雙語新聞：保險資本助推中國芯片產(chǎn)業(yè)發(fā)展

It has become hard to imagine life without digital devices, especially smartphones.
?很難想象沒有數(shù)字設(shè)備，尤其是智能手機(jī)的生活會是什么樣子。

While gadgets are becoming more intelligent, chips, their very backbones that make connectivity easier, are becoming smaller in size though larger in terms of importance.
?在小工具變得越來越智能的同時，它們的主心骨--讓連接變得更容易的芯片--的體積卻越來越小，但重要性卻越來越大。 ?

A nail-sized chip used in smartphones now contains more than 10 billion transistors, and each transistor needs to be produced by high-end equipment such as photolithography machines, laser etching machines and thin film equipment, according to Hu Xiao, director of the securities business department of Shanghai-based Advanced Micro-Fabrication Equipment Inc China.
?總部位于上海的Advanced Micro-Fabrication Equipment Inc China證券業(yè)務(wù)部總監(jiān)胡曉表示，智能手機(jī)中使用的指甲蓋大小的芯片現(xiàn)在包含100多億個晶體管，而每個晶體管都需要光刻機(jī)、激光蝕刻機(jī)和薄膜設(shè)備等高端設(shè)備來生產(chǎn)。 ?

"It is extremely difficult to make major technology breakthroughs in the chip industry. Investment in chipmaking can be stratospheric. Investing in an advanced chip production line requires tens of billions of dollars, which is far beyond the ability of ordinary enterprises. The capital market is thus needed," said Hu.
?“芯片行業(yè)要想取得重大技術(shù)突破是非常困難的。芯片制造的投資可能是巨大的。投資一條先進(jìn)的芯片生產(chǎn)線需要數(shù)百億美元，這遠(yuǎn)遠(yuǎn)超出了一般企業(yè)的能力。因此需要資本市場的支持。

Yang Fu, executive vice-president of chip design company UNISOC, said continued capital injection is indispensable for technology-intensive industries like integrated circuits. Meanwhile, a market more tolerant of the ups and downs of technology advancement is crucial, she said.
?芯片設(shè)計公司聯(lián)芯科技執(zhí)行副總裁楊福說，對于集成電路這樣的技術(shù)密集型產(chǎn)業(yè)來說，持續(xù)的資本注入不可或缺。同時，一個更能容忍技術(shù)進(jìn)步起伏的市場也至關(guān)重要，她說。

In this sense, insurance capital can fit into the scenario as it is "highly patient" and an advocate of long-term and value investment, said Liu Fan, vice-president of China Life Asset Management Co Ltd, an investment arm of the country's largest insurance group China Life Group.
??中國最大的保險集團(tuán)中國人壽集團(tuán)的投資部門--中國人壽資產(chǎn)管理有限公司副總裁劉凡說，從這個意義上講，保險資金可以融入這一方案，因?yàn)樗?“極具耐心”，是長期投資和價值投資的倡導(dǎo)者。

Late last year, the insurer set up an 11.8-billion-yuan ($1.6 billion) S fund to purchase equities from the government-backed Shanghai Integrated Circuit Industry Investment Fund. Shanghai Advanced Silicon Technology Co Ltd, UNISOC and Advanced Micro-Fabrication Equipment Inc China have all benefited from this newly established fund.
?去年年底，該保險公司成立了一個118億元（16億美元）的S基金，從政府支持的上海集成電路產(chǎn)業(yè)投資基金購買股票。上海先進(jìn)硅技術(shù)股份有限公司、聯(lián)芯科技股份有限公司和中國先進(jìn)微細(xì)加工設(shè)備有限公司都從這一新成立的基金中獲益。 ?

S fund purchases existing interests or assets from primary private equity fund investors. This can be considered PE trading in the secondary market, facilitating capital liquidity.
?S基金從一級私募股權(quán)基金投資者手中購買現(xiàn)有權(quán)益或資產(chǎn)。這可以被視為二級市場上的私募股權(quán)交易，有利于資本的流動性。

CLAMC has used diversified investment tools beyond S fund to direct more capital to emerging industries.
?除S基金外，中國林業(yè)投資公司還利用多元化的投資工具，引導(dǎo)更多資金投向新興產(chǎn)業(yè)。

In mid-April, the National Financial Regulatory Administration, Ministry of Industry and Information Technology and National Development and Reform Commission jointly announced a plan to deepen financial services in the manufacturing industry and advance new type industrialization.
?4月中旬，國家金融監(jiān)督管理總局、工業(yè)和信息化部、國家發(fā)展和改革委員會聯(lián)合發(fā)布了《深化制造業(yè)金融服務(wù)推進(jìn)新型工業(yè)化規(guī)劃》。 ?

Insurance capital, with risks under control, should provide long-term and stable support for strategic emerging industries via bonds, direct equity investment, PE funds, venture capital and asset management products.
保險資金應(yīng)在風(fēng)險可控的前提下，通過債券、直接股權(quán)投資、私募股權(quán)投資基金、創(chuàng)業(yè)投資、資產(chǎn)管理產(chǎn)品等方式，為戰(zhàn)略性新興產(chǎn)業(yè)提供長期穩(wěn)定的支持。