海通证券则表示，目前，我国半导体设备行业呈现“2超3强N小”局面。未来1-2年半导体领域的并购重组案例将不断出现，包括同一实控人的体外资产注入、现金支付+发行股份/可交换债券等方式购买非同一实控人相关资产。半导体设备行业"大国重器"，在解决"卡脖子"关键技术难关的背景下，国内优秀的半导体设备上市公司在不断进行技术研发迭代的同时，有望通过并购重组一些具有技术创新性、产品协同性的公司，持续做大做强、提升竞争力。Chip stocks extended their losses in the afternoon. As of the time of publication, Shanghai Fudan (01385) fell by 6.51% to HKD 15.5; Hua Hong Semi (01347) fell by 4.81% to HKD 20.8; Semiconductor Manufacturing International Corporation (00981) fell by 4.81% to HKD 25.75; HG Semi (06908) fell by 3.8% to HKD 0.76.
According to the Intelligence Finance app, chip stocks continued to decline in the afternoon. As of the time of publication, Shanghai Fudan (01385) fell by 6.51% to HKD 15.5; Hua Hong Semi (01347) fell by 4.81% to HKD 20.8; Semiconductor Manufacturing International Corporation (00981) fell by 4.81% to HKD 25.75; HG Semi (06908) fell by 3.8% to HKD 0.76.
On October 28th, the U.S. Treasury Department announced new investment restrictions on China in the semiconductor, microelectronics, quantum information technology, and artificial intelligence sectors. These restrictions will officially take effect on January 2, 2025. Tianfeng Securities believes that this event will catalyze an increase in international political instability and raise market attention to domestic production of equipment materials; domestic stimulus policies towards the technology industry are expected to accelerate domestic substitution in the sector.
Haitong Securities stated that currently, the semiconductor equipment industry in China presents a "2 super 3 strong N small" situation. In the next 1-2 years, there will be continuous merger and acquisition cases in the semiconductor field, including the injection of off-balance assets by the same controller, cash payment + issuance of shares / convertible bonds to purchase assets related to different controllers. The semiconductor equipment industry, as a "great national instrument," is expected to continuously enhance its competitiveness and strength through the merger and acquisition of companies with technological innovation and product synergies, while addressing key technical challenges to expand and strengthen domestically outstanding listed semiconductor equipment companies.
