What is the institution's view on the expected increase in chip prices? How do institutions evaluate the newly established third phase of the large fund?
On June 5, Cailian Press News (Editor Hu Jiarong) benefited from the continued boost of semiconductor heat, related stocks continued to rebound. As of publication, Solomon Systech (02878.HK), Shanghai Fudan (01385.HK), and Hua Hong Semiconductor (01347.HK) rose by 5.97%, 4.21%, and 4.16% respectively.
Note: Performance of semiconductor stocks
In terms of news, Jeff Clarke, Vice Chairman and Chief Operating Officer of Dell, recently revealed that the company is expected to face cost pressures, including various costs, transportation costs, and component costs, in the second quarter of 2024. He specifically pointed out that the prices of DRAM and solid-state drives may rise by 15% to 20% in the second half of the year. Dell plans to conduct a detailed study of the cost structure of SSD and DRAM in its product portfolio and make corresponding adjustments.
Currently, the global memory chip market is gradually recovering, and mainstream memory chip manufacturers have initiated a price hike strategy. Since the end of 2023, the global semiconductor memory industry has begun to enter an upward cycle, and has received many notifications from upstream memory chip manufacturers to increase contract prices this year.
According to the latest forecast from TrendForce, the quarterly increase in DRAM contract prices in the second quarter will be raised to 13% to 18%, and the quarterly increase in NAND Flash contract prices will also be raised to about 15% to 20% at the same time.
Shanxi Securities believes that the upward trend of memory chip prices is clear, and the industry is entering a new cycle of growth. With the continuous rise in memory chip prices, it is expected to drive the operating margin of leading memory chip companies to increase, thereby achieving dual growth of performance and valuation. The industry has great growth potential.
The fundraising scale of Da Ji Fund III has reached 344 billion yuan.
Recently, the National Integrated Circuit Industry Investment Fund III Co., Ltd. was established, with Zhang Xin as its legal representative and a registered capital of 344 billion yuan. Its business scope includes private equity investment fund management, venture capital fund management services, equity investment, investment management, asset management, and enterprise management consulting.
The registered capital of Da Ji Fund III exceeds the sum of the first two phases. It will increase investment in core technologies and key components, and also focus on integration and collaboration with international advanced technologies, and promote domestic chips to constantly achieve new breakthroughs in global competition.
Citic Securities pointed out that the National Integrated Circuit Industry Investment Fund III has been officially established. Judging from the current investment situation, it focuses on supporting finance for entities and strengthening the orientation of patient capital. There may be some adjustments and optimizations in the entrusted management model and investment period. Taking a long-term target orientation is helpful to avoid shortsightedness and contribute to the long-term development of the industry.
Soochow Securities also pointed out that the fundraising for Da Ji Fund III has reached a historical high of 344 billion yuan. The newly added investment units include Guangdong State-owned Assets and Tianjin State-owned Assets. It is expected that the proportion of return investment in local projects will increase significantly in the future.