Many people ask what the chip logic is all about, and they don't understand it, so the author put off other manuscripts, and sort out the chip logic first.

It was originally planned to start analyzing the breaking point and counterattack point of the Sino-US trade war today. Nine swords of Dugu, as long as you catch the flaw of your opponent, you can win with one blow even if there is no internal force!

articles that analyze opponents' flaws can only be postponed to the next time.

according to data from Gartner, in 218, Huawei's semiconductor procurement expenditure exceeded $21 billion, making it the third largest chip buyer in the world, accounting for 4.4% of the global market.

it is basically certain that whoever invests the most will be the biggest support.

in September 214, the state issued the Outline for Promoting the Development of Integrated Circuit Industry, proposing to set up a national industrial investment fund. At present, the first phase of the National Integrated Circuit Industry Fund has made great contributions, and it has basically come to an end. According to the national goal of achieving 4% domestic chip self-sufficiency rate in 22 and 7% in 225, large funds will continue to invest in the future.

The function of big funds is not only to invest, but also to guide the industry. From the perspective of God, we can integrate all investments and unite as one!

Under the guidance of the big fund, design companies such as Ziguang Zhanrui and Zhongxing Micro have strengthened cooperation with chip manufacturing companies such as SMIC, and the revenue share of local customers in SMIC has increased from less than 2% in 29 to about 5% at present. The share of CCP plasma etching machine in SMIC's 4nm and 28nm production lines has reached 5% and 3% respectively, and it has reached 35% in Shanghai Huali production line and 12% in Shanghai silicon industry.

prepare for 5 years and fight today!

in chip manufacturing, China leads in packaging and testing, and the manufacturing process is catching up!

hisilicon, a perennial director of Electrical Technology, has been cooperating with the 2 special project of the Ministry of Science and Technology since 216. More importantly, the confidence lies in the continuous large-scale investment in construction projects since 216, with an investment of 4.1 billion in 16 years, more than 3 billion in 17 years and 18 years. In 219, the board of directors announced that it will invest 3.41 billion yuan again, half of which is for Huawei.

We have been fully committed for four consecutive years, regardless of cost and profit, in order to reserve production capacity. During the four years from 16 to 19 years, the total investment has exceeded 15 billion yuan.

what is the current market value?

Look at the financial reports of listed companies, and you will know that these investments, regardless of cost, have not yet produced any benefits, but they have kept investing without hesitation.

there is only one purpose, to meet today's situation!

Especially at the just-concluded board meeting, Zhou Zixue was also the chairman of two listed companies, Changdian Technology and SMIC, coordinating the upstream and downstream of domestic chip manufacturing and laying a platform foundation for domestic substitution.

moreover, in the fourth quarter of last year and the first quarter of this year, the overseas orders of changdian technology have been affected by the trade war, and they have fallen to the lowest point, which cannot have any other impact.

finally, about the goodwill of changdian technology. This goodwill arises from the acquisition of Xingke Jin Peng.

Now, under the trade war, the value of Xingke Jin Peng's technology is outstanding.

In that year, the total telephone bill was 78 million US dollars. In addition, the enterprise also paid an additional 2 million perpetual bonds and 425 million senior bonds. Therefore, the heavy payment of Changdian Technology is 1.3 billion US dollars, which is 9 billion RMB.

if I didn't buy it then, can I buy it now at RMB 3 billion? What about 5 billion?

I am sure that even if China pays 1 billion yuan, it can't be bought!

excuse me, what is goodwill?

by the way, the other two manufacturers.

There are three packaging and testing manufacturers, among which Changdian focuses on communication, Huatian is responsible for storage, and Tongfu is responsible for CPU. Therefore, Huatian's advantage is that its business is all in China, which is why it took the lead in daily trading last Friday. Changdian Technology was smashed back last Friday because of foreign investment and fear of overseas business.

these two companies have invested a lot in their respective fields, and they have also mastered some advanced technologies through mergers and acquisitions. Huatian Technology's Nanjing sealing and measuring plant should be equipped with Ziguang and even stored in the Yangtze River. Tongfu Microelectronics acquired AMD's sealing and testing factory, which can support domestic CPU.

but in terms of business volume, the advantages of changdian technology are outstanding, and huatian and tongfu are also very important.

in 29, domestic customers of SMIC accounted for only 1%, and now the domestic customers account for 5%. The benefits of localization substitution are very obvious.

the most important thing is that the manufacturing process has broken through the mass production standard of 14nm, and the next generation has been introduced and verified at 12nm, which provides a strong support for Huawei's domestic substitution.

There are actually three storage companies, namely Changjiang Storage, Hefei Changxin and Jinhua. In the trade war, Jinhua was sacrificed, which is a high probability. According to the news, Jinhua is already looking for potential buyers and selling assets. China exchanged Jinhua for Meguiar Semiconductor's market share in China. Let the Yangtze River storage and the growth of Hefei Changxin leave market space.

Therefore, the situation of Zhaoyi's innovation will be less difficult. Otherwise, China's three companies will join the global storage war, which will last for a long time.

However, competition still exists, only the pressure is reduced, and the world giants will not easily let China store newborns. In 16 years, Wei Shaojun, director of Tsinghua Institute of Electronics, foresaw today when the Yangtze River storage project landed. If you are in doubt, you can consult Wei Shaojun's articles in those days.

Everything today is prepared!

Other alternatives have been overwhelming on the Internet, so I won't analyze them here.

it is necessary to warn of risks.

the performance of the market has another logic, the pit of dual industrial chains. Never step on the pit!

Apple is the target of revenge. Moreover, increasing tariffs will inevitably lead to price increases in Apple's supply chain.

In the American market, the cost of Apple has gone up and the price has gone up. In order to balance the pressure of smuggling, Apple is bound to raise prices around the world. As a result, the price competitiveness of Apple's products has declined.

Therefore, in the high-end market, if Huawei is frustrated overseas due to technical barriers, and Apple loses its competitiveness due to price factors, Samsung should benefit.

a few days ago, the author explained in detail with data, where did the trade war come from! The industrial chain of notebook computers has been analyzed, and it is pointed out that Apple may be the most damaged company.

as the saying goes, when the snipe and the clam compete, the fisherman gains? Even if Samsung gains, the global market will shrink, and if it is a general-purpose device, it will be damaged.

in any case, the supply chain manufacturers of the two giants will suffer. Therefore, the antenna is a pit, and the device is also a pit. There are many pits in a series. Don't be fooled by a so-called domestic substitution concept stock with no special logic!

if you want to find domestic substitutes, you must avoid these pits and look for varieties to fill the gaps in the domestic market!

Huawei's strong backing is investment, not profit.

who has invested the most in real money to replace the industrial chain in China? Who is the most valuable!

the national integrated circuit investment fund is the largest investment platform, and the higher the shareholding ratio, the more investment, and this logic can be established.

domestic substitution, the most important thing is to fill the gap, not the existing products. Don't fall into the pit!