Communication concept stocks
We have systematically combed the communication industry chain, and found that the technology and technology of the core devices in the upstream and downstream of China's communication industry chain have gradually matured, but it is still difficult to find domestic substitutes in the field of high-end chips and components; In China electronic industry chain, China electronic manufacturers are still in low added value (general components and important components), and the upstream core components (core components and chips) still need to be broken.
In the field of core components, it is suggested to focus on the fields where mainland enterprises are expected to accelerate the import substitution, including organic light emitting diode panel (BOE), RF front-end (Xinwei Communication), compound semiconductor (Sanan Optoelectronics), semiconductor packaging and testing (Huatian Technology)/Changdian Technology), and upstream core equipment (Dazu Laser)/precision electronics.
At present, in terms of policy environment, the state began to support the development of semiconductors from 20 15, and the first phase of 20 15 was mainly invested in the field of chip manufacturing, accounting for 65%; The second phase of the Big Fund is expected to land in 2022, and the amount raised is15-200 billion yuan; Design and characteristic technology may be the focus of attention; The National Foundation has strengthened investment in three major areas: locked-in storage, compound semiconductors such as silicon carbide (SiC) and gallium nitride (GaN), and iC design focusing on 5G, artificial intelligence and Internet of Things.
It is estimated that in the second phase, the investment proportion of large funds in integrated circuit design will be increased from about 17% to 20 ~ 25%, and the investment target will also be expanded to innovative enterprises with development potential.
From the industrial environment, China is a big consumer of semiconductors, accounting for about 43% of the global consumption, much higher than the 10% of the United States, Europe, Japan and other countries. At present, China's self-sufficiency rate is about 10%, but it will be less than 20% by 202 1, and the domestic production level is low.
China is a big importer of integrated circuits, with a trade deficit of nearly $200 billion; The export of electronic products in China is mainly pc/ mobile phone /IC/ panel, accounting for 72%; There are many exports of downstream end products, and whether the upstream core components can be controlled independently is the key to the right to speak in trade; American enterprises with higher revenue in China mainly rely on chips, equipment and other upstream links. China market is their main source of income, and there is huge domestic substitution space.