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body_diff: "[{\"diffs\":[[1,\"<html>\\\r\\\n<head>\\\r\\\n  <title>关于半导体设备测试，看这一篇就够了</title>\\\r\\\n  <basefont face=\\\"微软雅黑\\\" size=\\\"2\\\" />\\\r\\\n  <meta http-equiv=\\\"Content-Type\\\" content=\\\"text/html;charset=utf-8\\\" />\\\r\\\n  <meta name=\\\"exporter-version\\\" content=\\\"YXBJ Windows/608924 (zh-CN, DDL); Windows/10.0.0 (Win64); EDAMVersion=V2;\\\"/>\\\r\\\n  <style>\\\r\\\n\\tbody, td {\\\r\\\n\\t  font-family: 微软雅黑;\\\r\\\n\\t  font-size: 12pt;\\\r\\\n\\t}\\\r\\\n  </style>\\\r\\\n</head>\\\r\\\n<body>\\\r\\\n<a name=\\\"21548\\\"></a>\\\r\\\n<h1>关于半导体设备测试，看这一篇就够了</h1>\\\r\\\n\\\r\\\n<div><span style=\\\"margin:0px;\\\"><div style=\\\"padding:8px 0px;margin:8px auto;max-width:700px;\\\"> <div style=\\\"padding:20px 16px 12px;margin:0;background-color:#fff\\\"><div style=\\\"margin:0;padding:0\\\"><div style=\\\"margin:0;padding:0\\\"><h2 style=\\\"font-weight:400;margin:0;padding:0;font-size:22px;line-height:1.4;margin-bottom:14px\\\"> 关于半导体设备测试，看这一篇就够了 </h2><div style=\\\"margin:0;padding:0;margin-bottom:22px;line-height:20px;font-size:0;word-wrap:break-word;word-break:break-all\\\"><span style=\\\"padding:0;display:inline-block;vertical-align:middle;margin:0 10px 10px 0;font-size:15px;-webkit-tap-highlight-color:rgba(0,0,0,0);color:rgba(0,0,0,0.3)\\\"> 孟伟、戴宇 </span><span style=\\\"padding:0;display:inline-block;vertical-align:middle;margin:0 10px 10px 0;font-size:15px;-webkit-tap-highlight-color:rgba(0,0,0,0);position:relative\\\"><a style=\\\"margin:0;padding:0;color:#576b95;text-decoration:none;-webkit-tap-highlight-color:rgba(0,0,0,0)\\\"> 半导体行业观察 </a></span><em style=\\\"padding:0;font-style:normal;display:inline-block;vertical-align:middle;margin:0 10px 10px 0;font-size:15px;-webkit-tap-highlight-color:rgba(0,0,0,0);color:rgba(0,0,0,0.3)\\\"></em></div><div style=\\\"margin:0;padding:0;overflow:hidden;color:#333;font-size:17px;word-wrap:break-word;-webkit-hyphens:auto;-ms-hyphens:auto;hyphens:auto;text-align:justify;position:relative;z-index:0\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:16px\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><a href=\\\"https://mp.weixin.qq.com/s?__biz=MzU3OTA0MjQ3Mg==&amp;mid=2247519132&amp;idx=1&amp;sn=0337ba299d7a6280cc5155808301d73c&amp;scene=21#wechat_redirect\\\" rel=\\\"noopener noreferrer\\\" style=\\\"margin:0;padding:0;color:#576b95;text-decoration:none;-webkit-tap-highlight-color:rgba(0,0,0,0);max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\" target=\\\"_blank\\\" title=\\\"https://mp.weixin.qq.com/s?__biz=MzU3OTA0MjQ3Mg==&amp;mid=2247519132&amp;idx=1&amp;sn=0337ba299d7a6280cc5155808301d73c&amp;scene=21#wechat_redirect\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;text-align:center;margin-top:10px;margin-bottom:10px\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;vertical-align:middle;display:inline-block;line-height:0\\\"><span style=\\\"padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;top:auto;left:auto;margin:0;right:auto;bottom:auto\\\"><img src=\\\":/5cb49bda4b784cbe917c8a2061aeaa51\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;height:auto !important;vertical-align:middle;margin:0\\\"/></span></div></div></a></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:14px;color:rgb(160,160,160)\\\">来源：内容来自「九鼎投资」，谢谢。</span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify;white-space:normal;border-color:currentcolor;border-style:none;border-width:0\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;padding-right:0.6em;padding-bottom:1em;padding-left:0.6em\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;text-align:left;font-size:50px;font-weight:bold;display:flex;justify-content:flex-start;align-items:center\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-left:10px\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(214,168,65)\\\">0</span></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-top:-6px;font-size:16px\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:justify;font-size:12px;line-height:normal\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(214,168,65);font-size:20px\\\"> 半导体测试设备简述</span></p></div></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-top:-30px;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify;white-space:normal;background-color:rgb(254,254,254);box-shadow:rgb(222,222,222) 0 0 5px;transform:rotate(0);-webkit-transform:rotate(0);-moz-transform:rotate(0);-ms-transform:rotate(0);-o-transform:rotate(0)\\\"><div style=\\\"margin:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;padding:1em;font-size:14px;letter-spacing:1.5px;line-height:1.75em;color:rgb(63,62,63)\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">1.1 测试是贯穿半导体生产过程的核心环节</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">半导体的生产流程包括晶圆制造和封装测试，在这两个环节中分别需要完成晶圆检测（CP, Circuit Probing）和成品测试（FT, Final Test）。无论哪个环节，要测试芯片的各项功能指标均须完成两个步骤：一是将芯片的引脚与测试机的功能模块连接起来，二是通过测试机对芯片施加输入信号，并检测输出信号，判断芯片功能和性能是否达到设计要求。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">图1：半导体生产流程</span></span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/07e02477321c4ddfbfac6812183340df\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">资料来源：九鼎投资整理</span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">测试环节通常由芯片设计公司委托晶圆厂、封测厂或者第三方测试公司（以下统称测试公司）进行，具体分为两种商业模式：一是芯片设计公司根据产品类型、功能和设计要求等向测试公司指定特定测试设备进行测试；二是如果芯片设计公司的产品属于技术上比较成熟的领域，芯片设计公司会直接委托测试公司，由测试公司根据自身设备排产情况选择相应的测试设备进行测试。因此，测试设备制造商在进行产品开发和渠道拓展时需要兼顾设计公司和测试公司两方的需求。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">1.2 半导体测试的三大核心设备：测试机、分选机、探针台</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-align:justify;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">半导体制造是人类迄今为止掌握的工业技术难度最高的生产环节，是先进制造领域皇冠上的一颗钻石。随着半导体技术不断发展，芯片线宽尺寸不断减小，制造工序逐渐复杂。目前国际上7 nm制程已进入产业化阶段，需要近2000道工序，先进的制程和复杂的工序将持续提升对于先进设备的需求。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-align:justify;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">晶圆制造环节设备包括光刻机、化学气相淀积设备、物理气相淀积设备、刻蚀机、离子注入机、褪火设备、清洗设备等；封装环节设备包括研磨减薄设备、切割设备、度量缺陷检测设备、装片机、引线键合设备、注塑机、切筋成型设备等；测试环节设备包括测试机（ATE，Automatic Test Equipment）、分选机（Handler）、探针台（Wafer Prober）等。这些设备的制造需要综合运用光学、物理、化学等科学技术，目前最先进的设备已经在进行原子级别的制造，具有技术含量高、制造难度大、设备价值高等特点。 <br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-align:justify;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">在测试设备中，测试机用于检测芯片功能和性能，探针台与分选机实现被测芯片与测试机功能模块的连接。晶圆检测环节需要使用测试机和探针台，成品测试环节需要使用测试机和分选机，具体测试流程如下：<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-align:justify;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">（1）晶圆检测环节（CP）<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-align:justify;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">晶圆检测是指通过探针台和测试机的配合使用，对晶圆上的裸芯片进行功能和电参数测试，其测试过程为：探针台将晶圆逐片自动传送至测试位置，芯片的Pad 点通过探针、专用连接线与测试机的功能模块进行连接，测试机对芯片施加输入信号并采集输出信号，判断芯片功能和性能是否达到设计规范要求。测试结果通过通信接口传送给探针台，探针台据此对芯片进行打点标记，形成晶圆的Map图。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-align:justify;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">（2）成品测试环节（FT）<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-align:justify;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">成品测试是指通过分选机和测试机的配合使用，对封装完成后的芯片进行功能和电参数测试，其测试过程为：分选机将被测芯片逐个自动传送至测试工位，被测芯片的引脚通过测试工位上的基座、专用连接线与测试机的功能模块进行连接，测试机对芯片施加输入信号并采集输出信号，判断芯片功能和性能是否达到设计规范要求。测试结果通过通信接口传送给分选机，分选机据此对被测芯片进行标记、分选、收料或编带。</span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"></span></span><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"></span><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"></span><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"></span><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"></span></div></div><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify;text-indent:2em\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify;white-space:normal;border-color:currentcolor;border-style:none;border-width:0\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;padding-right:0.6em;padding-bottom:1em;padding-left:0.6em\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;text-align:left;font-size:50px;font-weight:bold;display:flex;justify-content:flex-start;align-items:center\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-left:10px\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(214,168,65)\\\">0</span></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-top:-6px;font-size:16px\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:justify;font-size:12px;line-height:normal\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(214,168,65);font-size:20px\\\"> 行业发展现状和趋势</span></p></div></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-top:-30px;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify;white-space:normal;background-color:rgb(254,254,254);box-shadow:rgb(222,222,222) 0 0 5px;transform:rotate(0);-webkit-transform:rotate(0);-moz-transform:rotate(0);-ms-transform:rotate(0);-o-transform:rotate(0)\\\"><div style=\\\"margin:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;padding:1em;font-size:14px;letter-spacing:1.5px;line-height:1.75em;color:rgb(63,62,63)\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">2.1 全球半导体产业稳步增长，中国市场发展强劲</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">随着PC、手机、液晶电视等消费类电子产品需求不断增加，同时在以先进制造、新能源汽车、物联网、5G、人工智能、云计算、大数据、新能源、医疗电子和安防电子等为主的新兴应用领域强劲需求的带动下，全球半导体产业持续增长。根据Gartner数据，2017年在存储器市场量价齐升的带动下，全球半导体市场规模同比增长22.2%，达到4,197亿美元，2007-2017年CAGR为3.95%，其中集成电路市场规模为3,402亿美元，占比81.4%。随着全球经济稳步增长，预计未来全球半导体市场规模增速在6%以上。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">图2：2007-2017年全球半导体市场规模及增速</span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/65fb8598e9104f639a096bccd8d7c3c3\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">数据来源：Gartner</span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">2017年国内集成电路市场规模为14,251亿人民币（折合2,069亿美元），同比增长18.9%，占全球集成电路市场规模的60.8%，2007-2017年CAGR为8.82%（高于全球3.95%的水平），中国已经成为全球最大的集成电路市场。随着产业结构的加快调整，中国集成电路的需求将持续增长，预计未来几年年均增速将达到10-15%，超过全球增长率。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">图3：2007-2017年中国集成电路市场规模及增速</span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/0b5662a4fecc4333ad836393cc796b4c\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"></span></span></span><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">数据来源</span></span></span>：中国半导体行业协会（CSIA）</span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:left\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">注：中国统计口径为集成电路，约占半导体市场规模的80%，其余20%为分立器件、光电子芯片及传感器芯片。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">2.2 全球半导体制造重心转向中国，拉动国内半导体设备发展</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">全球半导体产能重心转向中国大陆是大势所趋。一方面，中国的市场需求大，但自给率低，供需不平衡；另一方面，中国制造成本较低，且随着技术、人才、产业链资源不断发展，已具备承接产能转移的基础。全球知名半导体企业，如英特尔（Intel）、三星（Samsung）、SK海力士（SK Hynix）、台积电（TSMC）、台联电（UMC）、格罗方德（Global Foundry）等已陆续或计划在我国建设工厂或代工厂。根据SEMI发布的报告，2017-2020年间全球投产的半导体晶圆厂为62座，其中26座设于中国，占全球总数的42%。截至2017年年底，大陆地区12寸晶圆厂产能（按设计产能）为52.5万片/月，约占全球产能的12%。根据业内调研统计，2018~2020年中国大陆12寸、8寸晶圆厂建设投资将达7,228亿元（其中内资晶圆厂投资达5,303亿元，占比73%），年均投资达2,409亿元（其中内资晶圆厂投资达1,768亿元）。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">表1：大陆正在建设中或规划中的晶圆厂（8寸、12寸）</span></span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/8889631d59b24c0b8bf9510acaa6cc46\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">资料来源</span></span></span>：九鼎投资整理（截止至2018年8月）</span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">随着半导体产业向中国转移，国内半导体设备需求快速增长。SEMI在2018年年中SEMICON West展览会上发布报告，2017年全球半导体设备支出达566.2亿美元，同比增长37.3%，中国半导体设备支出82.3亿美元，占全球的14.5%，预计到2019年，中国半导体设备支出将增长46.6%，达到173亿美元，跻身世界榜首。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">图4：全球和中国半导体设备市场规模（单位：亿美元）</span></span></span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/52735a2ac39742ef979eccd416554ddd\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">数据来源</span></span></span>：SEMI（国际半导体设备材料产业协会），2018.6</span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">2.3 中国封装测试产业快速发展，拉动测试设备市场需求</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">根据WSTS数据，2017年全球半导体封装测试市场规模为529亿美元，2011-2017年CAGR为2.2%。随着全球半导体制造重心向国内转移，我国封装测试市场的全球市场占有率逐年提升，从2011年31.2%提升至2017年52.0%。2017年国内封装测试市场规模为275亿美元（折合1,890亿人民币），2011-2017年CAGR为9.9%，增速远远高于全球，封装测试已成为我国半导体产业链中最具国际竞争力的环节。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">图5：全球和中国半导体封装测试市场规模（单位：亿美元）</span></span></span></span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/271a57cee77640309d817b38aaaae3f7\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">数据来源</span></span></span>：全球数据来自WSTS，中国数据来自Wind（按1美元=6.88 人民币计算），九鼎投资整理</span></span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">受惠于政策资金的大力扶持，我国封测企业逐步开启海内外并购步伐，不断扩大公司规模。其中，长电科技联合产业基金、芯电半导体收购新加坡封测厂星科金朋；华天科技收购美国FCI；通富微电联合大基金收购AMD苏州和槟城封测厂；晶方科技则购入英飞凌智瑞达部分资产。国内封测厂商借助并购潮进入了实力显著提升的快车道，实现了远超同行增长率的快速壮大，已经成为了全球半导体封测行业的重要力量。全球前十大封测厂台湾占据5家、中国3家（长电科技、华天科技、通富微电）、美国以及新加坡各1家。2017年长电科技、华天科技、通富微电三家封测厂销售总额占全球OSAT总收入的19.1%，占全球封测市场总规模的9.8%。同时，随着晶圆厂产能向中国大陆转移，国内封测厂陆续投入新产线以实现产能的配套扩张，预计未来五年内，中国大陆本土封测企业的销售额占全球OSAT总销售额的比例将提高至40%以上，成为全球封测设备销售的最大市场。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">表2：2018年部分封测产线规划信息</span></span></span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/5b3396f19ee54df89ba58fd3077e2d6b\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">资料来源</span></span></span>：九鼎投资整理</span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">2.4 全球半导体测试设备市场规模达50.1亿美元，中国成主力市场</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">根据SEMI数据统计，2015-2017年全球晶圆加工设备、测试设备、封装设备以及其他设备三年累计销售额占比分别为80%、9%、6%、5%。以此测算，2017年全球半导体测试设备市规模为50.1亿美元，其中，测试机、分选机和探针台占比分别为65%、18%、17%。对应的市场规模分别为33.1亿美元、9.2亿美元和7.8亿美元。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">测试机根据测试产品类型的不同可以分为SoC测试系统、存储器测试系统、模拟测试系统、数字测试系统、RF测试系统等；分选机根据其工作原理的不同可以分为平移式分选机（Pick &amp; Place）、重力式分选机（Gravity-feed）、转塔式分选机（Turret）等。下表整理了2017年全球半导体测试设备各细分领域市场规模。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">表3：2017年全球半导体测试设备各细分领域市场规模</span></span></span></span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/12a5e21975f04ee9ac866a2f6e72cfa0\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"></span></span></span>数据来源：测试机数据来自VLSI，分选机数据来自九鼎投资半导体团队调研整理</span></span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">随着2018-2020年中国大陆多家晶圆厂陆续投建及量产，国内封测厂将陆续投入新产线以实现产能的配套扩张，将带动国内半导体测试设备市场高速增长。根据九鼎投资市场调研分析，2017年国内半导体测试设备市场约42亿人民币（不含存储测试设备），预计2020年国内半导体测试设备市场需求将达到80.6亿人民币（不含存储测试设备）。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">表4：2018-2020年中国半导体测试设备市场需求测算</span></span></span></span></span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/ae9cc05e817f41c1bdcee4f884586407\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">数据来源：九鼎投资调研</span></span></span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">2.5 并购成为半导体测试设备行业主旋律，市场集中度不断提升</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">半导体测试设备属于产品线非常丰富、细分领域较多的一个行业，该领域自2000年以后出现了大规模的整合，全球主要参与者减少至5家左右。以全球领先的分选机企业科休（Cohu）为例，其在2008年和2013年分别收购Rasco（主要业务为重力式分选机和平移式分选机）和ISMeca（主营业务为转塔式分选机），丰富了其在分选机领域全系列产品线；2017年Cohu分选机全球市场占有率21.5%；2018年5月Cohu收购全球第二大分选机企业科利登（Xcerra，主要业务为测试机和分选机），进一步将其分选机的全球市场占有率提升至38.5%的同时，填补了其在测试机领域的空白。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">下表整理了占全球半导体测试设备约80%市场份额的四巨头泰瑞达（Teradyne）、爱德万（Advantest）、科休（Cohu）和科利登（Xcerra）的并购史。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/e149941b209a4d3b9a24ded960aa7f01\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;height:auto !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">表5：全球半导体测试设备行业并购情况</span></span></span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">资料来源：九鼎投资整理</span></span></span></span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">鉴于全球半导体测试设备龙头企业的发展历史，国内企业应把握产业发展黄金窗口期，内生、外延双轮发力。目前国内在一些细分领域已经出现了优秀的测试设备企业，并取得了一定的技术突破，我们认为未来五年内，较高的净利率（20%左右）和较快的增长速度足以支撑一些细分领域优秀的企业上市，预计未来国内会出现5-10家在各自细分市场领先的测试设备企业，通过并购最终形成2-3家国际领先的半导体测试设备企业。</span></p><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"></span></div></div><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify;white-space:normal;border-color:currentcolor;border-style:none;border-width:0\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;padding-right:0.6em;padding-bottom:1em;padding-left:0.6em\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;text-align:left;font-size:50px;font-weight:bold;display:flex;justify-content:flex-start;align-items:center\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-left:10px\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(214,168,65)\\\">0</span></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-top:-6px;font-size:16px\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:justify;font-size:12px;line-height:normal\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(214,168,65);font-size:20px\\\"> 行业竞争格局</span></p></div></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-top:-30px;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify;white-space:normal;background-color:rgb(254,254,254);box-shadow:rgb(222,222,222) 0 0 5px;transform:rotate(0);-webkit-transform:rotate(0);-moz-transform:rotate(0);-ms-transform:rotate(0);-o-transform:rotate(0)\\\"><div style=\\\"margin:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;padding:1em;font-size:14px;letter-spacing:1.5px;line-height:1.75em;color:rgb(63,62,63)\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">3.1 测试机：双寡头格局清晰，SoC成为重要战略领域</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">2017年双寡头泰瑞达（Teradyne）、爱德万（Advantest）测试机销售额分别为13.7亿美元、12.4亿美元，全球市场占有率分别为41.4%、37.5%，其主要测试机产品为SoC和存储器测试系统。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">在SoC测试领域，1995年泰瑞达收购Megatest，通过Catalyst和Tiger测试系统成为SoC测试领域的领导者，而爱德万于2011年收购惠睿捷，使其在SoC测试领域迅速提升，2017年泰瑞达和爱德万垄断全球SoC测试机86.2%的市场份额。此外，科利登是除了泰瑞达和爱德万以外极少数具备SoC测试机生产能力的企业，该公司SoC测试系统产品包括X-Series系列、Diamond系列以及新推出的紧凑型的DxV SoC测试系统，2017年测试机营收为1.56亿美元，市占率为4.7%。 <br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">在存储测试领域，由于80年代半导体产业由家电进入PC时代催生了DRAM大量需求，日本在原有积累基础上实现DRAM大规模量产，迅速取代美国成为DRAM主要供应国，在此产业转移背景下，爱德万抢先布局存储器测试领域，于1976年推出了全球首台DRAM测试机T310/31，2017年爱德万存储器测试机全球市占率达到59.5%；由于韩国在存储市场的垄断地位，韩企Exicon、UniTest几乎瓜分了剩余大部分的存储测试机市场份额。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">表6：全球主要测试机企业概况</span></span></span></span></span></span></span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/a96ac5139ab44efaaea296c5d81f49b7\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">资料来源：九鼎投资整理</span></span></span></span></span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">本土企业通过多年的研发和积累在模拟/数模测试和分立器件测试领域已经实现进口替代，基本完成国产化。其中华峰测控、长川科技、宏测半导体模拟/数模混合测试机年出货量接近700台，约占国内模拟测试机市场份额的85%；联动科技、Juno、宏邦电子分立器件测试机国内市场总份额超过90%。而在SoC领域，本土企业还尚未形成成熟的产品和市场突破，主要原因有两方面：1）SoC芯片集成了微处理器、模拟IP核、数字IP核以及存储器控制接口等功能，不同模块的频率、电压、测试原理均不同。同时，高度集成造成测试的数据量和时间成倍增长，测试功耗也是传统测试项目的2~4倍，因此该类芯片的测试对测试机有更高的要求；2）数字测试模块的核心技术依赖于Firmware（固件）与硬件系统的互相配合，涉及到结构、算法、硬件设计多个领域技术的综合运用，本土企业无法通过简单仿制进行开发，必须通过自主创新重新进行整体系统设计，对相关领域的技术、经验要求更高。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">表7：本土测试机企业概况</span></span></span></span></span></span></span></span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/550e7d15dfa4475fa3b80a9edd8ed654\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">资料来源：九鼎投资整理</span></span></span></span></span></span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">SoC芯片的应用推动了大量SoC测试机的需求，如手机芯片就是集成了CPU、GPU、基带芯片（负责通讯）、图像处理器（ISP）等的SoC。从过去10年的历史发展来看，SoC测试系统占测试机的比例基本稳定在60%以上，这也促使国外测试设备巨头重点布局SoC测试领域。我们认为，随着本土优秀团队的出现和技术的突破，SoC测试机会如同模拟/数模测试机和分立器件测试机逐步实现进口替代，完成国产化。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">3.2 分选机：集中度相对分散，主要实现与测试机的配套</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">相较于测试机，分选机的行业壁垒相对多样化，其竞争优势侧重有所不用。对于分选机企业来说，实现与测试机的良好配套，满足多样化产品的不同需求，以及形成良好的服务能力是分选机企业的核心竞争力，这也是形成行业较分散格局的重要原因。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">2017年分选机全球排名前三的企业分别为科休、科利登和爱德万，市场份额分别为21.5%、17.0%和14.0%。2018年5月科休收购科利登进一步提升了全球半导体测试设备市场集中度，至此形成了科休和爱德万市占率分别为38.5%和14.0%的市场格局。在分选机细分领域，也出现了一些突出的企业，如：韩国的Techwing是全球领先的存储芯片测试分选机厂商，其在存储芯片测试分选机领域的市占率超过50%；ASM在转塔式分选机领域的市占率为54%，Epson、Hontech在平移式分选机领域有较高的市场份额。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">本土分选机企业主要有长川科技（重力式和平移式分选机）、金海通（平移式分选机）、上海中艺（重力式分选机）、格朗瑞（转塔式分选机）等。而在各类分选机中，转塔式分选机国产自给率最低（约8%），主要原因为转塔式分选机是UPH（每小时分选芯片数量）最高的一类分选机，在高速运行下，既需保证重复定位精度，又需保证较低的Jam Rate（故障停机比率），这对分选机设备开发提出了更高的要求。<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">表8：本土分选机企业概况</span><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:center\\\"><img src=\\\":/3450972a55404165b33dab1c7b103f47\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;width:100% !important;height:auto !important;visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0;text-align:center\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:12px;color:rgb(0,0,0)\\\">资料来源：九鼎投资整理</span></span></span></span></span></span></span></span></span></span></span></span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);letter-spacing:0;line-height:2em;text-indent:0\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(0,0,0)\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px\\\">3.3 探针台：研发难度最大，国产化率低，进口依赖度高</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">除了分选机与测试机，另一类主要测试设备是探针台，其研发难度非常大，目前国产化率低、进口依赖大。虽然国内企业如中国电子科技集团公司第四十五研究所、深圳矽电半导体设备有限公司在探针台制造领域已经获得了一定成果，但还难以抗衡国际企业如日本 东京精密公司、美国QA公司、美国MicroXact公司、韩国Ecopia 公司在探针台制造领域的优势地位。我国长川科技在现有集成电路分选系统的技术基础上，研发晶圆测试所需的CP12探针台，CP12具备8-12英寸各类晶圆的测试能力，突破了超精密视觉定位、微米级运动控制、高冗余控制系统等技术难关，为未来进入市场打下坚实基础。</span></p></div></div><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify;white-space:normal;border-color:currentcolor;border-style:none;border-width:0\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;padding-right:0.6em;padding-bottom:1em;padding-left:0.6em\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;text-align:left;font-size:50px;font-weight:bold;display:flex;justify-content:flex-start;align-items:center\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-left:10px\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(214,168,65)\\\">0</span></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-top:-6px;font-size:16px\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;text-align:justify;font-size:12px;line-height:normal\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;color:rgb(214,168,65);font-size:20px\\\"> 研究总结</span></p></div></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-top:-30px;color:rgb(51,51,51);font-family:-apple-system-font,BlinkMacSystemFont,&quot;Helvetica Neue&quot;,&quot;PingFang SC&quot;,&quot;Hiragino Sans GB&quot;,&quot;Microsoft YaHei UI&quot;,&quot;Microsoft YaHei&quot;,Arial,sans-serif;font-size:17px;text-align:justify;white-space:normal;background-color:rgb(254,254,254);box-shadow:rgb(222,222,222) 0 0 5px;transform:rotate(0);-webkit-transform:rotate(0);-moz-transform:rotate(0);-ms-transform:rotate(0);-o-transform:rotate(0)\\\"><div style=\\\"margin:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;padding:1em;font-size:14px;letter-spacing:1.5px;line-height:1.75em;color:rgb(63,62,63)\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em;padding-top:5px;padding-bottom:5px;font-family:微软雅黑;color:rgb(61,61,61);text-indent:2.3em;letter-spacing:0;line-height:2em\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\">半导体测试是半导体生产过程中的重要环节，其核心测试设备包括测试机、分选机、探针台。2017年全球半导体测试设备市场规模为50.1亿美元，行业快速增长且进口替代空间非常大。并购加剧了半导体测试设备市场的集中度，泰瑞达、爱德万和科休占全球测试设备市场份额接近85%，国内以华峰测控、长川科技为代表的本土测试设备企业已掌握自主核心技术，受益国内封装测试业产能扩张，将得到快速发展。我们认为，自主研发和并购将成为国内测试设备企业的必经之路，预计未来国内会出现5-10家在各自细分市场领先的测试设备企业，通过并购最终形成2-3家国际领先的半导体测试设备企业。</span></p><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:15px;color:rgb(136,136,136)\\\"></span></div></div></div><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:14px;color:rgb(160,160,160)\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\">*文章内容系作者个人观点，不代表半导体行业观察对观点赞同或支持。</p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;font-size:14px\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\">今天是《半导体行业观察》为您分享的第1889期内容，欢迎关注。</strong></p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;text-align:center;margin:15px 0\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;display:inline-block;width:95%;vertical-align:top;box-shadow:rgb(152,152,152) 0 0 2px;border-width:2px 0 0;border-radius:10px;border-style:solid;border-color:rgb(199,62,58) rgb(62,62,62) rgb(62,62,62);background-color:rgb(255,255,255);padding-right:10px;padding-bottom:10px;padding-left:10px\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-right:0;margin-bottom:15px;margin-left:0\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;display:inline-block;vertical-align:top;padding-right:10px;padding-left:10px;border-bottom-left-radius:0.5em;border-bottom-right-radius:0.5em;background-color:rgb(199,62,58);color:rgb(255,255,255)\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box 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!important\\\" width=\\\"100%\\\"><tbody style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><tr style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><td colspan=\\\"1\\\" rowspan=\\\"1\\\" style=\\\"margin:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;border-color:rgb(62,62,62);border-radius:0;border-style:none;background-color:rgb(239,154,154);padding:4px 4px 0\\\" width=\\\"10.0000%\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box 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!important;word-wrap:break-word !important;color:rgb(255,255,255);padding-right:10px;padding-left:10px\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\">半导体行业观察</p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;margin-right:0;margin-left:0;transform:translate3d(15px,0,0)\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word 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!important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;text-align:left;font-size:12px\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\">『<strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;letter-spacing:0\\\">半导体第一垂直媒体</strong><span style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;letter-spacing:0\\\">』</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\">实时 专业 原创 深度<br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;clear:both;min-height:1em\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\">识别二维码</strong>，回复下方关键词，阅读更多</p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;word-wrap:break-word !important;text-align:left;font-size:12px\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box 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