id: 637915c2b6144d4a83734e0b77ad8571
parent_id: 
item_type: 1
item_id: 854239b1e5e945a297bb2f05bb244206
item_updated_time: 1764345485045
title_diff: "[{\"diffs\":[[1,\"链接消息\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":4}]"
body_diff: "[{\"diffs\":[[1,\"<html>\\\r\\\n<head>\\\r\\\n  <title>链接消息</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=\\\"19971\\\"></a>\\\r\\\n<h1>链接消息</h1>\\\r\\\n\\\r\\\n<div><span style=\\\"margin:0px;\\\"><div style=\\\"padding:8px 0px;margin:8px auto;max-width:700px;\\\"> <div style=\\\"margin:0;padding:0;background-color:#fff\\\"><div style=\\\"margin:0;padding:0\\\"><div style=\\\"margin:0;padding:0;position:relative\\\"><h2 style=\\\"font-weight:400;margin:0;padding:0;font-size:22px;line-height:1.4;margin-bottom:14px\\\"> 史上最全的半导体产业链全景! </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)\\\"> 更多精彩点 </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)\\\"> ittbank </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;__visibility:hidden\\\"><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\\\"><img src=\\\":/657a89ce5a9945a6b2d7efbd0b5d990f\\\" 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\\\"><img src=\\\":/432cca4718d3454f963cba1e9155db2e\\\" 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;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;line-height:27.2px;widows:1;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">集成电路作为半导体产业的核心，市场份额达83%，由于其技术复杂性，产业结构高度专业化。随着产业规模的迅速扩张，产业竞争加剧，分工模式进一步细化。<span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">目前市场产业链为IC设计、IC制造和IC封装测试。</strong></span></span></p><ul style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;padding-left:2.2em;word-wrap:break-word !important\\\"><li style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">在核心环节中，IC设计处于产业链上游，IC制造为中游环节，IC封装为下游环节。</span></p></li><li style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">全球集成电路产业的产业转移，由封装测试环节转移到制造环节，产业链里的每个环节由此而分工明确。</span></p></li><li style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">由原来的IDM为主逐渐转变为Fabless+Foundry+OSAT。</span></p></li></ul><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;line-height:27.2px;widows:1;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/ac98f51b6c6d40b98e675e8a8203c7c4\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/a3a4f4dacf8c43799fbed0a83f543064\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;width:677px !important;__visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/e8a014189d3749d9a87abd8b732a7681\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;letter-spacing:0.544px;line-height:27.2px;text-align:center;widows:1;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/f65a262723ad49f1b1faef37b1539083\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;letter-spacing:0.544px;line-height:27.2px;text-align:left;widows:1;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/16ff9c241a314656a3cd0064c4d4e17d\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/1db31e697cc34e38bdb8a24ab957026e\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/14a52823d39a41329a9776f3c5c71b8a\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:668px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/5fc1d9dfd2a7462f8d0b94b0fa0c2c29\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:499px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(136,136,136);font-size:14px;box-sizing:border-box !important;word-wrap:break-word !important\\\">▲全球半导体产业链收入构成占比图</span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(136,136,136);font-size:14px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;white-space:normal;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(136,136,136);font-size:14px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/240d570d5b4e4b3d8cfe84a9e71b0b73\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;font-family:-apple-system-font,BlinkMacSystemFont,\\\"Helvetica Neue\\\",\\\"PingFang SC\\\",\\\"Hiragino Sans GB\\\",\\\"Microsoft YaHei UI\\\",\\\"Microsoft YaHei\\\",Arial,sans-serif;letter-spacing:0.544px;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important;width:677px !important;__visibility:visible !important\\\"/></span></strong></span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/09035ebcfda64452a12596b2721ecd12\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;font-family:-apple-system-font,BlinkMacSystemFont,\\\"Helvetica Neue\\\",\\\"PingFang SC\\\",\\\"Hiragino Sans GB\\\",\\\"Microsoft YaHei UI\\\",\\\"Microsoft YaHei\\\",Arial,sans-serif;letter-spacing:0.544px;text-align:center;white-space:normal;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important;width:565px !important;__visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;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;-webkit-box-sizing:border-box !important;font-size:16px;font-family:微软雅黑;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;border-width:0;border-style:none;border-color:initial;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;border-width:0;border-style:none;border-color:initial;display:inline-block;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;margin-top:8px;padding-right:10px;min-height:32px;font-weight:bold;line-height:28px;color:rgb(55,74,174);border-bottom:1.5px solid rgb(55,74,174);border-top-color:rgb(55,74,174);border-right-color:rgb(55,74,174);border-left-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin-right:8px;padding:4px 10px;color:rgb(255,255,255);display:block;float:left;line-height:20px;background-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\" title=\\\"\\\">1</span>设计：</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">细分领域具备亮点，核心关键领域设计能力不足</strong></span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(0,0,0);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">。</strong><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">从应用类别(如：手机到汽车)到芯片项目(如：处理器到FPGA)，国内在高端关键芯片自给率几近为0，仍高度仰赖美国企业；</strong></span></p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:16px;font-family:微软雅黑;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;border-width:0;border-style:none;border-color:initial;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;border-width:0;border-style:none;border-color:initial;display:inline-block;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;margin-top:8px;padding-right:10px;min-height:32px;font-weight:bold;line-height:28px;color:rgb(55,74,174);border-bottom:1.5px solid rgb(55,74,174);border-top-color:rgb(55,74,174);border-right-color:rgb(55,74,174);border-left-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin-right:8px;padding:4px 10px;color:rgb(255,255,255);display:block;float:left;line-height:20px;background-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\" title=\\\"\\\">2</span>设备：</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">自给率低，需求缺口较大，当前在中端设备实现突破，初步产业链成套布局，但高端制程/产品仍需攻克</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(0,0,0);box-sizing:border-box !important;word-wrap:break-word !important\\\">。</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(0,0,0);font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">中国本土半导体设备厂商只占全球份额的1-2%，在关键领域如：沉积、刻蚀、离子注入、检测等，仍高度仰赖美国企业；</span></p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:16px;font-family:微软雅黑;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;border-width:0;border-style:none;border-color:initial;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;border-width:0;border-style:none;border-color:initial;display:inline-block;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;margin-top:8px;padding-right:10px;min-height:32px;font-weight:bold;line-height:28px;color:rgb(55,74,174);border-bottom:1.5px solid rgb(55,74,174);border-top-color:rgb(55,74,174);border-right-color:rgb(55,74,174);border-left-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin-right:8px;padding:4px 10px;color:rgb(255,255,255);display:block;float:left;line-height:20px;background-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\" title=\\\"\\\">3</span>材料：</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">在靶材等领域已经比肩国际水平，但在光刻胶等高端领域仍需较长时间实现国产替代</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(0,0,0);box-sizing:border-box !important;word-wrap:break-word !important\\\">。全球半导体材料市场规模443 亿美金，晶圆制造材料供应中国占比10%以下，部分封装材料供应占比在30%以上。在部分细分领域上比肩国际领先，高端领域仍未实现突破；</span></p></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;border-width:0;border-style:none;border-color:initial;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;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;border-width:0;border-style:none;border-color:initial;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;border-width:0;border-style:none;border-color:initial;display:inline-block;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;margin-top:8px;padding-right:10px;min-height:32px;font-weight:bold;line-height:28px;color:rgb(55,74,174);border-bottom:1.5px solid rgb(55,74,174);border-top-color:rgb(55,74,174);border-right-color:rgb(55,74,174);border-left-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin-right:8px;padding:4px 10px;color:rgb(255,255,255);display:block;float:left;line-height:20px;background-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\" title=\\\"\\\">4</span>制造：</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">全球市场集中，台积电占据60%的份额，受贸易战影响相对较低。大陆跻身第二集团，全球产能扩充集中在大陆地区</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(0,0,0);box-sizing:border-box !important;word-wrap:break-word !important\\\">。代工业呈现非常明显的头部效应，在全球前十大代工厂商中，台积电一家占据了60%的市场份额。此行业较不受贸易战影响；</span></p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;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;border-width:0;border-style:none;border-color:initial;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;border-width:0;border-style:none;border-color:initial;display:inline-block;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;margin-top:8px;padding-right:10px;min-height:32px;font-weight:bold;line-height:28px;color:rgb(55,74,174);border-bottom:1.5px solid rgb(55,74,174);border-top-color:rgb(55,74,174);border-right-color:rgb(55,74,174);border-left-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin-right:8px;padding:4px 10px;color:rgb(255,255,255);display:block;float:left;line-height:20px;background-color:rgb(55,74,174);box-sizing:border-box !important;word-wrap:break-word !important\\\" title=\\\"\\\">5</span>封测：</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">最先能实现自主可控的领域</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(0,0,0);box-sizing:border-box !important;word-wrap:break-word !important\\\">。封测行业国内企业整体实力不俗，在世界拥有较强竞争力，长电+华天+通富三家17 年全球整体市占率达19%，美国主要的竞争对手仅为Amkor。此行业较不受贸易战影响。</span></p></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;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;border-width:0;border-style:none;border-color:initial;text-align:center;word-wrap:break-word !important\\\"><div style=\\\"padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin:10px auto;display:inline-block;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;width:74.1875px;font-size:18px;height:40px;line-height:40px;border-bottom:2px solid rgb(30,28,28);word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;background-color:rgb(171,25,66);color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">一、设计</strong></span></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;margin-top:1px;width:74.1875px;border-top:1px solid rgb(30,28,28);word-wrap:break-word !important\\\"><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\\\"/></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;border-width:0;border-style:none;border-color:initial;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">按地域来看，当前全球IC 设计仍以美国为主导，中国大陆是重要参与者。</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">2017 年美国IC设计公司占据了全球约53%的最大份额，IC Insight 预计，新博通将总部全部搬到美国后这一份额将攀升至69%左右。台湾地区IC 设计公司在2017 年的总销售额中占16%，与2010年持平。联发科、联咏和瑞昱去年的IC 销售额都超过了10 亿美元，而且都跻身全球前二十大IC 设计公司之列。欧洲IC 设计企业只占了全球市场份额的2%，日韩地区Fabless 模式并不流行。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">与非美国海外地区相比，中国公司表现突出。世界前50 fabless IC 设计公司中，中国公司数量明显上涨，从2009 年1 家增加至2017 年10 家，呈现迅速追赶之势。2017 年全球前十大Fabless IC 厂商中，美国占据7 席，包括高通、英伟达、苹果、AMD、Marvell、博通、赛灵思；中国台湾地区联发科上榜，大陆地区海思和紫光上榜，分别排名第7 和第10。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">2017 年全球前十大Fables s IC 设计厂商（百万美元）</span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/6a0d76e754614938a077f48e75bc57c8\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:591px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">然而，尽管大陆地区海思和紫光上榜，但可以看到的是，高通、博通和美满电子在中国区营收占比达50%以上，国内高端 IC 设计能力严重不足。可以看出，国内对于美国公司在核心芯片设计领域的依赖程度较高。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/998932ea68f246d1b59b7b763a766df9\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:630px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">自中美贸易战打响后，通过<strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">“中兴事件”和“华为事件”</strong>我们可以清晰的看到，核心的高端通用型芯片领域，国内的设计公司可提供的产品几乎为0。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/0eeb569f3dd7484db36db7796e289757\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">大陆高端通用芯片与国外先进水平差距主要体现在四个方面：</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">1）移动处理器的国内外差距相对较小。</span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">紫光展锐、华为海思等在移动处理器方面已进入全球前列。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">2）中央处理器(CPU) 是追赶难度最大的高端芯片。</span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">英特尔几乎垄断了全球市场，国内相关企业约有 3-5 家，但都没有实现商业量产，多</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">仍然依靠申请科研项目经费和政府补贴维持运转。龙芯等国内 CPU 设计企业虽然能够做出 CPU 产品，而且在单一或部分指标上可能超越国外 CPU，但由于缺乏产业生态支撑，还无法与占主导地位的产品竞争。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">3）存储器国内外差距同样较大。</span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">目前全球存储芯片主要有三类产品，根据销售额大小依次为：DRAM、NAND Flash 以及Nor Flash。在内存和闪存领域中，IDM 厂韩国三星和海力士拥有绝对的优势，截止到2017年，在两大领域合计市场份额分别为75.7%和49.1%，中国厂商竞争空间极为有限，武汉长江存储试图发展 3D Nand Flash(闪存)的技术，但目前仅处于 32 层闪存样品阶段，而三星、英特尔等全球龙头企业已开始陆续量产 64 层闪存产品；在Nor flash 这个约为三四十亿美元的小市场中，兆易创新是世界主要参与厂家之一，其他主流供货厂家为台湾旺宏，美国Cypress，美国美光，台湾华邦。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">4）FPGA、AD/DA 等高端通用型芯片，国内外技术悬殊。</span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">这些领域由于都是属于通用型芯片，具有研发投入大，生命周期长，较难在短期聚集起经济效益，因此在国内公司层面发展较为缓慢，甚至有些领域是停滞的。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/154951cf102e4032b7e899895285d6b6\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">总的来看，芯片设计的上市公司，都是在细分领域的国内最强。</strong>比如汇顶科技在指纹识别芯片领域超越FPC 成为全球安卓阵营最大指纹IC 提供商，成为国产设计芯片在消费电子细分领域少有的全球第一。士兰微从集成电路芯片设计业务开始，逐步搭建了芯片制造平台，并已将技术和制造平台延伸至功率器件、功率模块和MEMS 传感器的封装领域。但与国际半导体大厂相比，不管是高端芯片设计能力，还是规模、盈利水平等方面仍有非常大的追赶空间。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/aac4553ca72a45a594a3eab21ec1072d\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/1e1482c004b844c8b6d47bfd5694c2ce\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;background-color:rgb(238,237,235);border-width:1px;border-style:solid;border-color:rgb(238,237,235);background-size:22px;background-position:center center;background-repeat:no-repeat;box-sizing:border-box !important;word-wrap:break-word !important;height:241.666px !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;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;border-width:0;border-style:none;border-color:initial;text-align:center;word-wrap:break-word !important\\\"><div style=\\\"padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin:10px auto;display:inline-block;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;width:74.1875px;font-size:18px;height:40px;line-height:40px;border-bottom:2px solid rgb(30,28,28);word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;background-color:rgb(171,25,66);color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">二、设备</strong></span></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;margin-top:1px;width:74.1875px;border-top:1px solid rgb(30,28,28);word-wrap:break-word !important\\\"><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\\\"/></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;border-width:0;border-style:none;border-color:initial;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">目前，我国半导体设备的现况是</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">低端制程实现国产替代</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">，高端制程有待突破，设备自给率低、需求缺口较大。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">关键设备技术壁垒高，美日技术领先</span></strong></span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">，CR10 份额接近80%，呈现寡头垄断局面。半导体设备处于产业链上游，贯穿半导体生产的各个环节。按照工艺流程可以分为四大板块——晶圆制造设备、测试设备、封装设备、前端相关设备。其中晶圆制造设备占据了中国市场70%的份额。再具体来说，晶圆制造设备根据制程可以主要分为8 大类，其中光刻机、刻蚀机和 薄膜沉积设备这三大类设备占据大部分的半导体设备市场。</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">同时设备市场高度集中，光刻机、CVD 设备、刻蚀机、PVD 设备的产出均集中于少数欧美日本巨头企业手上。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/0dfb5fec781d4f8fb4ac630786470feb\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/52e76e82cec64217aec04aa970179559\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">中国半导体设备国产化率低，本土半导体设备厂商市占率仅占全球份额的1-2%。</span></p></div></div><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/2e54d2c1e7b340a3b2594b4f4fc316bf\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;font-family:-apple-system-font,BlinkMacSystemFont,\\\"Helvetica Neue\\\",\\\"PingFang SC\\\",\\\"Hiragino Sans GB\\\",\\\"Microsoft YaHei UI\\\",\\\"Microsoft YaHei\\\",Arial,sans-serif;letter-spacing:0.544px;text-align:center;white-space:normal;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important;width:677px !important;__visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/64de4c724d604ff28bc37bf1f22b868e\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;font-family:-apple-system-font,BlinkMacSystemFont,\\\"Helvetica Neue\\\",\\\"PingFang SC\\\",\\\"Hiragino Sans GB\\\",\\\"Microsoft YaHei UI\\\",\\\"Microsoft YaHei\\\",Arial,sans-serif;letter-spacing:0.544px;text-align:center;white-space:normal;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important;width:565px !important;__visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">关键设备在先进制程上仍未实现突破。目前世界集成电路设备研发水平处于12 英寸7nm，生产水平则已经达到12 英寸14nm；而中国设备研发水平还处于12 英寸14nm，生产水平为12 英寸65-28nm，总的来看国产设备在先进制程上与国内先进水平有2-6 年时间差；具体来看65/55/40/28nm 光刻机、40/28nm 的化学机械抛光机国产化率依然为0，28nm化学气相沉积设备、快速退火设备、国产化率很低。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;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;border-width:0;border-style:none;border-color:initial;text-align:center;word-wrap:break-word !important\\\"><div style=\\\"padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin:10px auto;display:inline-block;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;width:74.1875px;font-size:18px;height:40px;line-height:40px;border-bottom:2px solid rgb(30,28,28);word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;background-color:rgb(171,25,66);color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">三、材料</strong></span></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;margin-top:1px;width:74.1875px;border-top:1px solid rgb(30,28,28);word-wrap:break-word !important\\\"><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\\\"/></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;border-width:0;border-style:none;border-color:initial;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;letter-spacing:0.544px;border-width:0;border-style:none;border-color:initial;box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin-right:auto;margin-left:auto;box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin-top:2em;padding-top:0.5em;padding-bottom:0.5em;font-family:inherit;font-size:1em;font-weight:inherit;line-height:22.4px;border-style:solid none none;border-top-width:1px;border-top-color:rgb(0,0,0);text-decoration:inherit;color:rgb(166,166,166);box-sizing:border-box !important;word-wrap:break-word !important\\\"><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin-top:-1.2em;text-align:center;border-width:initial;border-style:none;border-color:initial;line-height:1.4;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;max-width:100% !important;-webkit-box-sizing:border-box !important;padding:8px 23px;border-radius:25px;color:rgb(255,255,255);font-family:inherit;font-weight:inherit;text-decoration:inherit;border-color:rgb(0,88,156);background-color:rgb(0,88,156);box-sizing:border-box !important;word-wrap:break-word !important\\\">半导体材料发展历程</span></strong></div></div></div></div><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/b9696c4502054138a565ba5fad85d4d5\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:558px !important\\\"/></p><ul style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;padding-left:2.2em;word-wrap:break-word !important\\\"><li style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">Si：</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">主要应用于集成电路的晶圆片和功率器件;</span></p></li><li style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">GaAs</span></strong><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">：</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">主要应用于大功率发光电子器件和射频器件;</span></p></li><li style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">G</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">aN</strong></span><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">：</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">主要应用于光电器件和微波通信器件;</span></p></li><li style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">SiC</span></strong></span><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">：</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">主要应用于功率器件</span></p></li></ul><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/40c331359de94dafa6fadff692d9229e\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;background-color:rgb(238,237,235);border-width:1px;border-style:solid;border-color:rgb(238,237,235);background-size:22px;background-position:center center;background-repeat:no-repeat;box-sizing:border-box !important;word-wrap:break-word !important;height:763.655px !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:14px;color:rgb(136,136,136);box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">▲</span>各代代表性材料主要应用</span></strong><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/267fb9871ed84adb95bc86351aa34d79\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(136,136,136);font-size:14px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">▲</span></strong>第二、三代半导体材料技术成熟度</span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">细分领域已经实现弯道超车，核心领域仍未实现突破</span></strong></span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">，半导体材料主要分为晶圆制造材料和封装材料两大块。晶圆制造材料中，硅片机硅基材料最高占比31%，其次依次为光掩模版14%、光刻胶5%及其光刻胶配套试剂7%。封装材料中，封装基板占比最高，为40%，其次依次为引线框架16%，陶瓷基板11%，键合线15%。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">日美德在全球半导体材料供应上占主导地位。</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">各细分领域主要玩家有：硅片——Shin-Etsu、Sumco，光刻胶——TOK、Shipley，电子气体——Air Liquid、Praxair，CMP——DOW、3M，引线架构——住友金属，键合线——田中贵金属、封装基板——松下电工，塑封料——住友电木。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/a21d8881008645f4b07222d1f6d1dcae\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;font-size:16px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/570b5cab303a4cecab8a5ce8ba104cdc\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:659px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/f48d365de2df4d1c8a400287ae9de15f\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;background-color:rgb(238,237,235);border-width:1px;border-style:solid;border-color:rgb(238,237,235);background-size:22px;background-position:center center;background-repeat:no-repeat;box-sizing:border-box !important;word-wrap:break-word !important;height:296.063px !important;__visibility:visible !important;width:630px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">（1）靶材、封装基板、CMP 等，我国技术已经比肩国际先进水平的、实现大批量供货、可以立刻实现国产化。<span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">已经实现国产化的半导体材料典例——靶材。</span></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">（2）硅片、电子气体、掩模板等，技术比肩国际、但仍未大批量供货的产品。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">（3）光刻胶，技术仍未实现突破，仍需要较长时间实现国产替代。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:left;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;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;border-width:0;border-style:none;border-color:initial;text-align:center;word-wrap:break-word !important\\\"><div style=\\\"padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin:10px auto;display:inline-block;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;width:74.1875px;font-size:18px;height:40px;line-height:40px;border-bottom:2px solid rgb(30,28,28);word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;background-color:rgb(171,25,66);color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">四、制造</strong></span></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;margin-top:1px;width:74.1875px;border-top:1px solid rgb(30,28,28);word-wrap:break-word !important\\\"><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\\\"/></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;border-width:0;border-style:none;border-color:initial;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">晶圆制造环节作为半导体产业链中至关重要的工序，制造工艺高低直接影响半</span></strong><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">导体产业先进程度</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">。过去二十年内国内晶圆制造环节发展较为滞后，未来在国家政策和大基金的支持之下有望进行快速追赶，将有效提振整个半导体行业链的技术密度。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">半导体制造在半导体产业链里具有卡口地位。</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">制造是产业链里的核心环节，地位的重要性不言而喻。统计行业里各个环节的价值量，制造环节的价值量最大，同时毛利率也处于行业较高水平，因为Fabless+Foundry+OSAT 的模式成为趋势，Foundry 在整个产业链中的重要程度也逐步提升，可以这么认为，Foundry 是一个卡口，产能的输出都由制造企业所掌控。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">代工业呈现非常明显的头部效应 根据IC Insights 的数据显示，在全球前十大代工厂商中，台积电一家占据了超过一半的市场份额，前八家市场份额接近90%，同时代工主要集中在东亚地区，美国很少有此类型的公司，这也和产业转移和产业分工有关。我们认为，中国大陆通过资本投资和人才集聚，是有可能在未来十年实现代工超越的。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/0947b8a7ef8c4581a3e50a2e94df842a\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;font-family:-apple-system-font,BlinkMacSystemFont,\\\"Helvetica Neue\\\",\\\"PingFang SC\\\",\\\"Hiragino Sans GB\\\",\\\"Microsoft YaHei UI\\\",\\\"Microsoft YaHei\\\",Arial,sans-serif;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important;width:646px !important;__visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><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;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(217,33,66);font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">“中国制造”要从下游往上游延伸，在技术转移路线上，半导体制造是“中国制造”尚未攻克的技术堡垒。中国是个“制造大国”，但“中国制造”主要都是整机产品，在最上游的“芯片制造”领域，中国还和国际领先水平有很大差距。</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">在从下游的制造向“芯片制造”转移过程中，一定要涌现出一批技术领先的晶圆代工企业。在芯片贸易战打响之时，美国对我国制造业技术封锁和打压首当其冲，我们在努力传承“两弹一星”精神，自力更生艰苦创业的同时，如何处理与台湾地区先进企业台积电、联电之间的关系也会对后续发展产生较大的蝴蝶效应。</span></p></div></div><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><div style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;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;border-width:0;border-style:none;border-color:initial;text-align:center;word-wrap:break-word !important\\\"><div style=\\\"padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;margin:10px auto;display:inline-block;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;width:74.1875px;font-size:18px;height:40px;line-height:40px;border-bottom:2px solid rgb(30,28,28);word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;background-color:rgb(171,25,66);color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\">五、封测</strong></span></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;margin-top:1px;width:74.1875px;border-top:1px solid rgb(30,28,28);word-wrap:break-word !important\\\"><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\\\"/></div></div></div><div style=\\\"margin:0;padding:0;max-width:100% !important;box-sizing:border-box !important;-webkit-box-sizing:border-box !important;border-width:0;border-style:none;border-color:initial;word-wrap:break-word !important\\\"><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(217,33,66);box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">当前大陆地区半导体产业在封测行业影响力为最强，市场占有率十分优秀，龙头企业长电科技/通富微电/华天科技/晶方科技市场规模不断提升</span></strong></span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">，对比台湾地区公司，大陆封测行业整体增长潜力已不落下风，台湾地区知名IC 设计公司联发科、联咏、瑞昱等企业已经将本地封测订单逐步转向大陆同业公司。封测行业呈现出台湾地区、美国、大陆地区三足鼎立之态，其中长电科技/通富微电/华天科技已通过资本并购运作，市场占有率跻身全球前十（长电科技市场规模位列全球第三），先进封装技术水平和海外龙头企业基本同步，BGA、WLP、SiP 等先进封装技术均能顺利量产。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p></div></div><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">封测行业我国大陆企业整体实力不俗，在世界拥有较强竞争力，美国主要的竞争对手为Amkor 公司，在华业务营收占比约为18%，封测行业美国市场份额一般，前十大封测厂商中，仅有Amkor 公司一家，应该说贸易战对封测整体行业影响较小，从短中长期而言，Amkor 公司业务取代的可能性较高。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/cf71df91949e4f7faa56fcd70fe4ac43\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">封测行业位于半导体产业链末端，其附加价值较低，劳动密集度高，进入技术壁垒较低</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">，封测龙头日月光每年的研发费用占收入比例约为4%左右，远低于半导体IC 设计、设备和制造的世界龙头公司。随着晶圆代工厂台积电向下游封测行业扩张，也会对传统封测企业会构成较大的威胁。</span></p></div></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><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">2017-2018 年以后，大陆地区封测（OSAT）业者将维持快速成长，目前长电科</span><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important\\\">技/通富微电已经能够提供高阶、高毛利产品，未来的3-5 年内，大陆地区的封测企CAGR增长率将持续超越全球同业。</span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/02c33418e4c24fc28a1ddfafbcb58162\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/d7c87b05427541d3a80af03af188256c\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;background-color:rgb(238,237,235);border-width:1px;border-style:solid;border-color:rgb(238,237,235);background-size:22px;background-position:center center;background-repeat:no-repeat;box-sizing:border-box !important;word-wrap:break-word !important;height:318.211px !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;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;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/615efd20ea1c462e95b83faa4177e464\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;width:677px !important;__visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;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;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/2c65ce47f1e244d98431c1f0768c481c\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;width:677px !important;__visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;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;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/1f47c8187af34e599f882f90eccd74d7\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;width:677px !important;__visibility:visible !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(63,63,63);font-family:微软雅黑;font-size:14px;box-sizing:border-box !important;word-wrap:break-word !important\\\">———— / END / ————</span></strong><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;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><br style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:14px;box-sizing:border-box !important;word-wrap:break-word !important\\\"></span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;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;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\">注：</span></strong><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\">如有遗漏错误之处请指正，联系方式如下：</span></strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;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;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);text-align:center;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(217,33,66);font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\">投稿邮箱：ittbank@ittbank.com</strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;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;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);text-align:center;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(217,33,66);font-size:15px;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important;overflow-wrap:break-word !important\\\">ITTBANK客服热线：25839333</strong></span></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;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;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);text-align:center;box-sizing:border-box !important;word-wrap:break-word !important\\\"><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;font-size:16px;color:rgb(255,255,255);background-color:rgb(171,25,66);box-sizing:border-box !important;word-wrap:break-word !important\\\">声明：转载请注明来源！</span></strong></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;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;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/94c3a7ec9b8d4305a78efc87169ff59c\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:677px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;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;letter-spacing:0.544px;white-space:normal;background-color:rgb(255,255,255);box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/e587a7fb65d741f79be74146424cae67\\\" type=\\\"image/jpeg\\\" data-filename=\\\"640.jpg\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:640px !important\\\"/></p><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;letter-spacing:0.544px;color:rgb(68,68,68);white-space:pre-wrap;font-family:sans-serif;font-size:16px;box-sizing:border-box !important;word-wrap:break-word !important\\\">点击&quot;</span><strong style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;letter-spacing:0.544px;color:rgb(68,68,68);white-space:pre-wrap;font-family:sans-serif;font-size:16px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;color:rgb(0,176,240);box-sizing:border-box !important;word-wrap:break-word !important\\\">阅读原文</span></strong><span style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;letter-spacing:0.544px;color:rgb(68,68,68);white-space:pre-wrap;font-family:sans-serif;font-size:16px;box-sizing:border-box !important;word-wrap:break-word !important\\\">&quot;，进入ittbank微商城</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><p style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;clear:both;min-height:1em;letter-spacing:0.544px;box-sizing:border-box !important;word-wrap:break-word !important\\\"><img src=\\\":/1e8fd7cbd2dc4518ae85e2aa77e79814\\\" type=\\\"image/gif\\\" data-filename=\\\"640.gif\\\" style=\\\"margin:0;padding:0;max-width:100% !important;-webkit-box-sizing:border-box !important;height:auto !important;letter-spacing:0.544px;font-size:16px;white-space:pre-wrap;line-height:25.6px;box-sizing:border-box !important;word-wrap:break-word !important;__visibility:visible !important;width:125px !important\\\" width=\\\"125px\\\"/></p></div></div><ul style=\\\"margin:0;padding:0\\\"></ul><div style=\\\"margin:0;padding:0;padding-top:15px;overflow:hidden;line-height:32px;font-size:15px\\\"><div style=\\\"margin:0;padding:0;display:flex\\\"><div style=\\\"margin:0;padding:0;-webkit-box-flex:1;-webkit-flex:1;flex:1\\\"><a href=\\\"https://mp.weixin.qq.com/s/fngJ1ZmeYFxPza2vR2muAg##\\\" style=\\\"margin:0;padding:0;color:#576b95;text-decoration:none;-webkit-tap-highlight-color:rgba(0,0,0,0);float:left;margin-right:16px\\\">阅读原文</a></div><span style=\\\"margin:0;padding:0;float:right;margin-left:16px;color:#576b95;__visibility:hidden\\\"><span style=\\\"margin:0;-webkit-appearance:none;-webkit-tap-highlight-color:rgba(0,0,0,0);outline:0;background-color:transparent;border:0;display:inline-block;vertical-align:middle;white-space:nowrap;padding:0;font-size:15px;font-family:inherit;line-height:2.13333333;color:#576b95\\\"><span style=\\\"margin:0;padding:0\\\">在看</span><span style=\\\"margin:0;padding:0;font-size:15px;margin-left:.2em\\\"></span></span></span></div></div></div></div></div></span>\\\n</div></body></html>\\u0000\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":100530}]"
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updated_time: 2025-11-28T16:20:28.186Z
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