<p><em>该国两家领先的半导体制造厂上周宣布收购其非全资子公司的政府合作伙伴</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/06042820/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-1-2026_122555_thebambooworks.com_-1024x672.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="672" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/06042820/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-1-2026_122555_thebambooworks.com_-1024x672.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>中芯国际和华虹半导体通过收购其政府投资者的股份来巩固对资产的所有权，消除利润分享和内部竞争</li>
<li>中国政府的芯片投资战略产生了混合结果，包括丰厚的退出和像武汉弘芯这样的重大失败</li>
</ul>
<p>当你的半导体行业有太多参与者、资本配置效率低下，并面临与全球巨头竞争的压力时，你该怎么办？</p>
<p>如果你是中国，答案就是整合。上周，领先的芯片制造商 <strong>中芯国际</strong>（0981.HK；688981.SH）和 <strong>华虹半导体</strong>（1347.HK）几乎同时宣布将收购由政府投资基金持有的关键子公司的少数股权，这一举动清晰地表明了这一意图，它们共同占全球代工产能的超过 7%。</p>
<p>这两笔交易都涉及收购同一少数投资者的股份：即中国国家集成电路产业投资基金，也称为 “国家大基金”，以及其他地方政府投资工具。这两项类似公告的紧密时间安排似乎不仅仅是巧合。这些国家支持的基金需要收回部分资本以进行新投资，因为行业本身已经被各种参与者挤满。</p>
<p>这种政府资金支持新企业的投资周期，然后在企业成熟后退出，正是北京用来建立其半导体产业的操作手册。中芯国际和华虹的交易展示了这一模式的最佳实践：早期的国家资本帮助建立国内冠军，然后在更高的估值下撤回，以获取丰厚的利润来资助下一代技术。</p>
<p>中芯国际和华虹半导体的历史可以追溯到这一战略开始认真实施之前，而在高度针对性的芯片投资时代，事情并不总是那么顺利。中国的芯片行业还面临着来自失败项目和投资于表现不佳公司的巨额损失——这些复杂因素帮助解释了为什么整合变得迫在眉睫。我们将很快探讨这些挑战。但首先，让我们更详细地审视中芯国际和华虹的交易及其驱动因素。</p>
<p>中芯国际的交易于上周一宣布，涉及中芯北京，这是一家使用先进的 12 英寸晶圆技术运营的子公司。根据一份 公司公告，中芯国际将以 406 亿元人民币（58.1 亿美元）收购中芯北京剩余的 49% 股份，卖方包括国家大基金和两个北京市投资工具。</p>
<p>华虹的交易于两天后 宣布，遵循类似的模式。华虹将收购上海华力微电子的额外 38.4% 股份，该公司在上海运营两座 12 英寸晶圆厂。该交易涉及其中一座工厂的股份，估值为 83 亿元人民币。涉及的卖方包括上海集成电路基金、中国集成电路基金二期和国投集成电路基金。</p>
<p>与中国芯片行业的许多公司不同，中芯国际和华虹半导体由于相对成熟——两者都有约二十年的历史——以及强劲的现金流和获得信贷及资本市场的能力，能够承担这样的收购。</p>
<h4><strong>结果不均</strong></h4>
<p>中芯国际和华虹计划主要通过发行新股来为其收购融资，这一做法是合理的，因为它们的股票交易接近多年高点。对于退出的投资者而言，这些交易几乎肯定会提供丰厚的回报。</p>
<p>对于中芯国际和华虹而言，这些交易在不同的原因下具有战略意义。中芯国际的案例是关于利润整合。虽然中芯北京已经为母公司贡献了收入，但几乎一半的子公司的利润流向了少数股东。通过收购剩余的 49%，中芯国际将现在捕获来自其 10 个晶圆厂中最盈利的设施的 100% 收益。</p>
<p>华虹的理由略有不同。被收购的资产与华虹自己主要的上海晶圆厂直接竞争。整合消除了这种内部竞争，同时也将华力的收入完全纳入华虹的账簿——这一举动应该会带来显著的收入增长和更好的盈利能力。</p>
<p>这让我们回到了北京利用政府资金促进工业发展的战略。这个逻辑是相当合理的。晶圆厂需要巨额投资，并在早期面临严重的折旧，使得政府融资成为支持它们早期阶段的合理方式。</p>
<p>然而，过往的记录显示，这种战略也可能导致巨大的浪费，因为不成熟的项目与更好的项目并行，都是为了寻求政府的巨额补贴。在前者中，最臭名昭著的就是武汉弘芯半导体，该项目在启动时旨在成为中国最先进的代工厂。相反，该 项目于 2020 年破产，在耗尽超过 150 亿元人民币后，未能生产出一枚商业芯片。</p>
<p>最近的案例表明，这种失败并不罕见，尽管它们的曝光率较低。2019 年启动的上海项目 <strong>无声电子</strong>，最初计划总投资超过 180 亿元，建设周期为五年。然而不到三年，该项目完全停滞，公司去年申请破产，未能开始有意义的生产。</p>
<p>对于更广泛的中国半导体行业来说，多年来政府推动的扩张创造了有利于幸存公司之间整合的条件。2014 年成立的&#34;大基金&#34;是主要催化剂，第一阶段筹集了 1387 亿元，第二阶段 2000 亿元，第三阶段在 2024 年筹集了 3440 亿元。</p>
<p>现在，整合正在各个领域迅速展开，不仅仅是芯片生产，还有芯片设计、材料、设备制造和 EDA 工具。</p>
<p>去年九月，主要晶圆制造商 <strong>国家硅产业集团</strong>（688126.SH）宣布计划全面收购其三家子公司。三个月前，半导体设备领导者 <strong>北方华创</strong>（002371.SZ）以 310 亿元从两家国有投资者手中购买了竞争对手晶方科技 17.9% 的股份。</p>
<p>整合的步伐正在加快。根据数据分析公司 IT Juzi 的数据显示，中国在去年九月之前记录了 93 起半导体并购交易，比去年同期的 70 起增加了 33%。这些交易的总交易价值估计达到 549 亿元，同比增长近 50%。</p>
<p>政府的影子在这些交易中随处可见。在扩张阶段投资的国有基金现在面临强大的压力，要求退出并将资本回收用于新的政府优先事项。</p>
<p>然而，并非所有的整合尝试都能成功。一个显著的例子是 AI 芯片和 CPU 制造商 <strong>海光</strong> 与服务器制造商 <strong>曙光</strong> 之间失败的合并。该交易于去年六月宣布，但在十二月被放弃，原因是交易规模庞大以及协调多个利益相关者的复杂性。</p>
<p>尽管面临这样的挫折，我们几乎可以肯定今年会有更多的整合浪潮。这一波整合是必要的演变，因为北京在日益激烈的中美技术竞争中追求半导体价值链的自给自足。问题不再是整合是否会发生，而是谁将成为主要的整合者，成为中国对全球巨头如台湾的台积电、韩国的三星和美国的高通的回应。</p>
<p><em>图片来源：作者</em></p>
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华虹半导体

华虹公司

中芯国际

<p>中国领先的芯片制造商中芯国际和华虹公司正在通过收购其子公司的政府合作伙伴来巩固所有权。此举旨在消除利润分享和内部竞争，因为这两家公司占全球代工产能的超过 7%。中芯国际将以 58.1 亿美元收购中芯北京 49% 的股份，而华虹公司将以 12 亿美元额外收购上海华力微电子 38.4% 的股份。这些交易反映了中国利用政府资金支持半导体发展的战略，尽管该行业的结果喜忧参半</p>

<p><em>Two of the country's leading fabs announced buyouts of government partners in their non-wholly owned subsidiaries last week</em></p>
<div class="lb-trans"><p><em>该国两家领先的半导体制造厂上周宣布收购其非全资子公司的政府合作伙伴</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/06042820/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-1-2026_122555_thebambooworks.com_-1024x672.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/01/06042820/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_6-1-2026_122555_thebambooworks.com_-1024x672.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>SMIC and Hua Hong are consolidating ownership of their assets by buying out their government investors, eliminating profit-sharing and internal fab competition</li>
<li>China's government chip investment strategy has produced mixed results, including lucrative exits alongside massive failures like the collapse of Wuhan Hongxin</li>
</ul>
<div class="lb-trans"><ul>
<li>中芯国际和华虹半导体通过收购其政府投资者的股份来巩固对资产的所有权，消除利润分享和内部竞争</li>
<li>中国政府的芯片投资战略产生了混合结果，包括丰厚的退出和像武汉弘芯这样的重大失败</li>
</ul>
</div><p>What do you do when your semiconductor industry has too many players, inefficient capital deployment, and mounting pressures to compete with global giants?</p>
<div class="lb-trans"><p>当你的半导体行业有太多参与者、资本配置效率低下，并面临与全球巨头竞争的压力时，你该怎么办？</p>
</div><p>If you're China, the answer is that you consolidate. The clearest signal of such intent came last week, when leading chipmakers <strong>SMIC</strong> (0981.HK; 688981.SH) and <strong>Hua Hong</strong> (1347.HK), which collectively account for over 7% of global foundry capacity, nearly simultaneously announced they would buy out minority stakes held by government investment funds in their key subsidiaries.</p>
<div class="lb-trans"><p>如果你是中国，答案就是整合。上周，领先的芯片制造商 <strong>中芯国际</strong>（0981.HK；688981.SH）和 <strong>华虹半导体</strong>（1347.HK）几乎同时宣布将收购由政府投资基金持有的关键子公司的少数股权，这一举动清晰地表明了这一意图，它们共同占全球代工产能的超过 7%。</p>
</div><p>Both deals involve buyouts of the same minority investor: China's National IC Fund, also known as the &#34;Big Fund,&#34; alongside various other local government investment vehicles. The close timing of two similar announcements appears to be more than coincidental. These state-backed funds need to recoup some of their capital for new investments, as the industry itself has become crowded with a wide range of players.</p>
<div class="lb-trans"><p>这两笔交易都涉及收购同一少数投资者的股份：即中国国家集成电路产业投资基金，也称为 “国家大基金”，以及其他地方政府投资工具。这两项类似公告的紧密时间安排似乎不仅仅是巧合。这些国家支持的基金需要收回部分资本以进行新投资，因为行业本身已经被各种参与者挤满。</p>
</div><p>This investment cycle of government funds backing new ventures, then exiting once they mature, is precisely the playbook Beijing has used to build its semiconductor industry. The SMIC and Hua Hong transactions showcase the model at its best: early state capital helps establish domestic champions, then withdraws at higher valuations to pocket big profits to fund the next generation of technology.</p>
<div class="lb-trans"><p>这种政府资金支持新企业的投资周期，然后在企业成熟后退出，正是北京用来建立其半导体产业的操作手册。中芯国际和华虹的交易展示了这一模式的最佳实践：早期的国家资本帮助建立国内冠军，然后在更高的估值下撤回，以获取丰厚的利润来资助下一代技术。</p>
</div><p>Both SMIC and Hua Hong have histories that date back before the strategy began in earnest, and things haven't always worked so smoothly in the era of highly targeted chip investment. China's chip sector is also plagued with massive losses from failed projects and stranded investments in lackluster companies — complications that help explain why consolidation has become urgent. We'll explore these challenges shortly. But first, let's examine the SMIC and Hua Hong deals in more detail and what's driving them.</p>
<div class="lb-trans"><p>中芯国际和华虹半导体的历史可以追溯到这一战略开始认真实施之前，而在高度针对性的芯片投资时代，事情并不总是那么顺利。中国的芯片行业还面临着来自失败项目和投资于表现不佳公司的巨额损失——这些复杂因素帮助解释了为什么整合变得迫在眉睫。我们将很快探讨这些挑战。但首先，让我们更详细地审视中芯国际和华虹的交易及其驱动因素。</p>
</div><p>The SMIC deal, announced last Monday, centers on SMIC Beijing, a subsidiary operating a fab using cutting-edge 12-inch wafer technology. SMIC will acquire the remaining 49% stake in SMIC Beijing for 40.6 billion yuan ($5.81 billion) from multiple sellers, including the Big Fund and two Beijing municipal investment vehicles, according to a company announcement.</p>
<div class="lb-trans"><p>中芯国际的交易于上周一宣布，涉及中芯北京，这是一家使用先进的 12 英寸晶圆技术运营的子公司。根据一份 公司公告，中芯国际将以 406 亿元人民币（58.1 亿美元）收购中芯北京剩余的 49% 股份，卖方包括国家大基金和两个北京市投资工具。</p>
</div><p>The Hua Hong deal, announced two days later, follows a similar pattern. Hua Hong will acquire an additional 38.4% stake in Shanghai Huali Microelectronics, which operates two 12-inch wafer fabs in Shanghai. The transaction, which involves shares in one of these facilities, values the stake at 8.3 billion yuan. It involves four sellers, including Shanghai IC Fund, China IC Fund Phase II, and Guotou IC Fund.</p>
<div class="lb-trans"><p>华虹的交易于两天后 宣布，遵循类似的模式。华虹将收购上海华力微电子的额外 38.4% 股份，该公司在上海运营两座 12 英寸晶圆厂。该交易涉及其中一座工厂的股份，估值为 83 亿元人民币。涉及的卖方包括上海集成电路基金、中国集成电路基金二期和国投集成电路基金。</p>
</div><p>Unlike many companies in China's chip sector, both SMIC and Hua Hong can afford such buyouts due to their relatively maturity – both have around two decades of history – and strong cash flow and access to credit and capital markets.</p>
<div class="lb-trans"><p>与中国芯片行业的许多公司不同，中芯国际和华虹半导体由于相对成熟——两者都有约二十年的历史——以及强劲的现金流和获得信贷及资本市场的能力，能够承担这样的收购。</p>
</div><h4><strong>Uneven results</strong></h4>
<div class="lb-trans"><h4><strong>结果不均</strong></h4>
</div><p>Both SMIC and Hua Hong plan to fund their acquisitions primarily through issuing new shares, an approach that makes sense given their stocks are trading near multi-year highs. For the exiting investors, the transactions almost certainly offer handsome returns.</p>
<div class="lb-trans"><p>中芯国际和华虹计划主要通过发行新股来为其收购融资，这一做法是合理的，因为它们的股票交易接近多年高点。对于退出的投资者而言，这些交易几乎肯定会提供丰厚的回报。</p>
</div><p>For SMIC and Hua Hong, the transactions are strategic for different reasons. SMIC's case is about profit consolidation. While SMIC Beijing was already contributing revenue to the parent, nearly half of the subsidiary's profits were flowing to minority shareholders. By acquiring the remaining 49%, SMIC will now capture 100% of the earnings from one of the most profitable facilities among its 10 fabs.</p>
<div class="lb-trans"><p>对于中芯国际和华虹而言，这些交易在不同的原因下具有战略意义。中芯国际的案例是关于利润整合。虽然中芯北京已经为母公司贡献了收入，但几乎一半的子公司的利润流向了少数股东。通过收购剩余的 49%，中芯国际将现在捕获来自其 10 个晶圆厂中最盈利的设施的 100% 收益。</p>
</div><p>Hua Hong's rationale differs slightly. The asset being acquired has been competing directly with Hua Hong's own major Shanghai fab. The consolidation eliminates this internal competition while also bringing Huali's revenue fully onto Hua Hong's books — a move that should produce a significant revenue jump and better profitability.</p>
<div class="lb-trans"><p>华虹的理由略有不同。被收购的资产与华虹自己主要的上海晶圆厂直接竞争。整合消除了这种内部竞争，同时也将华力的收入完全纳入华虹的账簿——这一举动应该会带来显著的收入增长和更好的盈利能力。</p>
</div><p>This brings us back to Beijing's strategy of using government funds to promote industrial development. The logic is sound enough. Wafer fabs require massive investment and face heavy depreciation in their early years, making government financing a sensible way to support them in their early stages.</p>
<div class="lb-trans"><p>这让我们回到了北京利用政府资金促进工业发展的战略。这个逻辑是相当合理的。晶圆厂需要巨额投资，并在早期面临严重的折旧，使得政府融资成为支持它们早期阶段的合理方式。</p>
</div><p>However, the track record reveals such a strategy can also lead to big waste as ill-conceived projects line up alongside the better ones, all in search of big government handouts. One of the most notorious in the former group is Wuhan Hongxin Semiconductor, which aimed to become one of China's most advanced foundries at its launch. Instead, the project collapsed into bankruptcy in 2020 after burning through more than 15 billion yuan without ever producing a single commercial chip.</p>
<div class="lb-trans"><p>然而，过往的记录显示，这种战略也可能导致巨大的浪费，因为不成熟的项目与更好的项目并行，都是为了寻求政府的巨额补贴。在前者中，最臭名昭著的就是武汉弘芯半导体，该项目在启动时旨在成为中国最先进的代工厂。相反，该 项目于 2020 年破产，在耗尽超过 150 亿元人民币后，未能生产出一枚商业芯片。</p>
</div><p>More recent cases suggest such failures aren't uncommon, though they receive less publicity. Wusheng Electronics, a Shanghai project launched in 2019, initially planned total investment exceeding 18 billion yuan with a five-year construction timeline. Less than three years later, the project stalled completely, and the company filed for bankruptcy last year without ever beginning meaningful production.</p>
<div class="lb-trans"><p>最近的案例表明，这种失败并不罕见，尽管它们的曝光率较低。2019 年启动的上海项目 <strong>无声电子</strong>，最初计划总投资超过 180 亿元，建设周期为五年。然而不到三年，该项目完全停滞，公司去年申请破产，未能开始有意义的生产。</p>
</div><p>For the broader Chinese semiconductor industry, years of government-fueled expansion have created conditions ripe for consolidation among surviving companies. The &#34;Big Fund,&#34; established in 2014, has been the primary catalyst, raising 138.7 billion yuan in its first phase, 200 billion yuan in its second, and 344 billion yuan in its third phase in 2024.</p>
<div class="lb-trans"><p>对于更广泛的中国半导体行业来说，多年来政府推动的扩张创造了有利于幸存公司之间整合的条件。2014 年成立的&#34;大基金&#34;是主要催化剂，第一阶段筹集了 1387 亿元，第二阶段 2000 亿元，第三阶段在 2024 年筹集了 3440 亿元。</p>
</div><p>Now, consolidation is sweeping through every segment, not just chip production, but also chip design, materials, equipment manufacturing, and EDA tools.</p>
<div class="lb-trans"><p>现在，整合正在各个领域迅速展开，不仅仅是芯片生产，还有芯片设计、材料、设备制造和 EDA 工具。</p>
</div><p>Last September, major wafer manufacturer <strong>National Silicon Industry Group</strong> (688126.SH) announced plans to fully acquire three of its subsidiaries. Three months earlier, semiconductor equipment leader <strong>Naura</strong> (002371.SZ) bought 17.9% of rival Kingsemi's shares from two state-backed investors for 31 billion yuan.</p>
<div class="lb-trans"><p>去年九月，主要晶圆制造商 <strong>国家硅产业集团</strong>（688126.SH）宣布计划全面收购其三家子公司。三个月前，半导体设备领导者 <strong>北方华创</strong>（002371.SZ）以 310 亿元从两家国有投资者手中购买了竞争对手晶方科技 17.9% 的股份。</p>
</div><p>The pace of consolidation is accelerating. According to data analytics firm IT Juzi, China recorded 93 semiconductor M&amp;A transactions last year through September — a 33% increase from 70 deals in the year-ago period. The total transaction value of those deals reached an estimated 54.9 billion yuan, up nearly 50% year-over-year.</p>
<div class="lb-trans"><p>整合的步伐正在加快。根据数据分析公司 IT Juzi 的数据显示，中国在去年九月之前记录了 93 起半导体并购交易，比去年同期的 70 起增加了 33%。这些交易的总交易价值估计达到 549 亿元，同比增长近 50%。</p>
</div><p>Government fingerprints are visible across these deals. State-backed funds that invested during the expansion phase are now facing strong pressure to exit and recycle capital into new government priorities.</p>
<div class="lb-trans"><p>政府的影子在这些交易中随处可见。在扩张阶段投资的国有基金现在面临强大的压力，要求退出并将资本回收用于新的政府优先事项。</p>
</div><p>However, not all consolidation attempts succeed. A prominent example is the failed merger between AI chip and CPU maker Hygon and server manufacturer Sugon. Announced last June, the deal was later abandoned by December, with the companies citing the transaction's large scale and the complexity of coordinating multiple stakeholders.</p>
<div class="lb-trans"><p>然而，并非所有的整合尝试都能成功。一个显著的例子是 AI 芯片和 CPU 制造商 <strong>海光</strong> 与服务器制造商 <strong>曙光</strong> 之间失败的合并。该交易于去年六月宣布，但在十二月被放弃，原因是交易规模庞大以及协调多个利益相关者的复杂性。</p>
</div><p>Despite such setbacks, we can almost certainly expect more consolidation this year. The wave represents a necessary evolution as Beijing pursues self-sufficiency across the semiconductor value chain amid intensifying U.S.-China technology competition. The question is no longer whether consolidation will happen, but who will emerge as the primary consolidators, positioned to become China's answers to global giants like Taiwan's TSMC (NYSE: TSM), South Korea's Samsung (005930.KS) and U.S. giant Qualcomm (NASDAQ: QCOM).</p>
<div class="lb-trans"><p>尽管面临这样的挫折，我们几乎可以肯定今年会有更多的整合浪潮。这一波整合是必要的演变，因为北京在日益激烈的中美技术竞争中追求半导体价值链的自给自足。问题不再是整合是否会发生，而是谁将成为主要的整合者，成为中国对全球巨头如台湾的台积电、韩国的三星和美国的高通的回应。</p>
</div><p><em>Image Credit: Author</em></p>
<div class="lb-trans"><p><em>图片来源：作者</em></p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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China's Chip Consolidation Accelerates With SMIC, Hua Hong Buyouts

- SMIC 与华虹宣布收购政府投资者在子公司的股份以巩固控股。  
- 此次交易反映出中国半导体产业的整合趋势，旨在提升竞争力。  
- 政府资金的退出为下一轮投资铺平道路，同时应对市场内竞争激烈的局面。

中国的芯片整合正在加速，中芯国际和华虹公司的收购行动