瑞信-中国-科技行业-中国再创新系列：半导体的成功-2019.11.5.pdf

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1、5November2019EquityResearchAsiaPacific

2、ChinaChinaMarketStrategyChinaReinventedseries:SEMI-successfulStrategy

3、StrategyCICSpecialInthesecondofChinaReinventedseriestodiscussChina’sdrivefortechnologyindependenceTheCreditSuisseChinaInvestmentConferenceinkeymanufacturingareas,westudy

4、theprospectsforChina’ssemiconductorindustry.(CIC)isoneofthemostexclusivebusinessgatheringsintheGreaterChinaregion,bringingFigure1:SemiconductorsnowthebiggestimportitemofChinatogetherbusinessleadersandentrepreneursfromaroundtheregion,aswellasglobalinstitutionaland35(US$bn)privat

5、einvestors.Thisyear,theCreditSuisseChina30InvestmentConferencewillexplorethethemeof25‘GreatExpectations’–atopicthatembracesthecontinuedprogressionofChinaandthe20advancementofsomeofthecountry’smost15dynamiccompaniesagainstthecurrentgeopolitical10andmacroeconomicbackdrop.5Researc

6、hAnalysts0Jan-01Jan-03Jan-05Jan-07Jan-09Jan-11Jan-13Jan-15Jan-17Jan-19ChaolienTsengCrudeOilIC/SemiconductorAircraftMachineTools85221016795chaolien.tseng@credit-suisse.comSource:CEICVincentChanChinagoingsolo.SemishavesurpassedcrudeoilasChina’smajorimportitemsince852210165682015

7、andareakeyareainthecountry’sdrivefortechnologyindependence.CSglobalvincent.chan@credit-suisse.comanalystsalsoaddressthistopicindetailinChina:Canitgaintechindependence?WeHuShenbelievethatwhilestrivingfortechnologyindependence,Chinashouldneverdisconnect85221016540itselffromtheglo

8、balproductionfoodchainwhichbringshugebenefitstosociety.Thehu.shen@credit-suisse.comdeterioratingrelationshipbetweenChinaandthewesternworldaddsmorehurdlestoChina’spushtowardstechnologicaldevelopmentthroughM&Aandforeign-educatedtalent.ProspectsforChina’ssemiconductorindustry.Wei

9、nterviewedDr.JosephXie,whoisaveteranwith30years’experienceinthesemiconductorindustry.HebelievesChinahassomestrengthinareassuchasICdesign,memoryandequipment,butaconsiderablegapisexpectedtocontinuetoexistinmostsub-sectors.Dr.XieseesM&AasaquickwayforChinasemistoexpandtheirtechnolo

10、giesandproductportfolios.Thatsaid,hehasalsoaddressedaf