金融学院知识库

        集成电路是国家信息化发展的根基，是保障国家持续发展的战略性、基础性、 先导性产业。近年来，我国集成电路行业在各级政府政策的大力支持和大基金的 有力扶持下，产业规模增长迅速，市场需求不断扩大，产业结构不断优化，产业 分布趋于集中化，规模经济效益逐渐显现，投资价值日益凸显，在证券投资市场 上受到越来越多投资者的关注。

        本文首先分析了我国集成电路行业发展所处的国际环境，结合国内政策背景 分析了集成电路行业发展的现状及趋势，虽然我国集成电路行业当前存在许多不 足之处，但是整体发展趋势向好，同时相关政策不断出台和落地为该行业营造了 良好的发展环境，未来的发展潜力巨大，投资价值与日俱增。其次，本文选择沪 深两市中 25 家集成电路上市公司作为研究对象，试图通过构建较为全面、科学 的指标体系，使用因子分析法对它们的投资价值做出评估和分析，为投资者提供 一定的投资判断依据。一是发现对投资价值综合因子得分影响最大的前三项一级 指标分别为盈利能力、资产管理能力和股东回报能力，它们是判断我国集成电路 行业上市公司投资价值大小最重要的因素；二是发现从事设计、制造领域的公司 的投资价值普遍较封装、测试领域的公司大，比如北京君正、澜起科技、乐鑫科 技、上海贝岭和汇顶科技分列得分前五位，而从事封装、测试的公司中只有晶方 科技和华天科技两家的综合评分为正，排名分列第七和第十四位。然后，引入“龙 头企业”汇顶科技作为具体案例，对公司的经营状况、股票的投资价值做出评估 和分析，判断出汇顶科技经营妥善、财务良好、股票具有投资价值，希望能为投 资者提供具投资参考。最后，对全文的研究结果进行梳理总结，我国集成电路行 业整体发展趋势向好，投资价值日益明显，上游领域投资价值普遍较高，各细分 领域“龙头企业”都具有投资价值。

Integrated circuit is the foundation of national information development，the highland of technological innovation and competition， and the strategic， basic and leading industry to ensure the sustainable development of the country. In recent years， with the strong support of government policies at all levels and large funds， China's integrated circuit industry has witnessed rapid growth in industrial scale ， continuous expansion of market demand， continuous optimization of industrial structure， concentration of industrial distribution， gradual emergence of scale economic benefits and increasingly prominent investment value，which has attracted more and more investors' attention in the securities investment market.

This paper first analyzes the international environment of the development of China's integrated circuit industry, and analyzes the current situation and trend of the development of the integrated circuit industry in combination with the domestic policy background. Although there are many deficiencies in China's integrated circuit industry at present, the overall development trend is good. At the same time, the continuous introduction and implementation of relevant policies create a good development environment for the industry, and the future development The potential is huge and the investment value is increasing day by day. Secondly, this paper chooses 25 IC listed companies in Shanghai and Shenzhen stock markets as research objects, trying to evaluate and analyze their investment value by building a more comprehensive and scientific index system and using factor analysis method, so as to provide investors with certain basis for investment judgment. First, it is found that the first three first-class indicators that have the greatest impact on the score of comprehensive factors of investment value are profitability, asset management ability and shareholder return ability, which are the most important factors to judge the investment value of Listed Companies in China's integrated circuit industry; second, it is found that the investment value of companies engaged in design and manufacturing fields is generally larger than that of companies engaged in packaging and testing fields, which is higher than that of companies engaged in packaging and testing fields For example, Beijing Junzheng technology, LanChi technology, Lexin technology, Shanghai belling technology and huiding technology rank in the top five respectively, while only Jingfang technology and Huatian technology, the companies engaged in packaging and testing, rank in the seventh and fourteenth respectively. Then, the introduction of "leading enterprise" huiding technology as a specific case, the company's operation, the investment value of the stock to make evaluation and analysis, to determine that huiding technology is properly operated, financial good, stocks have investment value, hoping to provide investors with investment reference. Finally, the research results of this paper are summarized. The overall development trend of China's integrated circuit  industry is good, the investment value is increasingly obvious, the upstream investment value is generally high, and the "leading enterprises" in each subdivision field have investment value.