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炮王爆威尔
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炮王爆威尔
2021-11-19
$英特尔(INTC)$
牙膏厂一个,为什么这么多小散看好?
炮王爆威尔
2020-08-03
这篇文章不错,转发给大家看
中国半导体真能威胁美国吗?
炮王爆威尔
2020-07-31
$台积电(TSM)$
不到100不卖
炮王爆威尔
2020-07-31
$亚马逊(AMZN)$
不错
抱歉,原内容已删除
炮王爆威尔
2020-07-21
这篇文章不错,转发给大家看
半导体“老三”的喜与忧
炮王爆威尔
2020-07-17
这篇文章不错,转发给大家看
@阿尔法工场:为什么说EDA软件是芯片“卡脖子”的关键?
炮王爆威尔
2020-07-13
$中芯国际(00981)$
不上80不卖
炮王爆威尔
2020-07-10
$老虎证券(TIGR)$
设定了14元卖出,删掉软件了,到了14元,虎友们通知一声
炮王爆威尔
2020-07-08
$老虎证券(TIGR)$
不到13元不卖
炮王爆威尔
2020-07-06
$声网(API)$
我开始膨胀了
炮王爆威尔
2020-07-03
$声网(API)$
不到100不卖
炮王爆威尔
2020-06-20
这篇文章不错,转发给大家看
@小虎AV: 【一个视频带你了解芯片制造过程以及它的工作原理,涨姿势了!】通过将近5000道工序,把数亿个晶体管,在一片只有指甲盖大小的硅晶片上制造出来,还要进行复杂的逻辑设计,建造难度相当于在一个几厘米见方的小地方建造一座千万级规模的超级城市[眼眼]
$台积电(TSM)$
$美光科技(MU)$
$英特尔(INTC)$
炮王爆威尔
2020-06-16
时间过得真快,不知不觉用老虎证券炒美股3年多了,感觉会一直用下去,蛮好用的
@小虎活动:【人人有奖】晒晒我的成长记录!
炮王爆威尔
2020-06-10
这篇文章不错,转发给大家看
@财经故事荟:买芯片一年超2万亿,国家队集结,能否打破英特尔X86垄断铁幕?
炮王爆威尔
2020-05-20
$瑞幸咖啡(LK)$
中美对于作假的态度对比:美国作假,CEO坐牢24年还罚款4500万美金,公司直接破产,连帮它审计的律师事务所都罚到破产。康美作假300亿就顶格罚款60万,CEO生活一切正常。看来美国强大是有原因的,全人类的希望
炮王爆威尔
2020-04-29
“虽然企业本身的问题很大,但是以这种方式爆炸,对企业上下游,当地政府,金融机构的伤害都是非常不利,所以浑水创始人宣称的做空让世界更美好的观点,我却并不认同。”这是人说出来的话吗?中国股市一直阳痿,就是缺乏浑水这样的做空英雄。
@朽木_4312:爱奇艺, 下一个瑞幸咖啡?
炮王爆威尔
2020-04-22
$二倍做多VIX波动率指数短期期权ETN(TVIX)$
空起来
炮王爆威尔
2020-04-22
呵呵,零容忍?上次康美300亿,康得新119亿表示很害怕,都顶格罚款60万了吧
银保监会回应瑞幸事件:对财务造假行为“零容忍”
炮王爆威尔
2020-04-22
$二倍做多VIX波动率指数短期期权ETN(TVIX)$
做空不香吗
炮王爆威尔
2020-04-21
$二倍做多VIX波动率指数短期期权ETN(TVIX)$
一周后到200[思考]
去老虎APP查看更多动态
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href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>牙膏厂一个,为什么这么多小散看好?","listText":"<a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>牙膏厂一个,为什么这么多小散看好?","text":"$英特尔(INTC)$牙膏厂一个,为什么这么多小散看好?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/876498735","isVote":1,"tweetType":1,"viewCount":1853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":945919100,"gmtCreate":1596421516700,"gmtModify":1704212084781,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"这篇文章不错,转发给大家看","listText":"这篇文章不错,转发给大家看","text":"这篇文章不错,转发给大家看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/945919100","repostId":"2056126238","repostType":2,"repost":{"id":"2056126238","weMediaInfo":{"introduction":"最有深度的半导体新媒体,实讯、专业、原创、深度,30万半导体精英关注!专注观察全球半导体最新资讯、技术前沿、发展趋势。《摩尔精英》《中国集成电路》共同出品,欢迎订阅摩尔旗下公众号:摩尔精英、摩尔芯闻、摩尔App","home_visible":1,"media_name":"半导体行业观察","id":"1001700217","head_image":"https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868"},"pubTimestamp":1596417960,"share":"https://www.laohu8.com/m/news/2056126238?lang=&edition=full","pubTime":"2020-08-03 09:26","market":"sh","language":"zh","title":"中国半导体真能威胁美国吗?","url":"https://stock-news.laohu8.com/highlight/detail?id=2056126238","media":"半导体行业观察","summary":"来源:内容编译自「Forbes」,谢谢。关于美国衰落的危言耸听的政治/经济评论中的一部分与半导体行业的状况有关。按照他们的说法,美国在这个“关键”技术领域,数字经济的基础设施领域正在失去、可能失去或已","content":"<html><body><div>\n<p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img arial=\"\" border-box=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" src=\"https://static.tigerbbs.com/e9a5928457814398b7ad8e5a518d2fd1\" visible=\"\" yahei=\"\"/></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>来源:内容<span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">编译自</span>「<span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">Forbes</span>」,谢谢。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">关于美国衰落的危言耸听的政治/经济评论中的一部分与半导体行业的状况有关。按照他们的说法,美国在这个“关键”技术领域,数字经济的基础设施领域正在失去、可能失去或已经失去领导地位,这种丧失使得美国人在生活(半导体是现在生活的基础),自由(美国在半导体领域的领导地位对美国军方的技术优势也至关重要)和幸福感(<a href=\"https://laohu8.com/S/FB\">Facebook</a>,Youtube,Instagram和Netflix全部在芯片上运行)方面遭受威胁。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">政客,新闻工作者和智囊团分析家们年复一年,十年又十年地,一次又一次地推动着这个可怕的故事。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><strong>里根时代</strong>:</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“美国半导体产业的健康与活力对美国未来的竞争力至关重要。我们不能让它受到威胁。” – 罗纳德·里根(1987)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><strong>克林顿时代</strong>:</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“美国半导体生产商的衰落……让美国在以科学为基础的工业中占主导地位的日子屈指可数……下游的电子系统工业就是第一个多米诺骨牌。” – 行业评估(1999年)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><strong>奥巴马时代</strong>:</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“半导体创新正在放缓……中国的一致推动,以由政府提供超过一千亿美元资金支持的产业政策,以有利于市场的方式重塑市场,威胁到美国工业的竞争力。” – 总统 科学顾问委员会(2016)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><strong>当今</strong>:</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">美国需要在半导体研究上进行雄心勃勃的投资……[或]冒失去创新优势和全球领先技术竞争的风险。–半导体行业协会的报告(2019年)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">以上威胁当然是来自中国。如果根据波士顿咨询集团的说法,这场比赛可能已经结束:</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“如果维持现状或中美科技产业完全脱钩,可能会对美国半导体产业产生深远的负面影响,远远超出了中国制造政策的预期影响。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“一旦美国失去其全球领导地位,该行业良性的创新周期就会逆转方向,使美国公司陷入螺旋式下降。”</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">但事实真的是这样吗?</span></p><h2 mpa-is-content=\"t\"><span mpa-is-content=\"t\">美国的半导体霸权</span></h2><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在我看来,这个故事全错了。它基于对行业结构的粗略误解。实际上,美国在半导体业务的制高点上拥有牢牢的控制权,而半导体业务则主导着整个行业(只有一个准例外)。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">芯片制造包括几个技术过程:设计、集成电路的精密制造;和“封装”(包括将集成电路组装成耐用的“芯片”)。该行业的原始商业模式将这三个因素结合在一起。这样的公司被称为集成设备制造商(IDM)。少数公司仍采用这种模式,尤其是<a href=\"https://laohu8.com/S/INTC\">英特尔</a>,他们是整个行业的领导者(按收入)。</span></p><p><img src=\"https://static.tigerbbs.com/3927d6131f044e338ae9dca24b8afa27\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">从1980年代开始,基于这些功能的分离,出现了一种新趋势。一些被称为晶圆代工厂的公司严格把重点放在制造业务上。其他人专门从事设计,并外包给代工厂以根据他们的设计制造芯片。这些被称为“无晶圆厂”半导体公司。其他专注于封装的公司被称为外包封装和测试(OSAT)细分市场。</span></p><p><img src=\"https://static.tigerbbs.com/70b78a502eb743d49129b13d74097b1c\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">(OSAT领域的公司规模相对较小;与IDM相比,业务比较拥挤,竞争激烈,利润率低且非常周期性,定价能力较弱。第四部分是代工和IDM在制造中使用的资本设备的供应商流程,不仅利润丰厚,而且经济实力强大。它与行业中其他行业脱颖而出。)</span></p><h2 mpa-is-content=\"t\"><span mpa-is-content=\"t\">无晶圆厂与晶圆厂的对比</span></h2><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Fabless和Foundry模型之间的差异基于惊人的IC制造经济学。一个新的IC晶圆厂的成本可能高达200亿美元,这大约是Nimitz级航空母舰的成本的两倍,是核电站的三倍成本,并且IC晶圆厂的使用寿命可能只有数年之久,所以这样做的意义是重大的,从战略角度来看,大多是负面的。因为它是一个基于规模的业务(与所有重资本支出行业一样),今天它被一家公司控制:台湾半导体制造公司(TSMC)。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">无晶圆厂模式是“资产精简”。可以这么说,他们不需要每年购买新的航空母舰。相反,他们可以投资于设计人才和功能创新。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">像英特尔这样的IDM仍会同时做这两项。但是资本支出的需求却很沉重。随着时间的流逝,许多IDM都屈从于经济逻辑,将自己分为两部分——一家无晶圆厂设计公司和一家晶圆代工厂,并各自沿着不同的道路发展。在2009年之前,<a href=\"https://laohu8.com/S/AMD\">AMD</a>一直是IDM,当时他们将自己的代工业务拆分为一家新公司Global Foundries。当时的英特尔嘲笑了分拆的想法。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在非歧视类别“半导体公司”下,这些业务模型的混乱令人惊讶地普遍。例如,《华尔街日报》最近在我重新绘制的图表中列出了“按销售额划分的顶级半导体公司”。</span></p><p><img src=\"https://static.tigerbbs.com/9c1bfa31df3249a1aa7701249040a0d6\"/></p><p><span><em><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">主要半导体公司的销售</span></em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">这是一个大杂烩。英特尔和<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>是IDM。<a href=\"https://laohu8.com/S/TSM\">台积电</a>是一家纯晶圆代工厂。<a href=\"https://laohu8.com/S/QCOM\">高通</a>公司 ,<a href=\"https://laohu8.com/S/NVDA\">英伟达</a> ,AMD是Fabless IC公司。<a href=\"https://laohu8.com/S/TXN\">德州仪器</a>的IDM是一种特殊的IDM,专注于所谓的模拟和混合信号芯片(不是大多数行业生产的数字处理器和存储芯片)。模拟芯片制造具有不同且可能更有利的经济学。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">简而言之,这些公司截然不同,成本结构也各不相同,并且投资者对它们的估值也大不相同。将它们放在一个标签下就像将福特和<a href=\"https://laohu8.com/S/GM\">通用汽车</a>分组一样,通用汽车与<a href=\"https://laohu8.com/S/HTZ\">赫兹</a>和<a href=\"https://laohu8.com/S/UBER\">优步</a>被称为“汽车公司”。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">我认为文章开头很多观点无效的第一个标志是,此处列出的14家公司中有10家是美国人。一是中国台湾人,二是韩国人。只有Hi-Silicon(无晶圆厂IC设计人员)位于中国大陆。海思是华为的全资子公司,这使它们处于我在别处讨论过的冒险的地缘政治象棋游戏的中间。华为约使用海思半导体产量的90% ,“海思半导体不是晶圆厂,也不能制造芯片,他们将其芯片外包给中国台湾的台积电和其他晶圆代工厂。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">总而言之,即使通过这种粗略的制表法,美国的立场也很牢固。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">但是,如果我们将公司划分为真实的类别,则情况可以澄清。根据所需的资本投资(不动产,厂房和设备,“资本支出”)进行比较,一方面是代工厂和IDM之间的区别,另一方面是无晶圆厂和混合信号公司之间的区别。英伟达(市值比英特尔高600亿美元)以不到25倍的资本投资创造了这一价值。</span></p><p><img src=\"https://static.tigerbbs.com/3667f9322d0343149ab9cf9a8e11d505\"/></p><p><span><em><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">主要半导体公司的净资本投资</span></em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">然后考虑公司从每一美元的资本投资中产生多少收入。</span></p><p><img src=\"https://static.tigerbbs.com/bbebc0fd751b4a7082b7bad5295a189b\"/></p><p><span><em><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">主要半导体公司每美元资本支出的美元收入</span></em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">您宁愿拥有哪个?是可以利用您的投资美元并产生75美分的销售额的公司,还是可以利用相同的美元并产生8美元的销售额的公司?</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">市场理应看到并尊重这种差异。</span></p><p><img src=\"https://static.tigerbbs.com/6b61b1e9807c439bbc99e90a52722884\"/></p><p><span><em><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">主要半导体公司的市盈率</span></em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">无晶圆厂模式所创造的股东价值是每股资产收益的2到4倍,多于资产繁重的晶圆代工厂和IDM。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">现在注意全国集群。高价值的公司(高市盈率)和高效的商业模式(每美元投资收益高的美元)都是美国公司。</span></p><h2 mpa-is-content=\"t\"><span mpa-is-content=\"t\">总结:钱才是关键</span></h2><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">让我们回顾一下:</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">首先,除了英特尔(IDM确实是一个特例,美国半导体行业实质上已经将大量资本支出的代工模式让给了一家台积电公司。(台湾的台积电是美国半导体霸主的准例外。对台积电的依赖可能会带来一定的风险,但迄今为止,这已经成功地实现了无晶圆厂与主要代工厂之间的共生。)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">晶圆代工和IDM领域中为数不多的重要非美国公司,台积电,三星与美国市场和供应链紧密相连,并且可靠地“友好”。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">美国在无晶圆厂领域占据主导地位,并没有失去这一地位的危险。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">无晶圆厂市场是市场看到半导体真正价值的地方,市场没有错。铸造业务是商品型业务,有利于整合和规模化;在快速贬值的厂房和设备上进行大量投资并不能激发投资者的兴趣;无</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">晶圆厂业务模式是我们与数字经济相关联的创造价值的创新的集中地。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">中国唯一的无晶圆厂生产商是Hi-Silicon,它是其一个主要客户的专属子公司。他们还没有证明自己可以在全球市场竞争。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">中国的晶圆代工企业<a href=\"https://laohu8.com/S/00981\">中芯国际</a>(SMIC)的景你用哪个一直很挣扎,并且不太可能在短期内在台湾对台积电构成大的威胁。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">简而言之,美国控制着半导体世界,并控制着技术创新的方向。中国从最底层开始,将要艰难地攀登。在21世纪的价值经济,价值累积到那些控制“无形”资产般的设计,品牌,人力资本(人才),忠诚的客户和知识产权的公司。而美国公司在经济的许多领域都领先。而不仅仅是半导体。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">我们已经弄清楚了这一点。除了受困的华为(Huawei)外,中国(半导体)仍停留在工业时代。</span></p><p><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" gb=\"\" helvetica=\"\" left=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">★</span> 点击文末【阅读原文】,可查看<span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong>本文原链接</strong></span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">。</span></strong></span></strong></strong></p><p>*免责声明:本文由作者原创。文章内容系作者个人观点,半导体行业观察转载仅为了传达一种不同的观点,不代表半导体行业观察对该观点赞同或支持,如果有任何异议,欢迎联系半导体行业观察。</p><p><strong>今天是《半导体行业观察》为您分享的第2390期内容,欢迎关注。</strong></p><p>推荐阅读</p><p><span>★</span><span>从最新财报看半导体行业现状</span></p><p><span>★</span><span>关于电源管理芯片的一些科普</span></p><p><span>★</span><span>国产芯片巨头的手机战事</span></p><p>半导体行业观察</p><p><img src=\"\"/></p><p>『<strong>半导体第一垂直媒体</strong><span>』</span></p><p><strong>实时 专业 原创 深度</strong></p><p><strong>识别二维码</strong>,回复下方关键词,阅读更多</p><p><span>EUV|蓝牙</span><span>|</span>5G|高通|英伟达|FPGA|国产芯片|晶圆代工</p><p><span>回复 <strong>投稿</strong>,看《如何成为“半导体行业观察”的一员 》</span></p><p>回复 <strong>搜索</strong>,还能轻松找到其他你感兴趣的文章!</p><p><img src=\"https://static.tigerbbs.com/380bcf3bfab947d0bac12357fd5b411c\"/></p><p>点阅读原文,可查看本文原文链接!</p>\n</div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中国半导体真能威胁美国吗?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中国半导体真能威胁美国吗?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1001700217\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">半导体行业观察 </p>\n<p class=\"h-time\">2020-08-03 09:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div>\n<p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><img arial=\"\" border-box=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" src=\"https://static.tigerbbs.com/e9a5928457814398b7ad8e5a518d2fd1\" visible=\"\" yahei=\"\"/></p><p arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>来源:内容<span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">编译自</span>「<span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">Forbes</span>」,谢谢。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">关于美国衰落的危言耸听的政治/经济评论中的一部分与半导体行业的状况有关。按照他们的说法,美国在这个“关键”技术领域,数字经济的基础设施领域正在失去、可能失去或已经失去领导地位,这种丧失使得美国人在生活(半导体是现在生活的基础),自由(美国在半导体领域的领导地位对美国军方的技术优势也至关重要)和幸福感(<a href=\"https://laohu8.com/S/FB\">Facebook</a>,Youtube,Instagram和Netflix全部在芯片上运行)方面遭受威胁。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">政客,新闻工作者和智囊团分析家们年复一年,十年又十年地,一次又一次地推动着这个可怕的故事。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><strong>里根时代</strong>:</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“美国半导体产业的健康与活力对美国未来的竞争力至关重要。我们不能让它受到威胁。” – 罗纳德·里根(1987)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><strong>克林顿时代</strong>:</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“美国半导体生产商的衰落……让美国在以科学为基础的工业中占主导地位的日子屈指可数……下游的电子系统工业就是第一个多米诺骨牌。” – 行业评估(1999年)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><strong>奥巴马时代</strong>:</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“半导体创新正在放缓……中国的一致推动,以由政府提供超过一千亿美元资金支持的产业政策,以有利于市场的方式重塑市场,威胁到美国工业的竞争力。” – 总统 科学顾问委员会(2016)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><strong>当今</strong>:</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">美国需要在半导体研究上进行雄心勃勃的投资……[或]冒失去创新优势和全球领先技术竞争的风险。–半导体行业协会的报告(2019年)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">以上威胁当然是来自中国。如果根据波士顿咨询集团的说法,这场比赛可能已经结束:</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“如果维持现状或中美科技产业完全脱钩,可能会对美国半导体产业产生深远的负面影响,远远超出了中国制造政策的预期影响。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">“一旦美国失去其全球领导地位,该行业良性的创新周期就会逆转方向,使美国公司陷入螺旋式下降。”</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">但事实真的是这样吗?</span></p><h2 mpa-is-content=\"t\"><span mpa-is-content=\"t\">美国的半导体霸权</span></h2><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在我看来,这个故事全错了。它基于对行业结构的粗略误解。实际上,美国在半导体业务的制高点上拥有牢牢的控制权,而半导体业务则主导着整个行业(只有一个准例外)。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">芯片制造包括几个技术过程:设计、集成电路的精密制造;和“封装”(包括将集成电路组装成耐用的“芯片”)。该行业的原始商业模式将这三个因素结合在一起。这样的公司被称为集成设备制造商(IDM)。少数公司仍采用这种模式,尤其是<a href=\"https://laohu8.com/S/INTC\">英特尔</a>,他们是整个行业的领导者(按收入)。</span></p><p><img src=\"https://static.tigerbbs.com/3927d6131f044e338ae9dca24b8afa27\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">从1980年代开始,基于这些功能的分离,出现了一种新趋势。一些被称为晶圆代工厂的公司严格把重点放在制造业务上。其他人专门从事设计,并外包给代工厂以根据他们的设计制造芯片。这些被称为“无晶圆厂”半导体公司。其他专注于封装的公司被称为外包封装和测试(OSAT)细分市场。</span></p><p><img src=\"https://static.tigerbbs.com/70b78a502eb743d49129b13d74097b1c\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">(OSAT领域的公司规模相对较小;与IDM相比,业务比较拥挤,竞争激烈,利润率低且非常周期性,定价能力较弱。第四部分是代工和IDM在制造中使用的资本设备的供应商流程,不仅利润丰厚,而且经济实力强大。它与行业中其他行业脱颖而出。)</span></p><h2 mpa-is-content=\"t\"><span mpa-is-content=\"t\">无晶圆厂与晶圆厂的对比</span></h2><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">Fabless和Foundry模型之间的差异基于惊人的IC制造经济学。一个新的IC晶圆厂的成本可能高达200亿美元,这大约是Nimitz级航空母舰的成本的两倍,是核电站的三倍成本,并且IC晶圆厂的使用寿命可能只有数年之久,所以这样做的意义是重大的,从战略角度来看,大多是负面的。因为它是一个基于规模的业务(与所有重资本支出行业一样),今天它被一家公司控制:台湾半导体制造公司(TSMC)。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">无晶圆厂模式是“资产精简”。可以这么说,他们不需要每年购买新的航空母舰。相反,他们可以投资于设计人才和功能创新。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">像英特尔这样的IDM仍会同时做这两项。但是资本支出的需求却很沉重。随着时间的流逝,许多IDM都屈从于经济逻辑,将自己分为两部分——一家无晶圆厂设计公司和一家晶圆代工厂,并各自沿着不同的道路发展。在2009年之前,<a href=\"https://laohu8.com/S/AMD\">AMD</a>一直是IDM,当时他们将自己的代工业务拆分为一家新公司Global Foundries。当时的英特尔嘲笑了分拆的想法。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在非歧视类别“半导体公司”下,这些业务模型的混乱令人惊讶地普遍。例如,《华尔街日报》最近在我重新绘制的图表中列出了“按销售额划分的顶级半导体公司”。</span></p><p><img src=\"https://static.tigerbbs.com/9c1bfa31df3249a1aa7701249040a0d6\"/></p><p><span><em><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">主要半导体公司的销售</span></em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">这是一个大杂烩。英特尔和<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>是IDM。<a href=\"https://laohu8.com/S/TSM\">台积电</a>是一家纯晶圆代工厂。<a href=\"https://laohu8.com/S/QCOM\">高通</a>公司 ,<a href=\"https://laohu8.com/S/NVDA\">英伟达</a> ,AMD是Fabless IC公司。<a href=\"https://laohu8.com/S/TXN\">德州仪器</a>的IDM是一种特殊的IDM,专注于所谓的模拟和混合信号芯片(不是大多数行业生产的数字处理器和存储芯片)。模拟芯片制造具有不同且可能更有利的经济学。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">简而言之,这些公司截然不同,成本结构也各不相同,并且投资者对它们的估值也大不相同。将它们放在一个标签下就像将福特和<a href=\"https://laohu8.com/S/GM\">通用汽车</a>分组一样,通用汽车与<a href=\"https://laohu8.com/S/HTZ\">赫兹</a>和<a href=\"https://laohu8.com/S/UBER\">优步</a>被称为“汽车公司”。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">我认为文章开头很多观点无效的第一个标志是,此处列出的14家公司中有10家是美国人。一是中国台湾人,二是韩国人。只有Hi-Silicon(无晶圆厂IC设计人员)位于中国大陆。海思是华为的全资子公司,这使它们处于我在别处讨论过的冒险的地缘政治象棋游戏的中间。华为约使用海思半导体产量的90% ,“海思半导体不是晶圆厂,也不能制造芯片,他们将其芯片外包给中国台湾的台积电和其他晶圆代工厂。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">总而言之,即使通过这种粗略的制表法,美国的立场也很牢固。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">但是,如果我们将公司划分为真实的类别,则情况可以澄清。根据所需的资本投资(不动产,厂房和设备,“资本支出”)进行比较,一方面是代工厂和IDM之间的区别,另一方面是无晶圆厂和混合信号公司之间的区别。英伟达(市值比英特尔高600亿美元)以不到25倍的资本投资创造了这一价值。</span></p><p><img src=\"https://static.tigerbbs.com/3667f9322d0343149ab9cf9a8e11d505\"/></p><p><span><em><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">主要半导体公司的净资本投资</span></em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">然后考虑公司从每一美元的资本投资中产生多少收入。</span></p><p><img src=\"https://static.tigerbbs.com/bbebc0fd751b4a7082b7bad5295a189b\"/></p><p><span><em><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">主要半导体公司每美元资本支出的美元收入</span></em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">您宁愿拥有哪个?是可以利用您的投资美元并产生75美分的销售额的公司,还是可以利用相同的美元并产生8美元的销售额的公司?</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">市场理应看到并尊重这种差异。</span></p><p><img src=\"https://static.tigerbbs.com/6b61b1e9807c439bbc99e90a52722884\"/></p><p><span><em><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">主要半导体公司的市盈率</span></em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">无晶圆厂模式所创造的股东价值是每股资产收益的2到4倍,多于资产繁重的晶圆代工厂和IDM。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">现在注意全国集群。高价值的公司(高市盈率)和高效的商业模式(每美元投资收益高的美元)都是美国公司。</span></p><h2 mpa-is-content=\"t\"><span mpa-is-content=\"t\">总结:钱才是关键</span></h2><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">让我们回顾一下:</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">首先,除了英特尔(IDM确实是一个特例,美国半导体行业实质上已经将大量资本支出的代工模式让给了一家台积电公司。(台湾的台积电是美国半导体霸主的准例外。对台积电的依赖可能会带来一定的风险,但迄今为止,这已经成功地实现了无晶圆厂与主要代工厂之间的共生。)</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">晶圆代工和IDM领域中为数不多的重要非美国公司,台积电,三星与美国市场和供应链紧密相连,并且可靠地“友好”。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">美国在无晶圆厂领域占据主导地位,并没有失去这一地位的危险。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">无晶圆厂市场是市场看到半导体真正价值的地方,市场没有错。铸造业务是商品型业务,有利于整合和规模化;在快速贬值的厂房和设备上进行大量投资并不能激发投资者的兴趣;无</span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">晶圆厂业务模式是我们与数字经济相关联的创造价值的创新的集中地。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">中国唯一的无晶圆厂生产商是Hi-Silicon,它是其一个主要客户的专属子公司。他们还没有证明自己可以在全球市场竞争。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">中国的晶圆代工企业<a href=\"https://laohu8.com/S/00981\">中芯国际</a>(SMIC)的景你用哪个一直很挣扎,并且不太可能在短期内在台湾对台积电构成大的威胁。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">简而言之,美国控制着半导体世界,并控制着技术创新的方向。中国从最底层开始,将要艰难地攀登。在21世纪的价值经济,价值累积到那些控制“无形”资产般的设计,品牌,人力资本(人才),忠诚的客户和知识产权的公司。而美国公司在经济的许多领域都领先。而不仅仅是半导体。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">我们已经弄清楚了这一点。除了受困的华为(Huawei)外,中国(半导体)仍停留在工业时代。</span></p><p><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong arial=\"\" gb=\"\" helvetica=\"\" left=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">★</span> 点击文末【阅读原文】,可查看<span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong>本文原链接</strong></span><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">。</span></strong></span></strong></strong></p><p>*免责声明:本文由作者原创。文章内容系作者个人观点,半导体行业观察转载仅为了传达一种不同的观点,不代表半导体行业观察对该观点赞同或支持,如果有任何异议,欢迎联系半导体行业观察。</p><p><strong>今天是《半导体行业观察》为您分享的第2390期内容,欢迎关注。</strong></p><p>推荐阅读</p><p><span>★</span><span>从最新财报看半导体行业现状</span></p><p><span>★</span><span>关于电源管理芯片的一些科普</span></p><p><span>★</span><span>国产芯片巨头的手机战事</span></p><p>半导体行业观察</p><p><img src=\"\"/></p><p>『<strong>半导体第一垂直媒体</strong><span>』</span></p><p><strong>实时 专业 原创 深度</strong></p><p><strong>识别二维码</strong>,回复下方关键词,阅读更多</p><p><span>EUV|蓝牙</span><span>|</span>5G|高通|英伟达|FPGA|国产芯片|晶圆代工</p><p><span>回复 <strong>投稿</strong>,看《如何成为“半导体行业观察”的一员 》</span></p><p>回复 <strong>搜索</strong>,还能轻松找到其他你感兴趣的文章!</p><p><img src=\"https://static.tigerbbs.com/380bcf3bfab947d0bac12357fd5b411c\"/></p><p>点阅读原文,可查看本文原文链接!</p>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a1a8c5698b6f32ee1637556a15bb35b","relate_stocks":{"03145":"华夏亚洲高息股","TSM":"台积电","EWT":"台湾ETF-iShares MSCI"},"source_url":"http://mp.weixin.qq.com/s?__biz=MzU3OTA0MjQ3Mg==&mid=2247547010&idx=3&sn=c65bcd6b2dc4e666aeac712f1a8b5bb3&chksm=fd6e5545ca19dc53ee0b86a9904b816f3ce92762b165693b449af5780d02a85918e20c236c54&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2056126238","content_text":"来源:内容编译自「Forbes」,谢谢。关于美国衰落的危言耸听的政治/经济评论中的一部分与半导体行业的状况有关。按照他们的说法,美国在这个“关键”技术领域,数字经济的基础设施领域正在失去、可能失去或已经失去领导地位,这种丧失使得美国人在生活(半导体是现在生活的基础),自由(美国在半导体领域的领导地位对美国军方的技术优势也至关重要)和幸福感(Facebook,Youtube,Instagram和Netflix全部在芯片上运行)方面遭受威胁。政客,新闻工作者和智囊团分析家们年复一年,十年又十年地,一次又一次地推动着这个可怕的故事。里根时代:“美国半导体产业的健康与活力对美国未来的竞争力至关重要。我们不能让它受到威胁。” – 罗纳德·里根(1987)克林顿时代:“美国半导体生产商的衰落……让美国在以科学为基础的工业中占主导地位的日子屈指可数……下游的电子系统工业就是第一个多米诺骨牌。” – 行业评估(1999年)奥巴马时代:“半导体创新正在放缓……中国的一致推动,以由政府提供超过一千亿美元资金支持的产业政策,以有利于市场的方式重塑市场,威胁到美国工业的竞争力。” – 总统 科学顾问委员会(2016)当今:美国需要在半导体研究上进行雄心勃勃的投资……[或]冒失去创新优势和全球领先技术竞争的风险。–半导体行业协会的报告(2019年)以上威胁当然是来自中国。如果根据波士顿咨询集团的说法,这场比赛可能已经结束:“如果维持现状或中美科技产业完全脱钩,可能会对美国半导体产业产生深远的负面影响,远远超出了中国制造政策的预期影响。“一旦美国失去其全球领导地位,该行业良性的创新周期就会逆转方向,使美国公司陷入螺旋式下降。”但事实真的是这样吗?美国的半导体霸权在我看来,这个故事全错了。它基于对行业结构的粗略误解。实际上,美国在半导体业务的制高点上拥有牢牢的控制权,而半导体业务则主导着整个行业(只有一个准例外)。芯片制造包括几个技术过程:设计、集成电路的精密制造;和“封装”(包括将集成电路组装成耐用的“芯片”)。该行业的原始商业模式将这三个因素结合在一起。这样的公司被称为集成设备制造商(IDM)。少数公司仍采用这种模式,尤其是英特尔,他们是整个行业的领导者(按收入)。从1980年代开始,基于这些功能的分离,出现了一种新趋势。一些被称为晶圆代工厂的公司严格把重点放在制造业务上。其他人专门从事设计,并外包给代工厂以根据他们的设计制造芯片。这些被称为“无晶圆厂”半导体公司。其他专注于封装的公司被称为外包封装和测试(OSAT)细分市场。(OSAT领域的公司规模相对较小;与IDM相比,业务比较拥挤,竞争激烈,利润率低且非常周期性,定价能力较弱。第四部分是代工和IDM在制造中使用的资本设备的供应商流程,不仅利润丰厚,而且经济实力强大。它与行业中其他行业脱颖而出。)无晶圆厂与晶圆厂的对比Fabless和Foundry模型之间的差异基于惊人的IC制造经济学。一个新的IC晶圆厂的成本可能高达200亿美元,这大约是Nimitz级航空母舰的成本的两倍,是核电站的三倍成本,并且IC晶圆厂的使用寿命可能只有数年之久,所以这样做的意义是重大的,从战略角度来看,大多是负面的。因为它是一个基于规模的业务(与所有重资本支出行业一样),今天它被一家公司控制:台湾半导体制造公司(TSMC)。无晶圆厂模式是“资产精简”。可以这么说,他们不需要每年购买新的航空母舰。相反,他们可以投资于设计人才和功能创新。像英特尔这样的IDM仍会同时做这两项。但是资本支出的需求却很沉重。随着时间的流逝,许多IDM都屈从于经济逻辑,将自己分为两部分——一家无晶圆厂设计公司和一家晶圆代工厂,并各自沿着不同的道路发展。在2009年之前,AMD一直是IDM,当时他们将自己的代工业务拆分为一家新公司Global Foundries。当时的英特尔嘲笑了分拆的想法。在非歧视类别“半导体公司”下,这些业务模型的混乱令人惊讶地普遍。例如,《华尔街日报》最近在我重新绘制的图表中列出了“按销售额划分的顶级半导体公司”。主要半导体公司的销售这是一个大杂烩。英特尔和三星是IDM。台积电是一家纯晶圆代工厂。高通公司 ,英伟达 ,AMD是Fabless IC公司。德州仪器的IDM是一种特殊的IDM,专注于所谓的模拟和混合信号芯片(不是大多数行业生产的数字处理器和存储芯片)。模拟芯片制造具有不同且可能更有利的经济学。简而言之,这些公司截然不同,成本结构也各不相同,并且投资者对它们的估值也大不相同。将它们放在一个标签下就像将福特和通用汽车分组一样,通用汽车与赫兹和优步被称为“汽车公司”。我认为文章开头很多观点无效的第一个标志是,此处列出的14家公司中有10家是美国人。一是中国台湾人,二是韩国人。只有Hi-Silicon(无晶圆厂IC设计人员)位于中国大陆。海思是华为的全资子公司,这使它们处于我在别处讨论过的冒险的地缘政治象棋游戏的中间。华为约使用海思半导体产量的90% ,“海思半导体不是晶圆厂,也不能制造芯片,他们将其芯片外包给中国台湾的台积电和其他晶圆代工厂。总而言之,即使通过这种粗略的制表法,美国的立场也很牢固。但是,如果我们将公司划分为真实的类别,则情况可以澄清。根据所需的资本投资(不动产,厂房和设备,“资本支出”)进行比较,一方面是代工厂和IDM之间的区别,另一方面是无晶圆厂和混合信号公司之间的区别。英伟达(市值比英特尔高600亿美元)以不到25倍的资本投资创造了这一价值。主要半导体公司的净资本投资然后考虑公司从每一美元的资本投资中产生多少收入。主要半导体公司每美元资本支出的美元收入您宁愿拥有哪个?是可以利用您的投资美元并产生75美分的销售额的公司,还是可以利用相同的美元并产生8美元的销售额的公司?市场理应看到并尊重这种差异。主要半导体公司的市盈率无晶圆厂模式所创造的股东价值是每股资产收益的2到4倍,多于资产繁重的晶圆代工厂和IDM。现在注意全国集群。高价值的公司(高市盈率)和高效的商业模式(每美元投资收益高的美元)都是美国公司。总结:钱才是关键让我们回顾一下:首先,除了英特尔(IDM确实是一个特例,美国半导体行业实质上已经将大量资本支出的代工模式让给了一家台积电公司。(台湾的台积电是美国半导体霸主的准例外。对台积电的依赖可能会带来一定的风险,但迄今为止,这已经成功地实现了无晶圆厂与主要代工厂之间的共生。)晶圆代工和IDM领域中为数不多的重要非美国公司,台积电,三星与美国市场和供应链紧密相连,并且可靠地“友好”。美国在无晶圆厂领域占据主导地位,并没有失去这一地位的危险。无晶圆厂市场是市场看到半导体真正价值的地方,市场没有错。铸造业务是商品型业务,有利于整合和规模化;在快速贬值的厂房和设备上进行大量投资并不能激发投资者的兴趣;无晶圆厂业务模式是我们与数字经济相关联的创造价值的创新的集中地。中国唯一的无晶圆厂生产商是Hi-Silicon,它是其一个主要客户的专属子公司。他们还没有证明自己可以在全球市场竞争。中国的晶圆代工企业中芯国际(SMIC)的景你用哪个一直很挣扎,并且不太可能在短期内在台湾对台积电构成大的威胁。简而言之,美国控制着半导体世界,并控制着技术创新的方向。中国从最底层开始,将要艰难地攀登。在21世纪的价值经济,价值累积到那些控制“无形”资产般的设计,品牌,人力资本(人才),忠诚的客户和知识产权的公司。而美国公司在经济的许多领域都领先。而不仅仅是半导体。我们已经弄清楚了这一点。除了受困的华为(Huawei)外,中国(半导体)仍停留在工业时代。★ 点击文末【阅读原文】,可查看本文原链接。*免责声明:本文由作者原创。文章内容系作者个人观点,半导体行业观察转载仅为了传达一种不同的观点,不代表半导体行业观察对该观点赞同或支持,如果有任何异议,欢迎联系半导体行业观察。今天是《半导体行业观察》为您分享的第2390期内容,欢迎关注。推荐阅读★从最新财报看半导体行业现状★关于电源管理芯片的一些科普★国产芯片巨头的手机战事半导体行业观察『半导体第一垂直媒体』实时 专业 原创 深度识别二维码,回复下方关键词,阅读更多EUV|蓝牙|5G|高通|英伟达|FPGA|国产芯片|晶圆代工回复 投稿,看《如何成为“半导体行业观察”的一员 》回复 搜索,还能轻松找到其他你感兴趣的文章!点阅读原文,可查看本文原文链接!","news_type":1},"isVote":1,"tweetType":1,"viewCount":1665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":942408312,"gmtCreate":1596185184336,"gmtModify":1704211653380,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TSM\">$台积电(TSM)$</a>不到100不卖","listText":"<a href=\"https://laohu8.com/S/TSM\">$台积电(TSM)$</a>不到100不卖","text":"$台积电(TSM)$不到100不卖","images":[{"img":"https://static.tigerbbs.com/a74fa4326646667856770572b083fd16","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/942408312","isVote":1,"tweetType":1,"viewCount":1078,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":942566437,"gmtCreate":1596168343129,"gmtModify":1704211586411,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMZN\">$亚马逊(AMZN)$</a>不错","listText":"<a href=\"https://laohu8.com/S/AMZN\">$亚马逊(AMZN)$</a>不错","text":"$亚马逊(AMZN)$不错","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/942566437","repostId":"2055404047","repostType":2,"isVote":1,"tweetType":1,"viewCount":2095,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":948807409,"gmtCreate":1595313309901,"gmtModify":1704208465887,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"这篇文章不错,转发给大家看","listText":"这篇文章不错,转发给大家看","text":"这篇文章不错,转发给大家看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/948807409","repostId":"2053478479","repostType":2,"repost":{"id":"2053478479","weMediaInfo":{"introduction":"最有深度的半导体新媒体,实讯、专业、原创、深度,30万半导体精英关注!专注观察全球半导体最新资讯、技术前沿、发展趋势。《摩尔精英》《中国集成电路》共同出品,欢迎订阅摩尔旗下公众号:摩尔精英、摩尔芯闻、摩尔App","home_visible":1,"media_name":"半导体行业观察","id":"1001700217","head_image":"https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868"},"pubTimestamp":1595295420,"share":"https://www.laohu8.com/m/news/2053478479?lang=&edition=full","pubTime":"2020-07-21 09:37","market":"sh","language":"zh","title":"半导体“老三”的喜与忧","url":"https://stock-news.laohu8.com/highlight/detail?id=2053478479","media":"半导体行业观察","summary":"在半导体这个技术高度密集的行业,大者恒大,强者愈强的规律体现得非常明显。业内常有这种说法:行业老大吃肉,次席喝汤,而第三名只能勉强维持生存。这在一定程度上体现了相关企业的生存现状,特别是在各细分领域,","content":"<html><body><div>\n<p><strong arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span><img src=\"https://static.tigerbbs.com/6a94da5c774e4c31ac32e43f7568ac55\"/></span></span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在半导体这个技术高度密集的行业,大者恒大,强者愈强的规律体现得非常明显。业内常有这种说法:行业老大吃肉,次席喝汤,而第三名只能勉强维持生存。这在一定程度上体现了相关企业的生存现状,特别是在各细分领域,以上说法还是很形象的。不过,世事无绝对,特别是对于行业排名第三的企业来说,有的勉强维持经营,甚至几乎被产业遗忘;有的则踌躇满志,受到多方关注和支持,前途光明;还有的成为了行业明星,光芒几乎盖过了前两强企业。总之,在纷繁复杂的半导体行业内,“老三”们也是有喜有忧。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">不过,总体来看,行业老大的营收规模和市占率的优势大都非常明显,排名次席的企业与老大之间的市占和营收差距非常明显,而“老三”与行业二哥之间的关系则依细分领域而各有不同。</span></p><p><img src=\"https://static.tigerbbs.com/35aa89cf2cd04ce18d47ea3775f37768\"/></p><span><strong mpa-from-tpl=\"t\"><span mpa-is-content=\"t\">“消失”的老三</span></strong></span><strong mpa-from-tpl=\"t\"><span></span></strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"></span><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在CPU领域,除了Intel、<a href=\"https://laohu8.com/S/AMD\">AMD</a>,宝岛台湾的威盛电子(VIA)也是会造x86处理器的,不知道还有多少人知道?</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">成立于1992年的威盛,经过几年的发展,于1999年收购了Cyrix(当时是国家半导体的一个部门)以及Centaur。自从收购了Cyrix之后,威盛开始涉足x86架构的CPU设计领域,先后推出了多款处理器,虽然性能无法与第一、第二名的Intel和AMD抗衡,但是其特长在于低功耗,因此得以在某些特殊领域的市场上站住脚跟。此外,威盛CPU有一个与众不同的特色,就是硬件整合了数据加密/解密的功能。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">与此同时,威盛也为Intel和AMD提供PC用芯片组,但随着市场的发展,第三方提供的芯片组逐步退出市场,这也使得威盛在CPU及相关芯片市场的存在感越来越弱。如今,其CPU市占率不足1%。只能看着“苏妈”领导下的AMD单枪匹马地对抗Intel。不过,不知道2016年以来AMD在CPU领域对Intel的强劲逆袭势头是否能带给威盛更多的信心和动力?</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在GPU芯片领域,<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和AMD已经统治多年,一个主攻高性能应用,如服务器和汽车,另一个则主攻消费类产品,以PC和游戏机为主。而自从2005年AMD收购ATI之后,市场上就再也没有出现过第三家能有一定市占率的独立GPU芯片供应商。这不禁让我们怀念起40多年前那个GPU诞生和处于生长期的时代,Intel、<a href=\"https://laohu8.com/S/IBM\">IBM</a>和TI等群雄逐鹿,你方唱罢我登场,热闹非常。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">而在半导体行业的上游,IP供应商的行业角色愈加重要,掌握标准制定权和产业上游核心资产的重要性已深入人心。而在当今的GPU IP领域,主要厂商只剩下Imagination和Arm了,几乎找不出第三家。</span></p><p><img src=\"https://static.tigerbbs.com/35aa89cf2cd04ce18d47ea3775f37768\"/></p><span><strong mpa-from-tpl=\"t\"><span mpa-is-content=\"t\">最风光的老三</span></strong></span><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">当下,无论是泛IT领域,还是半导体行业,最受瞩目、发展潜力最大、对人们的生活和工作影响最为深远的非人工智能(AI)莫属了,而谁能在AI发展初期针对该时期的应用推出适当的芯片,无疑就会有巨大的商机,而这正是英伟达最近几年在做的。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">拓墣产业研究院发布的2020年第一季度全球前十大IC设计公司榜单显示,排名第三的英伟达(NVIDIA)表现依然稳健,第一季度营收年增长率达到39.6%。</span></p><p><img src=\"https://static.tigerbbs.com/3a40c67e4a474e449a02449ce9cf58af\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><em>图片来源:拓墣产业研究院</em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达在数据中心的增长相当强劲,特别是其GPU在高性能AI计算应用方面,在当下的芯片界一枝独秀。也正是因为如此,该公司的市值在前些天一度超过了Intel,成为了全球市值排名第三的半导体企业,前两名分别是<a href=\"https://laohu8.com/S/TSM\">台积电</a>和<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">这样风光无限的第三名,在半导体发展史上也不多见,特别是对于一家IC设计企业来讲,更是如此,因为它是轻资产企业,自家没有芯片制造和封装厂,在这种情况下,市值能够超越Intel,且紧跟台积电和三星这样的资金、技术高度密集的重资产半导体企业,实属难得。记得上一次出现类似情况,还是在智能手机市场“疯狂”增长的2013年,当时,<a href=\"https://laohu8.com/S/QCOM\">高通</a>凭借其在手机基带和4G技术方面的提前布局,抓住了那一波智能手机高速发展的风口期,市值也一度超过了Intel,当时也是无限风光。</span></p><p><img src=\"https://static.tigerbbs.com/35aa89cf2cd04ce18d47ea3775f37768\"/></p><span><strong mpa-from-tpl=\"t\"><span mpa-is-content=\"t\">一路坎坷的老三</span></strong></span><strong mpa-from-tpl=\"t\"><span></span></strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"></span><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">对于晶圆代工和封装测试这种重资产领域,起步早的企业具有非常大的先发优势,台积电和日月光都是如此。而对于后来者来说,追赶起来就显得非常吃力,几乎可以肯定地讲,只要细分领域的龙头老大不犯方向性的错误,后面的二哥和老三就很难逼近甚至超过。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">而要缩短与领头羊,或是行业二哥的差距,往往就要采取一些“非常规”手段。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在全球封测业,中国台湾地区的日月光和矽品长期占据着第一和第三的位置,二哥则是美国的安靠。而中国大陆的<a href=\"https://laohu8.com/S/600584\">长电科技</a>为了提升营收规模和行业影响力,于2015年收购了新加坡的星科金朋,排名也来到了行业第三的位置。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">那之后,一度出现了“消化不良”的状况,整体规模虽然提升了,但利润水平却出现了明显下滑,经过这些年的调整和适应,长电科技与星科金朋逐步实现“化学反应”,营收和利润不断改善,2019年实现扭亏为盈,且2020年第一季度经营业绩创历史同期新高。</span></p><p><img src=\"https://static.tigerbbs.com/cefaf9365c9640d59eda5cfe37e52c08\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><em>图片来源:拓墣产业研究院</em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">从上图也可以看出,行业排名第三的长电科技,无论是市占率,还是营收的同比增长情况,都是比较健康的。在收购星科金朋四年后,该公司以行业第三的位置继续向前发起着冲击。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">作为封测业的上游,晶圆代工在全球半导体行业的地位举足轻重,甚至可以被看作为产业的核心。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">台积电一直是该细分领域的龙头老大,而二哥和老三的位置在近些年有所变化。2017年之前,行业排名第二的是格芯(GlobalFoundries),而处于下风的三星一直将台积电作为赶超目标,为此,该集团于2017年将其晶圆代工业务部门独立了出去,也正是因为如此,三星晶圆代工业务的营收计算方法出现了很大的变化(为三星自研的手机处理器代工营收归为晶圆代工业务部门),这样就使得三星晶圆代工的市占率提升了很多(目前是18.8%),远高于格芯的7.4%,因此将后者挤到了第三的位置。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">格芯自诞生之日起,一路走来,充满着坎坷。在4大纯晶圆代工厂中,GlobalFoundries的历史最短(成立于2009年),而且是脱胎于传统的IDM公司AMD,在经过了一系列的分拆、整合、并购和更名以后,才形成了今天的格芯。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">虽然有中东母公司的巨额投入,但格芯的盈利能力一直难以令人满意。2018年,该公司宣布放弃12nm以下(不包括12nm)先进制程技术的研发,将精力放在特色工艺技术研发。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">这一策略,一方面是为了避开与台积电硬碰硬式的竞争,以降低风险,提升资金利用效率,另一方面,格芯要更加大力发展特色工艺SOI。实际上,SOI虽然不是什么新的技术,但这真的是一种比较好、接地气的工艺。当下,相对于FD-SOI,RF-SOI已经取得了比较广泛的应用,特别是以手机为代表的移动通信终端的RF前端,其应用的如鱼得水。而FD-SOI发展的相对较慢,其可以说是与体硅的逻辑工艺并驾齐驱的竞争技术,最大的特色就是漏电少,低功耗。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">而今的晶圆代工行业老三正处在大调整时期,在市占率方面,要想追赶前面的两家,难于登天,与此同时,身后的<a href=\"https://laohu8.com/S/UMC\">联电</a>和<a href=\"https://laohu8.com/S/688981\">中芯国际</a>对其位置也虎视眈眈,而且,相对于格芯追赶前两名的难度来说,联电和<a href=\"https://laohu8.com/S/00981\">中芯国际</a>追赶格芯的难度要小得多,它们三家的市占率差距不是很大,联电为7.3%,排名第五的中芯国际市占率为4.8%。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">最近,中芯国际登陆科创板,其市值一度超过了6000亿元,这极大地提升了其在A股市场的融资能力,对于资本高度密集的晶圆代工厂商来说,有足够和持续的资金供应是至关重要的,而科创板和“大基金”会给它巨大的支持。也因为如此,越来越多的人对于中芯国际进一步提升营收和市占率充满信心。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">招商电子日前发表了研究报告,表达了对中芯国际的看好,认为该公司现在的研发强度及资本开支都要高于行业平均水平,到2021年,有可能接近或超越没有10nm及更先进制程的联电和格芯,从而来到行业第三的位置。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">中芯国际已经量产了14nm芯片,12nm也已经导入客户验证,而且还在研究N+1、N+2代工艺,虽然官方一直不肯明确这两代工艺到底是什么节点的,不过,据业界分析,N+1大概是8nm制程,而n+2则接近7nm工艺。不过,这些只是猜测,准确信息还要以中芯国际的官方公告为准。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">当然,在2021年就能来到行业第三的位置是我们美好的愿望,但要实现起来,难度非常大,特别是在晶圆代工这个技术壁垒高起的细分领域,短时间内赶超前者非常困难。</span></p><p><img src=\"https://static.tigerbbs.com/35aa89cf2cd04ce18d47ea3775f37768\"/></p><span><strong mpa-from-tpl=\"t\"><span mpa-is-content=\"t\">结语</span></strong></span><strong mpa-from-tpl=\"t\"><span></span></strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"></span><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">可见,在半导体行业,要坐到、坐稳各细分领域老三的位置,也不是一件容易的事情。</span></p><p>*免责声明:本文由作者原创。文章内容系作者个人观点,半导体行业观察转载仅为了传达一种不同的观点,不代表半导体行业观察对该观点赞同或支持,如果有任何异议,欢迎联系半导体行业观察。</p><p><strong>今天是《半导体行业观察》为您分享的第2377期内容,欢迎关注。</strong></p><p>推荐阅读</p><p><span>★</span><span>摩尔定律的突围</span></p><p><span>★</span><span>模拟芯片江湖</span></p><p><span>★</span><span>台积电登顶背后的三大关键</span></p><p>半导体行业观察</p><p><img src=\"https://static.tigerbbs.com/2a9bc4005e914a208bf2475f756420c8\"/></p><p>『<strong>半导体第一垂直媒体</strong><span>』</span></p><p><strong>实时 专业 原创 深度</strong></p><p><strong>识别二维码</strong>,回复下方关键词,阅读更多</p><p><span>台积电|CMOS|模拟芯片</span><span>|晶圆</span><span>|</span>TWS<span>|</span>5G|功率半导体|射频</p><p><span>回复 <strong>投稿</strong>,看《如何成为“半导体行业观察”的一员 》</span></p><p>回复 <strong>搜索</strong>,还能轻松找到其他你感兴趣的文章!</p><p><img src=\"https://static.tigerbbs.com/3fdd5180f53f45bf8a80a90c49bb6995\"/></p>\n</div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>半导体“老三”的喜与忧</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n半导体“老三”的喜与忧\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1001700217\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">半导体行业观察 </p>\n<p class=\"h-time\">2020-07-21 09:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div>\n<p><strong arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" normal=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><span><img src=\"https://static.tigerbbs.com/6a94da5c774e4c31ac32e43f7568ac55\"/></span></span></strong></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在半导体这个技术高度密集的行业,大者恒大,强者愈强的规律体现得非常明显。业内常有这种说法:行业老大吃肉,次席喝汤,而第三名只能勉强维持生存。这在一定程度上体现了相关企业的生存现状,特别是在各细分领域,以上说法还是很形象的。不过,世事无绝对,特别是对于行业排名第三的企业来说,有的勉强维持经营,甚至几乎被产业遗忘;有的则踌躇满志,受到多方关注和支持,前途光明;还有的成为了行业明星,光芒几乎盖过了前两强企业。总之,在纷繁复杂的半导体行业内,“老三”们也是有喜有忧。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">不过,总体来看,行业老大的营收规模和市占率的优势大都非常明显,排名次席的企业与老大之间的市占和营收差距非常明显,而“老三”与行业二哥之间的关系则依细分领域而各有不同。</span></p><p><img src=\"https://static.tigerbbs.com/35aa89cf2cd04ce18d47ea3775f37768\"/></p><span><strong mpa-from-tpl=\"t\"><span mpa-is-content=\"t\">“消失”的老三</span></strong></span><strong mpa-from-tpl=\"t\"><span></span></strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"></span><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在CPU领域,除了Intel、<a href=\"https://laohu8.com/S/AMD\">AMD</a>,宝岛台湾的威盛电子(VIA)也是会造x86处理器的,不知道还有多少人知道?</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">成立于1992年的威盛,经过几年的发展,于1999年收购了Cyrix(当时是国家半导体的一个部门)以及Centaur。自从收购了Cyrix之后,威盛开始涉足x86架构的CPU设计领域,先后推出了多款处理器,虽然性能无法与第一、第二名的Intel和AMD抗衡,但是其特长在于低功耗,因此得以在某些特殊领域的市场上站住脚跟。此外,威盛CPU有一个与众不同的特色,就是硬件整合了数据加密/解密的功能。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">与此同时,威盛也为Intel和AMD提供PC用芯片组,但随着市场的发展,第三方提供的芯片组逐步退出市场,这也使得威盛在CPU及相关芯片市场的存在感越来越弱。如今,其CPU市占率不足1%。只能看着“苏妈”领导下的AMD单枪匹马地对抗Intel。不过,不知道2016年以来AMD在CPU领域对Intel的强劲逆袭势头是否能带给威盛更多的信心和动力?</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在GPU芯片领域,<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和AMD已经统治多年,一个主攻高性能应用,如服务器和汽车,另一个则主攻消费类产品,以PC和游戏机为主。而自从2005年AMD收购ATI之后,市场上就再也没有出现过第三家能有一定市占率的独立GPU芯片供应商。这不禁让我们怀念起40多年前那个GPU诞生和处于生长期的时代,Intel、<a href=\"https://laohu8.com/S/IBM\">IBM</a>和TI等群雄逐鹿,你方唱罢我登场,热闹非常。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">而在半导体行业的上游,IP供应商的行业角色愈加重要,掌握标准制定权和产业上游核心资产的重要性已深入人心。而在当今的GPU IP领域,主要厂商只剩下Imagination和Arm了,几乎找不出第三家。</span></p><p><img src=\"https://static.tigerbbs.com/35aa89cf2cd04ce18d47ea3775f37768\"/></p><span><strong mpa-from-tpl=\"t\"><span mpa-is-content=\"t\">最风光的老三</span></strong></span><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">当下,无论是泛IT领域,还是半导体行业,最受瞩目、发展潜力最大、对人们的生活和工作影响最为深远的非人工智能(AI)莫属了,而谁能在AI发展初期针对该时期的应用推出适当的芯片,无疑就会有巨大的商机,而这正是英伟达最近几年在做的。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">拓墣产业研究院发布的2020年第一季度全球前十大IC设计公司榜单显示,排名第三的英伟达(NVIDIA)表现依然稳健,第一季度营收年增长率达到39.6%。</span></p><p><img src=\"https://static.tigerbbs.com/3a40c67e4a474e449a02449ce9cf58af\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><em>图片来源:拓墣产业研究院</em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">英伟达在数据中心的增长相当强劲,特别是其GPU在高性能AI计算应用方面,在当下的芯片界一枝独秀。也正是因为如此,该公司的市值在前些天一度超过了Intel,成为了全球市值排名第三的半导体企业,前两名分别是<a href=\"https://laohu8.com/S/TSM\">台积电</a>和<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">这样风光无限的第三名,在半导体发展史上也不多见,特别是对于一家IC设计企业来讲,更是如此,因为它是轻资产企业,自家没有芯片制造和封装厂,在这种情况下,市值能够超越Intel,且紧跟台积电和三星这样的资金、技术高度密集的重资产半导体企业,实属难得。记得上一次出现类似情况,还是在智能手机市场“疯狂”增长的2013年,当时,<a href=\"https://laohu8.com/S/QCOM\">高通</a>凭借其在手机基带和4G技术方面的提前布局,抓住了那一波智能手机高速发展的风口期,市值也一度超过了Intel,当时也是无限风光。</span></p><p><img src=\"https://static.tigerbbs.com/35aa89cf2cd04ce18d47ea3775f37768\"/></p><span><strong mpa-from-tpl=\"t\"><span mpa-is-content=\"t\">一路坎坷的老三</span></strong></span><strong mpa-from-tpl=\"t\"><span></span></strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"></span><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">对于晶圆代工和封装测试这种重资产领域,起步早的企业具有非常大的先发优势,台积电和日月光都是如此。而对于后来者来说,追赶起来就显得非常吃力,几乎可以肯定地讲,只要细分领域的龙头老大不犯方向性的错误,后面的二哥和老三就很难逼近甚至超过。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">而要缩短与领头羊,或是行业二哥的差距,往往就要采取一些“非常规”手段。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">在全球封测业,中国台湾地区的日月光和矽品长期占据着第一和第三的位置,二哥则是美国的安靠。而中国大陆的<a href=\"https://laohu8.com/S/600584\">长电科技</a>为了提升营收规模和行业影响力,于2015年收购了新加坡的星科金朋,排名也来到了行业第三的位置。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">那之后,一度出现了“消化不良”的状况,整体规模虽然提升了,但利润水平却出现了明显下滑,经过这些年的调整和适应,长电科技与星科金朋逐步实现“化学反应”,营收和利润不断改善,2019年实现扭亏为盈,且2020年第一季度经营业绩创历史同期新高。</span></p><p><img src=\"https://static.tigerbbs.com/cefaf9365c9640d59eda5cfe37e52c08\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"><em>图片来源:拓墣产业研究院</em></span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">从上图也可以看出,行业排名第三的长电科技,无论是市占率,还是营收的同比增长情况,都是比较健康的。在收购星科金朋四年后,该公司以行业第三的位置继续向前发起着冲击。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">作为封测业的上游,晶圆代工在全球半导体行业的地位举足轻重,甚至可以被看作为产业的核心。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">台积电一直是该细分领域的龙头老大,而二哥和老三的位置在近些年有所变化。2017年之前,行业排名第二的是格芯(GlobalFoundries),而处于下风的三星一直将台积电作为赶超目标,为此,该集团于2017年将其晶圆代工业务部门独立了出去,也正是因为如此,三星晶圆代工业务的营收计算方法出现了很大的变化(为三星自研的手机处理器代工营收归为晶圆代工业务部门),这样就使得三星晶圆代工的市占率提升了很多(目前是18.8%),远高于格芯的7.4%,因此将后者挤到了第三的位置。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">格芯自诞生之日起,一路走来,充满着坎坷。在4大纯晶圆代工厂中,GlobalFoundries的历史最短(成立于2009年),而且是脱胎于传统的IDM公司AMD,在经过了一系列的分拆、整合、并购和更名以后,才形成了今天的格芯。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">虽然有中东母公司的巨额投入,但格芯的盈利能力一直难以令人满意。2018年,该公司宣布放弃12nm以下(不包括12nm)先进制程技术的研发,将精力放在特色工艺技术研发。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">这一策略,一方面是为了避开与台积电硬碰硬式的竞争,以降低风险,提升资金利用效率,另一方面,格芯要更加大力发展特色工艺SOI。实际上,SOI虽然不是什么新的技术,但这真的是一种比较好、接地气的工艺。当下,相对于FD-SOI,RF-SOI已经取得了比较广泛的应用,特别是以手机为代表的移动通信终端的RF前端,其应用的如鱼得水。而FD-SOI发展的相对较慢,其可以说是与体硅的逻辑工艺并驾齐驱的竞争技术,最大的特色就是漏电少,低功耗。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">而今的晶圆代工行业老三正处在大调整时期,在市占率方面,要想追赶前面的两家,难于登天,与此同时,身后的<a href=\"https://laohu8.com/S/UMC\">联电</a>和<a href=\"https://laohu8.com/S/688981\">中芯国际</a>对其位置也虎视眈眈,而且,相对于格芯追赶前两名的难度来说,联电和<a href=\"https://laohu8.com/S/00981\">中芯国际</a>追赶格芯的难度要小得多,它们三家的市占率差距不是很大,联电为7.3%,排名第五的中芯国际市占率为4.8%。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">最近,中芯国际登陆科创板,其市值一度超过了6000亿元,这极大地提升了其在A股市场的融资能力,对于资本高度密集的晶圆代工厂商来说,有足够和持续的资金供应是至关重要的,而科创板和“大基金”会给它巨大的支持。也因为如此,越来越多的人对于中芯国际进一步提升营收和市占率充满信心。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">招商电子日前发表了研究报告,表达了对中芯国际的看好,认为该公司现在的研发强度及资本开支都要高于行业平均水平,到2021年,有可能接近或超越没有10nm及更先进制程的联电和格芯,从而来到行业第三的位置。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">中芯国际已经量产了14nm芯片,12nm也已经导入客户验证,而且还在研究N+1、N+2代工艺,虽然官方一直不肯明确这两代工艺到底是什么节点的,不过,据业界分析,N+1大概是8nm制程,而n+2则接近7nm工艺。不过,这些只是猜测,准确信息还要以中芯国际的官方公告为准。</span></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">当然,在2021年就能来到行业第三的位置是我们美好的愿望,但要实现起来,难度非常大,特别是在晶圆代工这个技术壁垒高起的细分领域,短时间内赶超前者非常困难。</span></p><p><img src=\"https://static.tigerbbs.com/35aa89cf2cd04ce18d47ea3775f37768\"/></p><span><strong mpa-from-tpl=\"t\"><span mpa-is-content=\"t\">结语</span></strong></span><strong mpa-from-tpl=\"t\"><span></span></strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\"></span><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">可见,在半导体行业,要坐到、坐稳各细分领域老三的位置,也不是一件容易的事情。</span></p><p>*免责声明:本文由作者原创。文章内容系作者个人观点,半导体行业观察转载仅为了传达一种不同的观点,不代表半导体行业观察对该观点赞同或支持,如果有任何异议,欢迎联系半导体行业观察。</p><p><strong>今天是《半导体行业观察》为您分享的第2377期内容,欢迎关注。</strong></p><p>推荐阅读</p><p><span>★</span><span>摩尔定律的突围</span></p><p><span>★</span><span>模拟芯片江湖</span></p><p><span>★</span><span>台积电登顶背后的三大关键</span></p><p>半导体行业观察</p><p><img src=\"https://static.tigerbbs.com/2a9bc4005e914a208bf2475f756420c8\"/></p><p>『<strong>半导体第一垂直媒体</strong><span>』</span></p><p><strong>实时 专业 原创 深度</strong></p><p><strong>识别二维码</strong>,回复下方关键词,阅读更多</p><p><span>台积电|CMOS|模拟芯片</span><span>|晶圆</span><span>|</span>TWS<span>|</span>5G|功率半导体|射频</p><p><span>回复 <strong>投稿</strong>,看《如何成为“半导体行业观察”的一员 》</span></p><p>回复 <strong>搜索</strong>,还能轻松找到其他你感兴趣的文章!</p><p><img src=\"https://static.tigerbbs.com/3fdd5180f53f45bf8a80a90c49bb6995\"/></p>\n</div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8a1a8c5698b6f32ee1637556a15bb35b","relate_stocks":{"03086":"华夏纳指","TSM":"台积电","00981":"中芯国际","03145":"华夏亚洲高息股","EWT":"台湾ETF-iShares MSCI","AMD":"美国超微公司","09086":"华夏纳指-U","INTC":"英特尔"},"source_url":"http://mp.weixin.qq.com/s?__biz=MzU3OTA0MjQ3Mg==&mid=2247545611&idx=1&sn=6e34d5f11bad7aac98d4036c86857834&chksm=fd6e5eccca19d7da63f6a752b6240ed8ce511b74e1ec260d6de2c12c48475047aadbeb2961a7&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2053478479","content_text":"在半导体这个技术高度密集的行业,大者恒大,强者愈强的规律体现得非常明显。业内常有这种说法:行业老大吃肉,次席喝汤,而第三名只能勉强维持生存。这在一定程度上体现了相关企业的生存现状,特别是在各细分领域,以上说法还是很形象的。不过,世事无绝对,特别是对于行业排名第三的企业来说,有的勉强维持经营,甚至几乎被产业遗忘;有的则踌躇满志,受到多方关注和支持,前途光明;还有的成为了行业明星,光芒几乎盖过了前两强企业。总之,在纷繁复杂的半导体行业内,“老三”们也是有喜有忧。不过,总体来看,行业老大的营收规模和市占率的优势大都非常明显,排名次席的企业与老大之间的市占和营收差距非常明显,而“老三”与行业二哥之间的关系则依细分领域而各有不同。“消失”的老三在CPU领域,除了Intel、AMD,宝岛台湾的威盛电子(VIA)也是会造x86处理器的,不知道还有多少人知道?成立于1992年的威盛,经过几年的发展,于1999年收购了Cyrix(当时是国家半导体的一个部门)以及Centaur。自从收购了Cyrix之后,威盛开始涉足x86架构的CPU设计领域,先后推出了多款处理器,虽然性能无法与第一、第二名的Intel和AMD抗衡,但是其特长在于低功耗,因此得以在某些特殊领域的市场上站住脚跟。此外,威盛CPU有一个与众不同的特色,就是硬件整合了数据加密/解密的功能。与此同时,威盛也为Intel和AMD提供PC用芯片组,但随着市场的发展,第三方提供的芯片组逐步退出市场,这也使得威盛在CPU及相关芯片市场的存在感越来越弱。如今,其CPU市占率不足1%。只能看着“苏妈”领导下的AMD单枪匹马地对抗Intel。不过,不知道2016年以来AMD在CPU领域对Intel的强劲逆袭势头是否能带给威盛更多的信心和动力?在GPU芯片领域,英伟达和AMD已经统治多年,一个主攻高性能应用,如服务器和汽车,另一个则主攻消费类产品,以PC和游戏机为主。而自从2005年AMD收购ATI之后,市场上就再也没有出现过第三家能有一定市占率的独立GPU芯片供应商。这不禁让我们怀念起40多年前那个GPU诞生和处于生长期的时代,Intel、IBM和TI等群雄逐鹿,你方唱罢我登场,热闹非常。而在半导体行业的上游,IP供应商的行业角色愈加重要,掌握标准制定权和产业上游核心资产的重要性已深入人心。而在当今的GPU IP领域,主要厂商只剩下Imagination和Arm了,几乎找不出第三家。最风光的老三当下,无论是泛IT领域,还是半导体行业,最受瞩目、发展潜力最大、对人们的生活和工作影响最为深远的非人工智能(AI)莫属了,而谁能在AI发展初期针对该时期的应用推出适当的芯片,无疑就会有巨大的商机,而这正是英伟达最近几年在做的。拓墣产业研究院发布的2020年第一季度全球前十大IC设计公司榜单显示,排名第三的英伟达(NVIDIA)表现依然稳健,第一季度营收年增长率达到39.6%。图片来源:拓墣产业研究院英伟达在数据中心的增长相当强劲,特别是其GPU在高性能AI计算应用方面,在当下的芯片界一枝独秀。也正是因为如此,该公司的市值在前些天一度超过了Intel,成为了全球市值排名第三的半导体企业,前两名分别是台积电和三星。这样风光无限的第三名,在半导体发展史上也不多见,特别是对于一家IC设计企业来讲,更是如此,因为它是轻资产企业,自家没有芯片制造和封装厂,在这种情况下,市值能够超越Intel,且紧跟台积电和三星这样的资金、技术高度密集的重资产半导体企业,实属难得。记得上一次出现类似情况,还是在智能手机市场“疯狂”增长的2013年,当时,高通凭借其在手机基带和4G技术方面的提前布局,抓住了那一波智能手机高速发展的风口期,市值也一度超过了Intel,当时也是无限风光。一路坎坷的老三对于晶圆代工和封装测试这种重资产领域,起步早的企业具有非常大的先发优势,台积电和日月光都是如此。而对于后来者来说,追赶起来就显得非常吃力,几乎可以肯定地讲,只要细分领域的龙头老大不犯方向性的错误,后面的二哥和老三就很难逼近甚至超过。而要缩短与领头羊,或是行业二哥的差距,往往就要采取一些“非常规”手段。在全球封测业,中国台湾地区的日月光和矽品长期占据着第一和第三的位置,二哥则是美国的安靠。而中国大陆的长电科技为了提升营收规模和行业影响力,于2015年收购了新加坡的星科金朋,排名也来到了行业第三的位置。那之后,一度出现了“消化不良”的状况,整体规模虽然提升了,但利润水平却出现了明显下滑,经过这些年的调整和适应,长电科技与星科金朋逐步实现“化学反应”,营收和利润不断改善,2019年实现扭亏为盈,且2020年第一季度经营业绩创历史同期新高。图片来源:拓墣产业研究院从上图也可以看出,行业排名第三的长电科技,无论是市占率,还是营收的同比增长情况,都是比较健康的。在收购星科金朋四年后,该公司以行业第三的位置继续向前发起着冲击。作为封测业的上游,晶圆代工在全球半导体行业的地位举足轻重,甚至可以被看作为产业的核心。台积电一直是该细分领域的龙头老大,而二哥和老三的位置在近些年有所变化。2017年之前,行业排名第二的是格芯(GlobalFoundries),而处于下风的三星一直将台积电作为赶超目标,为此,该集团于2017年将其晶圆代工业务部门独立了出去,也正是因为如此,三星晶圆代工业务的营收计算方法出现了很大的变化(为三星自研的手机处理器代工营收归为晶圆代工业务部门),这样就使得三星晶圆代工的市占率提升了很多(目前是18.8%),远高于格芯的7.4%,因此将后者挤到了第三的位置。格芯自诞生之日起,一路走来,充满着坎坷。在4大纯晶圆代工厂中,GlobalFoundries的历史最短(成立于2009年),而且是脱胎于传统的IDM公司AMD,在经过了一系列的分拆、整合、并购和更名以后,才形成了今天的格芯。虽然有中东母公司的巨额投入,但格芯的盈利能力一直难以令人满意。2018年,该公司宣布放弃12nm以下(不包括12nm)先进制程技术的研发,将精力放在特色工艺技术研发。这一策略,一方面是为了避开与台积电硬碰硬式的竞争,以降低风险,提升资金利用效率,另一方面,格芯要更加大力发展特色工艺SOI。实际上,SOI虽然不是什么新的技术,但这真的是一种比较好、接地气的工艺。当下,相对于FD-SOI,RF-SOI已经取得了比较广泛的应用,特别是以手机为代表的移动通信终端的RF前端,其应用的如鱼得水。而FD-SOI发展的相对较慢,其可以说是与体硅的逻辑工艺并驾齐驱的竞争技术,最大的特色就是漏电少,低功耗。而今的晶圆代工行业老三正处在大调整时期,在市占率方面,要想追赶前面的两家,难于登天,与此同时,身后的联电和中芯国际对其位置也虎视眈眈,而且,相对于格芯追赶前两名的难度来说,联电和中芯国际追赶格芯的难度要小得多,它们三家的市占率差距不是很大,联电为7.3%,排名第五的中芯国际市占率为4.8%。最近,中芯国际登陆科创板,其市值一度超过了6000亿元,这极大地提升了其在A股市场的融资能力,对于资本高度密集的晶圆代工厂商来说,有足够和持续的资金供应是至关重要的,而科创板和“大基金”会给它巨大的支持。也因为如此,越来越多的人对于中芯国际进一步提升营收和市占率充满信心。招商电子日前发表了研究报告,表达了对中芯国际的看好,认为该公司现在的研发强度及资本开支都要高于行业平均水平,到2021年,有可能接近或超越没有10nm及更先进制程的联电和格芯,从而来到行业第三的位置。中芯国际已经量产了14nm芯片,12nm也已经导入客户验证,而且还在研究N+1、N+2代工艺,虽然官方一直不肯明确这两代工艺到底是什么节点的,不过,据业界分析,N+1大概是8nm制程,而n+2则接近7nm工艺。不过,这些只是猜测,准确信息还要以中芯国际的官方公告为准。当然,在2021年就能来到行业第三的位置是我们美好的愿望,但要实现起来,难度非常大,特别是在晶圆代工这个技术壁垒高起的细分领域,短时间内赶超前者非常困难。结语可见,在半导体行业,要坐到、坐稳各细分领域老三的位置,也不是一件容易的事情。*免责声明:本文由作者原创。文章内容系作者个人观点,半导体行业观察转载仅为了传达一种不同的观点,不代表半导体行业观察对该观点赞同或支持,如果有任何异议,欢迎联系半导体行业观察。今天是《半导体行业观察》为您分享的第2377期内容,欢迎关注。推荐阅读★摩尔定律的突围★模拟芯片江湖★台积电登顶背后的三大关键半导体行业观察『半导体第一垂直媒体』实时 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没了张屠户,就吃不了带毛猪? 作者:蜀山熊猫 来源:真视界 这些天看了不少讲国内EDA情况的帖子,有客观的也有极其离谱的,作为一名从业十余年的芯片设计工程师,我以一线从业者的角度来谈谈我们在实际工作中的EDA软件使用情况究竟是怎样的吧。 先回答个很常见的问题:没有了美国的EDA,我们是不是芯片都不能做了?这也是促成我写这篇文章的因素之一吧。 我的简要回答是:180nm/350nm以上的部分老工艺线是可以用破解版或国产替代版继续做的,但深亚微米级130nm/90nm开始就很难离得开正版授权了,越往下越难,到了22nm以下,就完全不可能了。 和大家熟知的office, autocad等工具类软件不一样,这种软件很纯粹,脱机都可以用,完了打印出来就可以;芯片EDA工具软件的最大特点是它与芯片代工厂具有高度的绑定关系,因为我们设计时,是需要代工厂提供数据包的,称之为PDK,包含了诸如晶体管,MOS管,电阻电容等基础器件或反向器,与非门,或非门,锁存器,寄存器等逻辑单元的基本特征信息,这个数据包会不断优化,更新频繁,同时对EDA软件有绑定及校验的作用,一般只支持当前最新版的工具。 没软件,哥用手画不一样吗? 当年原子弹氢弹就是手算的呀。。 好的,首先我必须要讲明白为啥必须要使用自动化设计软件(EDA),否则我后面都是白说, 这部分懂的同学请直接往后拉,从第二部分开始看。文章有点长,受不了的请直接看第四段。 文章分五个部分: 一、为什么要用EDA; 二、EDA圈子的那些事; 三、不得不提的IP; 四、破局。 01 为什么要用EDA? EDA,Electronic design automation,中文叫电子设计自动化。 最早的集成电路是用手工做的,因为就几个管子,前端可以手工完成其功能的计算,后端版图就根据电路图","listText":" 没了张屠户,就吃不了带毛猪? 作者:蜀山熊猫 来源:真视界 这些天看了不少讲国内EDA情况的帖子,有客观的也有极其离谱的,作为一名从业十余年的芯片设计工程师,我以一线从业者的角度来谈谈我们在实际工作中的EDA软件使用情况究竟是怎样的吧。 先回答个很常见的问题:没有了美国的EDA,我们是不是芯片都不能做了?这也是促成我写这篇文章的因素之一吧。 我的简要回答是:180nm/350nm以上的部分老工艺线是可以用破解版或国产替代版继续做的,但深亚微米级130nm/90nm开始就很难离得开正版授权了,越往下越难,到了22nm以下,就完全不可能了。 和大家熟知的office, autocad等工具类软件不一样,这种软件很纯粹,脱机都可以用,完了打印出来就可以;芯片EDA工具软件的最大特点是它与芯片代工厂具有高度的绑定关系,因为我们设计时,是需要代工厂提供数据包的,称之为PDK,包含了诸如晶体管,MOS管,电阻电容等基础器件或反向器,与非门,或非门,锁存器,寄存器等逻辑单元的基本特征信息,这个数据包会不断优化,更新频繁,同时对EDA软件有绑定及校验的作用,一般只支持当前最新版的工具。 没软件,哥用手画不一样吗? 当年原子弹氢弹就是手算的呀。。 好的,首先我必须要讲明白为啥必须要使用自动化设计软件(EDA),否则我后面都是白说, 这部分懂的同学请直接往后拉,从第二部分开始看。文章有点长,受不了的请直接看第四段。 文章分五个部分: 一、为什么要用EDA; 二、EDA圈子的那些事; 三、不得不提的IP; 四、破局。 01 为什么要用EDA? EDA,Electronic design automation,中文叫电子设计自动化。 最早的集成电路是用手工做的,因为就几个管子,前端可以手工完成其功能的计算,后端版图就根据电路图","text":"没了张屠户,就吃不了带毛猪? 作者:蜀山熊猫 来源:真视界 这些天看了不少讲国内EDA情况的帖子,有客观的也有极其离谱的,作为一名从业十余年的芯片设计工程师,我以一线从业者的角度来谈谈我们在实际工作中的EDA软件使用情况究竟是怎样的吧。 先回答个很常见的问题:没有了美国的EDA,我们是不是芯片都不能做了?这也是促成我写这篇文章的因素之一吧。 我的简要回答是:180nm/350nm以上的部分老工艺线是可以用破解版或国产替代版继续做的,但深亚微米级130nm/90nm开始就很难离得开正版授权了,越往下越难,到了22nm以下,就完全不可能了。 和大家熟知的office, autocad等工具类软件不一样,这种软件很纯粹,脱机都可以用,完了打印出来就可以;芯片EDA工具软件的最大特点是它与芯片代工厂具有高度的绑定关系,因为我们设计时,是需要代工厂提供数据包的,称之为PDK,包含了诸如晶体管,MOS管,电阻电容等基础器件或反向器,与非门,或非门,锁存器,寄存器等逻辑单元的基本特征信息,这个数据包会不断优化,更新频繁,同时对EDA软件有绑定及校验的作用,一般只支持当前最新版的工具。 没软件,哥用手画不一样吗? 当年原子弹氢弹就是手算的呀。。 好的,首先我必须要讲明白为啥必须要使用自动化设计软件(EDA),否则我后面都是白说, 这部分懂的同学请直接往后拉,从第二部分开始看。文章有点长,受不了的请直接看第四段。 文章分五个部分: 一、为什么要用EDA; 二、EDA圈子的那些事; 三、不得不提的IP; 四、破局。 01 为什么要用EDA? EDA,Electronic design automation,中文叫电子设计自动化。 最早的集成电路是用手工做的,因为就几个管子,前端可以手工完成其功能的计算,后端版图就根据电路图","images":[{"img":"https://static.tigerbbs.com/39bcee05fd25486692ac15321f101389","width":"750","height":"70"},{"img":"https://static.tigerbbs.com/84dd722a55354cdfa8f64ab803730012","width":"331","height":"545"},{"img":"https://static.tigerbbs.com/018228a5d62942ccbd597ff3a03c9e43","width":"640","height":"386"}],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/953666145","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":14,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2008,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":943620871,"gmtCreate":1594617337293,"gmtModify":1704205953079,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/00981\">$中芯国际(00981)$</a>不上80不卖","listText":"<a href=\"https://laohu8.com/S/00981\">$中芯国际(00981)$</a>不上80不卖","text":"$中芯国际(00981)$不上80不卖","images":[{"img":"https://static.tigerbbs.com/ee322274dfa62c85b0cbba4f06801751","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/943620871","isVote":1,"tweetType":1,"viewCount":2136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":943970916,"gmtCreate":1594380773435,"gmtModify":1704205459539,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>设定了14元卖出,删掉软件了,到了14元,虎友们通知一声","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>设定了14元卖出,删掉软件了,到了14元,虎友们通知一声","text":"$老虎证券(TIGR)$设定了14元卖出,删掉软件了,到了14元,虎友们通知一声","images":[{"img":"https://static.tigerbbs.com/614c3aa50e08a2f977b2492f07909b62","width":"1080","height":"2244"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":8,"repostSize":1,"link":"https://laohu8.com/post/943970916","isVote":1,"tweetType":1,"viewCount":8403,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":949663803,"gmtCreate":1594221370002,"gmtModify":1704204589558,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>不到13元不卖","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>不到13元不卖","text":"$老虎证券(TIGR)$不到13元不卖","images":[{"img":"https://static.tigerbbs.com/41470ec5aa1ef68be183a74df8062e4b","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/949663803","isVote":1,"tweetType":1,"viewCount":5063,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":940403584,"gmtCreate":1594032921648,"gmtModify":1704203567489,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/API\">$声网(API)$</a>我开始膨胀了","listText":"<a href=\"https://laohu8.com/S/API\">$声网(API)$</a>我开始膨胀了","text":"$声网(API)$我开始膨胀了","images":[{"img":"https://static.tigerbbs.com/21b9b7bc0582d2a0746e947639375f66","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/940403584","isVote":1,"tweetType":1,"viewCount":2475,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3439170125685298","authorId":"3439170125685298","name":"我天泽","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0},"content":"准备换车了? 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\n \n 【一个视频带你了解芯片制造过程以及它的工作原理,涨姿势了!】通过将近5000道工序,把数亿个晶体管,在一片只有指甲盖大小的硅晶片上制造出来,还要进行复杂的逻辑设计,建造难度相当于在一个几厘米见方的小地方建造一座千万级规模的超级城市[眼眼] <a href=\"https://laohu8.com/S/TSM\">$台积电(TSM)$</a> <a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$</a> <a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>\n \n","listText":"【一个视频带你了解芯片制造过程以及它的工作原理,涨姿势了!】通过将近5000道工序,把数亿个晶体管,在一片只有指甲盖大小的硅晶片上制造出来,还要进行复杂的逻辑设计,建造难度相当于在一个几厘米见方的小地方建造一座千万级规模的超级城市[眼眼] <a href=\"https://laohu8.com/S/TSM\">$台积电(TSM)$</a> <a href=\"https://laohu8.com/S/MU\">$美光科技(MU)$</a> <a href=\"https://laohu8.com/S/INTC\">$英特尔(INTC)$</a>","text":"【一个视频带你了解芯片制造过程以及它的工作原理,涨姿势了!】通过将近5000道工序,把数亿个晶体管,在一片只有指甲盖大小的硅晶片上制造出来,还要进行复杂的逻辑设计,建造难度相当于在一个几厘米见方的小地方建造一座千万级规模的超级城市[眼眼] $台积电(TSM)$ $美光科技(MU)$ 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参与方式很简单,欢迎小虎们来玩儿~ 第一步,点击链接:<a href=\"https://r.tigerbbs.com/lrcw\" target=\"_blank\">看看我的六年成长记录</a>, 第二步,截图你和老虎相识的日期或者你来到老虎多少天了~ 第三步,在本帖留言,或者发帖关联“晒晒我的成长记录”主题,suosuo你的故事~ 如果你愿意多聊聊,也有机会获得银币,以及罗杰斯同款大虎,标题最好包含“我的成长记录”,内容可包含你的成长记录,以及你对生活、投资、健康、工作等各方面的领悟。(字数大于200字容易获奖哦) 友情提示:篇幅长的虎友可以在发帖时选择“写长帖’也可以使用老虎社区网页发帖可支持多图及长文格式哦:www.laohu8.com 【活动奖品】 凡是参与分享成长记录的虎友均可获得66虎币奖励(积分也称虎币,可以在老虎app的“虎币兑好礼”中兑换小虎玩偶,T恤,卫衣,免佣卡,行情卡等多重好礼。)另外愿意多说说的虎友有机会获得以下奖励 特别奖:老虎限量纪念币1个 优秀奖:罗杰斯同款大虎玩偶1只 活动一直持续到6月30日,欢迎各位虎友们来晒晒自己的成长记录~<a target=\"_blank\" href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a><a target=\"_blank\" href=\"https://laohu8.com/S/NIO\">$蔚来(NIO)$</a>","listText":"老虎六岁了,六年来,老虎荣幸收获了430万名虎友的信任。一路走来,感谢各位虎友的陪伴。值此六周年之际,我们向所有小虎们发出邀约,一起来晒晒你的成长记录~Attention,本活动是有奖励的哦,凡是参与分享成长记录的虎友均可以获得虎币奖励,如果你愿意多说一说,我们还会有其他大奖等你来拿!【参与方式】: 参与方式很简单,欢迎小虎们来玩儿~ 第一步,点击链接:<a href=\"https://r.tigerbbs.com/lrcw\" target=\"_blank\">看看我的六年成长记录</a>, 第二步,截图你和老虎相识的日期或者你来到老虎多少天了~ 第三步,在本帖留言,或者发帖关联“晒晒我的成长记录”主题,suosuo你的故事~ 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特别奖:老虎限量纪念币1个 优秀奖:罗杰斯同款大虎玩偶1只 活动一直持续到6月30日,欢迎各位虎友们来晒晒自己的成长记录~$老虎证券(TIGR)$$蔚来(NIO)$","images":[{"img":"https://static.tigerbbs.com/c1379ea2f1e25d612fe53ca67b5a205b","width":"646","height":"656"},{"img":"https://static.tigerbbs.com/a1eaf5ba6097057c8f4bbd7836bbde26","width":"950","height":"956"},{"img":"https://static.tigerbbs.com/2212e28c51488d13c3af9d2bcfd365b2","width":"200","height":"200"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/955318997","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":999,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":956569546,"gmtCreate":1591721580085,"gmtModify":1704196678389,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"这篇文章不错,转发给大家看","listText":"这篇文章不错,转发给大家看","text":"这篇文章不错,转发给大家看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/956569546","repostId":"956386401","repostType":1,"repost":{"id":956386401,"gmtCreate":1591584886303,"gmtModify":1704195981240,"author":{"id":"3498862311246415","authorId":"3498862311246415","name":"财经故事荟","avatar":"https://static.tigerbbs.com/fcb387baf2d7088a5dcd53c9b61b07d6","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"title":"买芯片一年超2万亿,国家队集结,能否打破英特尔X86垄断铁幕?","htmlText":"文/陈纪英1999年6月21日,正值北京酷暑时节,一场由科技部召开的会议上,与会者个个面色沉重,会议的主题是“发展我国自主操作系统”。时任科技部部长的徐冠华,痛心疾首地总结,“中国信息产业缺芯少魂”!——芯是芯片,魂是操作系统。此后20年间,中国芯片产业全力突围,几度沉浮。芯片业堪称高科技行业的珠穆朗玛,后来者从0攀爬,欲达顶峰谈何容易?!技不如人,中国付出的代价不可谓不贵——自2015年之后,中国芯片进口规模连续数年超过2000亿美金,名列第一大进口商品,到了2018年,进口额又攀升至3120亿美元,占据全球芯片总产值的三分之二。比高价更恐怖的是“断供”——随着中美关系进入冰封期,芯片又成为了美国的制裁武器,试图以此遏住中国信息产业的喉咙。外部,压制越发紧迫。上个月,美国商务部再发禁令——限制华为利用美国的技术和软件,设计和生产半导体产品。“造不如买,买不如租”的省力省事模式,就此走到了死胡同。国内,芯片企业却迎来了小爆发。5月底,中国移动80亿采购大单中,芯片板块虽然英特尔占了八成,但国产芯片这次也不再是陪跑,华为鲲鹏、天津海光拿下了两成份额。6月1日,中国最大、全球第三的芯片代工企业中芯国际科创板上市获受理;6月2日,寒武纪通过了科创板首发申请,创下了今年最快过会新记录;同天,敏芯微也顺利过会,敲开了科创板的大门。外冷内热之下,中国“芯”机遇是否已至?芯片产业能否逆势上行,突破美国封锁线?1举国之力,能否复刻日韩奇迹?中国几代芯片人20年倾心的芯片产业,堪称整个信息产业的基石,也是信息安全的最后一道屏障。从1999年至今20年间,发展自主芯片产业,一直是政府和市场的双重期许。尤其在中兴、华为事件之后,扶持芯片产业,开始上升为重中之重的国家战略。2018年的《政府工作报告》,明确提出要推动芯片产业发展。政府出手,该以什么招式和身位切入?答案是缺什么给什么。芯片产业的特点","listText":"文/陈纪英1999年6月21日,正值北京酷暑时节,一场由科技部召开的会议上,与会者个个面色沉重,会议的主题是“发展我国自主操作系统”。时任科技部部长的徐冠华,痛心疾首地总结,“中国信息产业缺芯少魂”!——芯是芯片,魂是操作系统。此后20年间,中国芯片产业全力突围,几度沉浮。芯片业堪称高科技行业的珠穆朗玛,后来者从0攀爬,欲达顶峰谈何容易?!技不如人,中国付出的代价不可谓不贵——自2015年之后,中国芯片进口规模连续数年超过2000亿美金,名列第一大进口商品,到了2018年,进口额又攀升至3120亿美元,占据全球芯片总产值的三分之二。比高价更恐怖的是“断供”——随着中美关系进入冰封期,芯片又成为了美国的制裁武器,试图以此遏住中国信息产业的喉咙。外部,压制越发紧迫。上个月,美国商务部再发禁令——限制华为利用美国的技术和软件,设计和生产半导体产品。“造不如买,买不如租”的省力省事模式,就此走到了死胡同。国内,芯片企业却迎来了小爆发。5月底,中国移动80亿采购大单中,芯片板块虽然英特尔占了八成,但国产芯片这次也不再是陪跑,华为鲲鹏、天津海光拿下了两成份额。6月1日,中国最大、全球第三的芯片代工企业中芯国际科创板上市获受理;6月2日,寒武纪通过了科创板首发申请,创下了今年最快过会新记录;同天,敏芯微也顺利过会,敲开了科创板的大门。外冷内热之下,中国“芯”机遇是否已至?芯片产业能否逆势上行,突破美国封锁线?1举国之力,能否复刻日韩奇迹?中国几代芯片人20年倾心的芯片产业,堪称整个信息产业的基石,也是信息安全的最后一道屏障。从1999年至今20年间,发展自主芯片产业,一直是政府和市场的双重期许。尤其在中兴、华为事件之后,扶持芯片产业,开始上升为重中之重的国家战略。2018年的《政府工作报告》,明确提出要推动芯片产业发展。政府出手,该以什么招式和身位切入?答案是缺什么给什么。芯片产业的特点","text":"文/陈纪英1999年6月21日,正值北京酷暑时节,一场由科技部召开的会议上,与会者个个面色沉重,会议的主题是“发展我国自主操作系统”。时任科技部部长的徐冠华,痛心疾首地总结,“中国信息产业缺芯少魂”!——芯是芯片,魂是操作系统。此后20年间,中国芯片产业全力突围,几度沉浮。芯片业堪称高科技行业的珠穆朗玛,后来者从0攀爬,欲达顶峰谈何容易?!技不如人,中国付出的代价不可谓不贵——自2015年之后,中国芯片进口规模连续数年超过2000亿美金,名列第一大进口商品,到了2018年,进口额又攀升至3120亿美元,占据全球芯片总产值的三分之二。比高价更恐怖的是“断供”——随着中美关系进入冰封期,芯片又成为了美国的制裁武器,试图以此遏住中国信息产业的喉咙。外部,压制越发紧迫。上个月,美国商务部再发禁令——限制华为利用美国的技术和软件,设计和生产半导体产品。“造不如买,买不如租”的省力省事模式,就此走到了死胡同。国内,芯片企业却迎来了小爆发。5月底,中国移动80亿采购大单中,芯片板块虽然英特尔占了八成,但国产芯片这次也不再是陪跑,华为鲲鹏、天津海光拿下了两成份额。6月1日,中国最大、全球第三的芯片代工企业中芯国际科创板上市获受理;6月2日,寒武纪通过了科创板首发申请,创下了今年最快过会新记录;同天,敏芯微也顺利过会,敲开了科创板的大门。外冷内热之下,中国“芯”机遇是否已至?芯片产业能否逆势上行,突破美国封锁线?1举国之力,能否复刻日韩奇迹?中国几代芯片人20年倾心的芯片产业,堪称整个信息产业的基石,也是信息安全的最后一道屏障。从1999年至今20年间,发展自主芯片产业,一直是政府和市场的双重期许。尤其在中兴、华为事件之后,扶持芯片产业,开始上升为重中之重的国家战略。2018年的《政府工作报告》,明确提出要推动芯片产业发展。政府出手,该以什么招式和身位切入?答案是缺什么给什么。芯片产业的特点","images":[{"img":"https://static.tigerbbs.com/f261a63c5b89573c9c191c0a89475253","width":"1080","height":"698"}],"top":1,"highlighted":1,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/956386401","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1436,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3462794306096781","authorId":"3462794306096781","name":"acosta8","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0},"content":"大佬,请问你有认识的靠谱中介吗?","text":"大佬,请问你有认识的靠谱中介吗?","html":"大佬,请问你有认识的靠谱中介吗?"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":959248267,"gmtCreate":1589939600159,"gmtModify":1704191177385,"author":{"id":"3448425404107310","authorId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href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a> 中美对于作假的态度对比:美国作假,CEO坐牢24年还罚款4500万美金,公司直接破产,连帮它审计的律师事务所都罚到破产。康美作假300亿就顶格罚款60万,CEO生活一切正常。看来美国强大是有原因的,全人类的希望","listText":"<a href=\"https://laohu8.com/S/LK\">$瑞幸咖啡(LK)$</a> 中美对于作假的态度对比:美国作假,CEO坐牢24年还罚款4500万美金,公司直接破产,连帮它审计的律师事务所都罚到破产。康美作假300亿就顶格罚款60万,CEO生活一切正常。看来美国强大是有原因的,全人类的希望","text":"$瑞幸咖啡(LK)$ 中美对于作假的态度对比:美国作假,CEO坐牢24年还罚款4500万美金,公司直接破产,连帮它审计的律师事务所都罚到破产。康美作假300亿就顶格罚款60万,CEO生活一切正常。看来美国强大是有原因的,全人类的希望","images":[{"img":"https://static.tigerbbs.com/688a364ef46be2b272afb1905cb14954","width":"1080","height":"2244"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/959248267","isVote":1,"tweetType":1,"viewCount":1349,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":925448247,"gmtCreate":1588123247689,"gmtModify":1704366482549,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"“虽然企业本身的问题很大,但是以这种方式爆炸,对企业上下游,当地政府,金融机构的伤害都是非常不利,所以浑水创始人宣称的做空让世界更美好的观点,我却并不认同。”这是人说出来的话吗?中国股市一直阳痿,就是缺乏浑水这样的做空英雄。","listText":"“虽然企业本身的问题很大,但是以这种方式爆炸,对企业上下游,当地政府,金融机构的伤害都是非常不利,所以浑水创始人宣称的做空让世界更美好的观点,我却并不认同。”这是人说出来的话吗?中国股市一直阳痿,就是缺乏浑水这样的做空英雄。","text":"“虽然企业本身的问题很大,但是以这种方式爆炸,对企业上下游,当地政府,金融机构的伤害都是非常不利,所以浑水创始人宣称的做空让世界更美好的观点,我却并不认同。”这是人说出来的话吗?中国股市一直阳痿,就是缺乏浑水这样的做空英雄。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/925448247","repostId":"925270414","repostType":1,"repost":{"id":925270414,"gmtCreate":1588057766638,"gmtModify":1704366222412,"author":{"id":"3544394755698863","authorId":"3544394755698863","name":"朽木_4312","avatar":"https://static.tigerbbs.com/cd87c613d518b2d6363d50ef6c0ceedf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"title":"爱奇艺, 下一个瑞幸咖啡?","htmlText":"对于做空机构,你怎么看? 前段时间瑞幸咖啡自曝22亿财务造假,开启了全民吃瓜模式,在资本市场如过街老鼠人人喊打,同为大股东陆正耀控股的港股公司神州租车,市值当天跌去54%,瑞幸咖啡股票停牌调查中,昨天据息瑞幸咖啡被公安,工商部门以及证监会进驻调查,前景非常不乐观。<a target=\"_blank\" href=\"https://laohu8.com/S/IQ\">$爱奇艺(IQ)$</a> 瑞幸事件发生后,作为一个吃瓜群众一员,默默的消费掉了最后的赠券。对于资本市场,自己也没有持有任何瑞幸股票,对于这种不持久的经营模式,发生今天这样的事情,觉得也是在常理之中。只是事情以这样爆炸的形式出现,确实有点意外。不过对于做空机构浑水来讲,朝中概股丢炸弹似乎是屡试不爽。 还记得三年前的辉山乳业么,自从遭遇做空机构浑水“狙击”股价暴跌到宣布破产重整,再到最终退市,辉山乳业已经“挣扎”了三年。4月21日消息,去年下半年拟接手辉山乳业的伊利也已退出了重组。至此,伊利、蒙牛、新希望、菲仕兰等曾与辉山乳业进行意向接触的企业,都明确表示退出。背负242亿未偿还的债务,辉山乳业何去何从。本是沈阳当地明星企业,纳税大户,一切就起于浑水的一篇做空报告,辉山乳业股价当日闪崩,迅速引发一连串的多米诺骨牌效应。而这242亿的债务里又牵涉许多的上市公司,银行,信托,财富管理公司,高净值客户。虽然企业本身的问题很大,但是以这种方式爆炸,对企业上下游,当地政府,金融机构的伤害都是非常不利,所以浑水创始人宣称的做空让世界更美好的观点,我却并不认同。 成立60多年的老牌乳品企业因一纸做空报告而陨落 在瑞幸事件不久后,另外一家中概股爱奇艺被wolf pack和浑水联合发布做空报告做空,联系到此前瑞幸咖啡被浑水发布89页做空报告时,从瑞幸的自我辩护到上市保荐人之一的中金公司为其站台,股价一开始迅速回复正常。而这次37页做空报","listText":"对于做空机构,你怎么看? 前段时间瑞幸咖啡自曝22亿财务造假,开启了全民吃瓜模式,在资本市场如过街老鼠人人喊打,同为大股东陆正耀控股的港股公司神州租车,市值当天跌去54%,瑞幸咖啡股票停牌调查中,昨天据息瑞幸咖啡被公安,工商部门以及证监会进驻调查,前景非常不乐观。<a target=\"_blank\" href=\"https://laohu8.com/S/IQ\">$爱奇艺(IQ)$</a> 瑞幸事件发生后,作为一个吃瓜群众一员,默默的消费掉了最后的赠券。对于资本市场,自己也没有持有任何瑞幸股票,对于这种不持久的经营模式,发生今天这样的事情,觉得也是在常理之中。只是事情以这样爆炸的形式出现,确实有点意外。不过对于做空机构浑水来讲,朝中概股丢炸弹似乎是屡试不爽。 还记得三年前的辉山乳业么,自从遭遇做空机构浑水“狙击”股价暴跌到宣布破产重整,再到最终退市,辉山乳业已经“挣扎”了三年。4月21日消息,去年下半年拟接手辉山乳业的伊利也已退出了重组。至此,伊利、蒙牛、新希望、菲仕兰等曾与辉山乳业进行意向接触的企业,都明确表示退出。背负242亿未偿还的债务,辉山乳业何去何从。本是沈阳当地明星企业,纳税大户,一切就起于浑水的一篇做空报告,辉山乳业股价当日闪崩,迅速引发一连串的多米诺骨牌效应。而这242亿的债务里又牵涉许多的上市公司,银行,信托,财富管理公司,高净值客户。虽然企业本身的问题很大,但是以这种方式爆炸,对企业上下游,当地政府,金融机构的伤害都是非常不利,所以浑水创始人宣称的做空让世界更美好的观点,我却并不认同。 成立60多年的老牌乳品企业因一纸做空报告而陨落 在瑞幸事件不久后,另外一家中概股爱奇艺被wolf pack和浑水联合发布做空报告做空,联系到此前瑞幸咖啡被浑水发布89页做空报告时,从瑞幸的自我辩护到上市保荐人之一的中金公司为其站台,股价一开始迅速回复正常。而这次37页做空报","text":"对于做空机构,你怎么看? 前段时间瑞幸咖啡自曝22亿财务造假,开启了全民吃瓜模式,在资本市场如过街老鼠人人喊打,同为大股东陆正耀控股的港股公司神州租车,市值当天跌去54%,瑞幸咖啡股票停牌调查中,昨天据息瑞幸咖啡被公安,工商部门以及证监会进驻调查,前景非常不乐观。$爱奇艺(IQ)$ 瑞幸事件发生后,作为一个吃瓜群众一员,默默的消费掉了最后的赠券。对于资本市场,自己也没有持有任何瑞幸股票,对于这种不持久的经营模式,发生今天这样的事情,觉得也是在常理之中。只是事情以这样爆炸的形式出现,确实有点意外。不过对于做空机构浑水来讲,朝中概股丢炸弹似乎是屡试不爽。 还记得三年前的辉山乳业么,自从遭遇做空机构浑水“狙击”股价暴跌到宣布破产重整,再到最终退市,辉山乳业已经“挣扎”了三年。4月21日消息,去年下半年拟接手辉山乳业的伊利也已退出了重组。至此,伊利、蒙牛、新希望、菲仕兰等曾与辉山乳业进行意向接触的企业,都明确表示退出。背负242亿未偿还的债务,辉山乳业何去何从。本是沈阳当地明星企业,纳税大户,一切就起于浑水的一篇做空报告,辉山乳业股价当日闪崩,迅速引发一连串的多米诺骨牌效应。而这242亿的债务里又牵涉许多的上市公司,银行,信托,财富管理公司,高净值客户。虽然企业本身的问题很大,但是以这种方式爆炸,对企业上下游,当地政府,金融机构的伤害都是非常不利,所以浑水创始人宣称的做空让世界更美好的观点,我却并不认同。 成立60多年的老牌乳品企业因一纸做空报告而陨落 在瑞幸事件不久后,另外一家中概股爱奇艺被wolf pack和浑水联合发布做空报告做空,联系到此前瑞幸咖啡被浑水发布89页做空报告时,从瑞幸的自我辩护到上市保荐人之一的中金公司为其站台,股价一开始迅速回复正常。而这次37页做空报","images":[{"img":"https://static.tigerbbs.com/c738272b0ccbed3127245cc5898ea986","width":"500","height":"332"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/925270414","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":864,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":922296804,"gmtCreate":1587560780208,"gmtModify":1704364740883,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TVIX\">$二倍做多VIX波动率指数短期期权ETN(TVIX)$</a> 空起来","listText":"<a href=\"https://laohu8.com/S/TVIX\">$二倍做多VIX波动率指数短期期权ETN(TVIX)$</a> 空起来","text":"$二倍做多VIX波动率指数短期期权ETN(TVIX)$ 空起来","images":[{"img":"https://static.tigerbbs.com/ed1f733ac37488582f5d588952e2cad5","width":"1080","height":"1566"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/922296804","isVote":1,"tweetType":1,"viewCount":1416,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":922607345,"gmtCreate":1587526798787,"gmtModify":1704364589254,"author":{"id":"3448425404107310","authorId":"3448425404107310","name":"炮王爆威尔","avatar":"https://static.tigerbbs.com/92e427098b098e66e1d1e6d2ee2ae792","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"呵呵,零容忍?上次康美300亿,康得新119亿表示很害怕,都顶格罚款60万了吧","listText":"呵呵,零容忍?上次康美300亿,康得新119亿表示很害怕,都顶格罚款60万了吧","text":"呵呵,零容忍?上次康美300亿,康得新119亿表示很害怕,都顶格罚款60万了吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/922607345","repostId":"1187995882","repostType":4,"repost":{"id":"1187995882","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1587523338,"share":"https://www.laohu8.com/m/news/1187995882?lang=&edition=full","pubTime":"2020-04-22 10:42","market":"hk","language":"zh","title":"银保监会回应瑞幸事件:对财务造假行为“零容忍”","url":"https://stock-news.laohu8.com/highlight/detail?id=1187995882","media":"老虎资讯综合","summary":"4月22日讯,银保监会回应瑞幸咖啡财务造假事件:对财务造假行为始终保持“零容忍”,已督促相关银行加强风险监测。目前保险公司已收到瑞幸咖啡的理赔申请,相关调查还在进行,理赔工作还存在不确定性。银保监会回","content":"<p><img src=\"https://static.tigerbbs.com/3229f385f93916a87822914f5e16f904\"><span>4月22日讯,银保监会回应瑞幸咖啡财务造假事件:对财务造假行为始终保持“零容忍”,已督促相关银行加强风险监测。目前保险公司已收到瑞幸咖啡的理赔申请,相关调查还在进行,理赔工作还存在不确定性。</span></p><p><span>银保监会回应瑞幸咖啡事件:性质恶劣,将坚决支持、积极配合主管部门依法严厉惩处。</span></p><p><span>中国银保监会副主席曹宇今日在国新办新闻发布会上表示,瑞幸咖啡财务造假事件性质恶劣、教训深刻,银保监会将坚决支持、积极配合主管部门依法严厉惩处,对财务造假行为始终保持零容忍的态度,共同维护好良好的市场环境。</span></p><p><span>曹宇说,据我们了解,目前瑞幸咖啡在相关银行机构有信贷关系,但是授信额度不大,真正的贷款余额量更小,我们已督促相关银行加强风险监测和贷后管理。关于董责险的问题,瑞幸咖啡在上市前买了董责险,保单共有4层,总限额2500万美元,涉及境内外十几家保险公司。有的保险公司对这项业务还做了再保分出。据了解,目前保险公司已经收到了瑞幸咖啡的理赔申请,鉴于案情比较复杂,相关调查还在进行中,有关理赔工作还存在着一定不确定性。我们将督促相关保险公司依照保单的合同规定依法合规的妥善处理。</span></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" 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