"Science and Technology Innovation Board Daily" (Shanghai, researcher Zheng Yuanfang) reported that China Resources Micro announced today (7th) that the company's wholly-owned subsidiary China Micro Holdings plans to establish a joint venture with the National Integrated Circuit Industry Investment Fund Phase II Co., Ltd. (hereinafter referred to as "Big Fund Phase II") and Chongqing Xiyong Microelectronics Industrial Park Development Co., Ltd. to invest in the construction of a 12-inch power semiconductor wafer production line project.

The project has a total investment of 7.55 billion yuan. After completion, it is expected to be able to produce 30,000 12-inch mid-to-high-end power semiconductor wafers per month, and will also build supporting 12-inch epitaxy and thin wafer process capabilities.

Large funds reduce their holdings in the first phase and make efforts in the second phase

Since April, large funds have intensively reduced their holdings. Chip stocks such as SMIC GigaDevice, Tongfu Microelectronics, Changdian Technology, and Jingfang Technology were all reduced. However, many institutions said that the reduction of holdings by large funds is a normal market operation. In addition, the first phase of the big fund made a lot of profits by investing in listed companies in the semiconductor industry. Since the establishment of the second phase, the first phase has exited in an orderly manner and optimized the investment structure, and entered the payback period from 2019 to 2023.

The previous actions of reducing holdings may be seen as "paving the way" for the second phase of the attack.

According to data, the registered capital of the second phase of the big fund is as high as 204.15 billion yuan, and the investment focus is tilted towards the field of chip equipment and materials. It is expected to promote the creation of an IC industry chain and IC-related supporting industries with a high proportion of independent intellectual property rights.

Guohai Securities predicts that 2021-2023 will be the active years for the second phase of external investment by large funds, and outstanding IC industry companies are expected to receive large amounts of financial support.

The power semiconductor boom is booming, and domestic companies are taking advantage of the trend.

The move by large funds to join hands with industry leader China Resources Micro and invest in power semiconductors has once again drawn the attention of the outside world to this segmented track.

Since the beginning of this year, downstream markets such as new energy vehicles, mobile phone fast charging, photovoltaic and wind power have grown rapidly, and the demand for power semiconductors represented by MOSFETs and IGBTs has continued to increase. Under the mismatch between supply and demand, supplier delivery cycles continue to lengthen, the industrial chain continues to grow, and industry prosperity continues to improve.

Research institute IHS predicts that the global power semiconductor market is expected to reach US$44.1 billion in 2021, and the Chinese market is expected to reach US$15.9 billion, accounting for 36.05%.

Huaan Securities pointed out that as the epidemic has brought many restrictions to overseas power manufacturers, China's epidemic control situation is relatively good, the supply-side competition pattern of domestic power semiconductor leading manufacturers has been optimized, and the localization process has been accelerated.

According to the integration of multiple research reports, the power semiconductor field can be focused on: China Resources Micro, Wingtech Technology, Star Semiconductor, Silan Micro, New Clean Energy, Yangjie Technology, etc.

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