic chips a 'remediation' seems to give people the possibility that China's chips will soon be overtaken. However, on the one hand, the rapid rise of industry demand, on the one hand, it is an industry atmosphere of quick success. How to face domestic chips The status quo, how to find a way to solve the pain point, how to invest in chip investment? Some insiders pointed out that the threshold of the chip industry is extremely high, only entrepreneurs and investment talents who really understand this profession may succeed. Therefore, entrepreneurs should not blindly follow Investors can't help chase the wind.
Manufacturing and materials links 'behind'
At the moment, there is one thing that plays a key role in the high-speed operation of the information society. This is a small integrated circuit, which is commonly known as the 'chip.' Chen Chuanhong, director of the major special affairs office of the Ministry of Science and Technology, said in an interview with the media. The manufacturing technology of the chip is the highest level of micro-machining technology in the world today, and it is the strategic high point of the global high-tech national competition.
However, China's high-end manufacturing equipment and materials for integrated circuits are heavily dependent on imports. In addition, the developed countries such as the United States have strict censorship and restrictions on these materials exported to China. Our integrated circuit development has been constrained.
However, with the rapid development of China's national economy, especially the acceleration of information technology, the demand for integrated circuit products continues to grow rapidly. According to statistics, since 2006, integrated circuit products have surpassed oil to become the largest imported products in China. Since 2013, the annual import volume has exceeded 200 billion US dollars.
It is understood that the chip industry's industrial chain is very long, including design, manufacturing, packaging, testing, assembly and other aspects. Compared with the United States and other Western developed countries, China's chip industry in which links are left behind? Partner and CEO Shi Anping found that the two aspects of manufacturing and materials are the biggest gap between China's chip industry and foreign countries after researching the chip industry and examining many chip-related projects.
'From the perspective of manufacturing, the investment required for this link is quite large, up to 10 billion yuan, and it is not just the problem of money. We don’t have the core production equipment needed for the manufacturing process, nor do we produce smaller threads. The technology of more sophisticated products, so high-end products can not come out. 'Shi Anping said. In addition, he also introduced, from the material point of view, a considerable part of China's high-purity silicon wafers are imported, which is why we need to make up ' of.
Although there is still a huge gap between the above two links and the international advanced level, there is one link that can catch up with overseas. This is the chip design. 'Because of the gradual opening up of the country and the increase in the number of returned overseas students in related majors, the chip design link is China and The shortest distance in foreign countries. 'Shi Anping said. However, he also admitted that from the raw material production equipment, to the inspection equipment, to the manufacturing equipment, we are lacking. If foreign countries are 'discontinued' on these core equipment, then design is good. It’s just a 'paper talk'.
After the ZTE incident, the people raised a wave of discussion and reflection. In the past 40 years of reform and opening up, China has achieved such great economic success, but why is it that a small chip is not doing well? It used to work for eight years at Qualcomm headquarters in the United States, and now Dr. Yang Yafei, CEO of Dapu Microelectronics, told reporters that in fact, China was able to produce chips on its own, but the products that were made were used for military industry, and they could not meet the standards of civilian use, that is, the price could not come, the specifications were not enough. Precision. 'The reason is that there is no way to scale production. It can only be done in the laboratory. Once you contact the factory for production, you will encounter big problems. The main problem is that the technical and talent problems restrict the mass production.
Capital
Have entered the chip industry
'When we looked at the chip project in the past few years, there was very little interest in the industry. But this year, everyone’s enthusiasm for the chip project has risen a lot, and even some investors are blindly snapped up. 'The relevant person in charge of a state-owned background investment fund The reporter said.
Some investors told reporters that their investment in chip projects has also been sought after by many investment institutions. The valuation has risen shortly after the completion of the investment. It is not difficult to find that the hottest market in the market this year is the AI chip field. The head of the field, Shangtang Technology, Cambrian, etc., has carried out several rounds of financing this year, and the valuation is very high.
In addition, various capitals including Internet giants and home appliance giants have increased their investment in the domestic chip industry. After the ZTE incident, Alibaba wholly acquired a supplier of embedded CPU IP, Hangzhou Zhongzhong. Tianwei System Co., Ltd.. At the 'Future Forum X Shenzhen Summit' on May 26 this year, Ma Huateng, Chairman and CEO of Tencent Holdings, hinted that it might design software compatible with Chinese chips and operating systems in the future.
Chairman of Gree Electric Co., Ltd. Dong Mingzhu said that Gree will invest 50 billion yuan into the chip field and will use all its chips in Gree air conditioner next year. Then Konka Group also announced that Konka Group will set up the semiconductor technology business unit and formally enter the army. Semiconductor industry.
Yuanhe origin, which has long tracked the IC industry, has also invested in the Cambrian in the near future. Le Jinxin, a partner of the company, said that as early as 2005, there was a wave of investment in integrated circuits in China, but from the industrial chain to technology to talents. To the market is not mature, only a small part of the company survived. From the development cycle of the entire chip industry, it takes two to three years to see the product prototype, and five years to do the landing and promotion. So it takes at least eight years before and after.
Overall, the high input cost, high threshold and long cycle are the characteristics of the chip industry. Zhu Xiaohu, managing director of Jinshajiang Venture Capital, said in response to outside questions that China VC is not a chip, but several previous investments. The lack of money, this makes the chip investment into a cycle of not making money. But in fact, chip investment is not necessarily a loss of business. 'It is only a long cycle, once the success is like printing money, the chip's early investment is very large, But the gross profit margin is very high. ' Shi Anping said. Yang Yafei also agrees with this point of view, Qualcomm, Intel, such a company can be confirmed.
The investment boom has triggered an industrial bubble?
The chip industry is booming. One view is that there are more semiconductor funds, fewer good projects, high valuations of industrial enterprises, and a bubble in the industry. Another view is that China's semiconductor companies are far from investing in R&D, and they need long-term funding at all levels. Investing. But no matter how you look at it, the project is highly valued, and the competition for talent is really happening.
'Now learning computer and electronic communication want to do this, there is indeed a big talent bubble.' Yang Yafei told reporters that this bubble is actually a price bubble caused by the influx of funds and related professional talent supply. The reporter also learned from some institutions that some institutions that want to enter the chip investment are not willing to attract investment managers at high prices, but these investment managers are not really familiar with the entire life cycle of the industry.
'Now the domestic level of good talents in this area is even higher than that of foreign countries. 'Le Jinxin believes that capital chasing a certain vertical industry will inevitably lead to a rise in salary levels. But in his view, promoting the development of the industry requires a tolerance bubble, if not It is difficult to attract money and eyeballs.
Shi Anping believes that no matter from technology development, talent reserve or talent reserve of investment institutions, it needs to be calm. 'First, not all chip projects are suitable for this fund investment, and not all talents need to reserve. The range of applications covered is very wide, and one institution cannot cover it all.'
As far as the chip industry talents are concerned, Shi Anping believes that on the whole, the reserve of college graduates in China is sufficient, but it needs to be exercised in practice, but the leading talents are lacking. Currently, it is necessary to introduce from overseas or encourage study abroad. Talents return to China.
The competition for good projects is not inferior to the competition for talents. 'Now many institutions come to us.' Yang Yafei said. The reporter also learned from some investment institutions that after some projects were invested, the valuation soon rose. And as long as there are good projects that are known to the industry, there will be a bunch of institutions flocking, and even the bosses who do real estate and do business want to enter. ' Objectively speaking, this is a good thing. Everyone makes up the class and realizes that this thing is The importance of the information age. ' Yang Yafei believes that this can promote the industry.
Left to entrepreneurs
What are the opportunities?
For China's chip industry, how far away from foreign countries means how much room for development. At present, the manufacturing links that restrict the development of the chip industry chain are unable to get involved because of the huge investment. In the eyes of Shi Anping, the country We should increase our efforts to support this link, and we must have a division of labor.
'The core equipment chain of the manufacturing process has many parts and many equipments. One of the parts and one piece of equipment may be a place where small businesses and entrepreneurs can make a difference. ' In addition, the application market and space of the chip are very Big, entrepreneurs can play a role in the specific chip application market.
In Lejinxin's view, the terminal market of chips is a bigger market, but there must be a certain amount of applications in the terminal. If it is a niche product, the revenue will not be worthwhile. But it is undeniable that these terminal applications are racing. The roads are basically occupied by big brands, forming a certain brand structure, leaving little space for startups, and these brands can also make their own chips.
After the ZTE incident, from the country to the place to the enterprise, they all put the chip in a very important position. Can China overtake the curve at this node? 'If we want to overtake the car, it can't be unrealistic. Overtaking the car, after all, technology needs a process of accumulation, which can be borrowed and introduced to digest, but it cannot be developed at once. 'Shi Anping said.
It is undeniable that the state has profoundly realized the importance of developing the chip industry from the policy and fund level. In addition to the large funds of the integrated circuit industry, there are also industrial funds with state-owned assets, which are fully deployed from the local to the central. Shi Anping also pointed out that this must not lack the national master plan.
In fact, some of the current wave of domestic chip investment is really hot. For example, demand is pulling, memory prices are rising sharply, and investment in chip storage is very hot. But there are still some, such as artificial intelligence, which are too small and even have production capacity. Excessive situation. Therefore, in the view of Shi Anping, the state should avoid unbalanced competition with overall planning, can not appear in a certain direction and is missing in other directions. 'The amount of investment is large, if it is unbalanced Will cause huge waste, so strengthen the layout. ' Securities Times