Core Insights - The global semiconductor materials market is experiencing a strong recovery, with a market size of $66.7 billion in 2023 and expected to exceed $73 billion by 2025, driven by demand from AI and wafer fab expansions [1] - China is becoming a key growth engine in the semiconductor materials market, with a sales figure of $13.1 billion in 2023, marking a year-on-year growth of 3.8% and increasing its global market share to 20% [1] Market Structure - Semiconductor materials are divided into wafer manufacturing materials and packaging materials, with wafer manufacturing materials dominating the market at 62.2% share ($41.5 billion) in 2023 [2] - Silicon wafers hold the largest share in wafer manufacturing materials at 33%, followed by electronic specialty gases (14%) and photomasks (13%) [2] - The market is highly concentrated, with major players in silicon wafers and photolithography materials predominantly from Japan and the U.S. [2] Core Material Breakthroughs - Domestic companies are making significant progress in wafer manufacturing materials, with local firms achieving breakthroughs in 12-inch silicon wafers and photolithography materials [3][4] - The domestic market for electronic specialty gases is also advancing, with companies like Huate Gas entering the TSMC supply chain [4] Packaging Materials - The global packaging materials market saw a decline of 10.1% to $25.2 billion in 2023, but advanced packaging is driving growth, with a projected increase of 19.62% [5] - Domestic companies are rapidly iterating technology in advanced packaging materials, with significant market shares in lead frames and packaging substrates [5] Import Dependency and Policy Support - China still faces significant import dependency in key categories like photolithography materials and electronic specialty gases, with over 90% reliance on imports for high-end materials below 14nm [6][8] - The government is focusing on critical areas through initiatives like the National Big Fund, aiming for 70% self-sufficiency in core materials by 2030 [6][8] Challenges and Future Outlook - Despite notable advancements, the industry faces challenges such as reliance on foreign technology for EUV-grade silicon wafers and high-end photolithography materials [7] - The advanced packaging materials market is expected to reach $39.3 billion by 2025, indicating a significant growth opportunity for domestic companies [7]

Core Viewpoint - The company, Lian Micro (605358), possesses proprietary technology for 12-inch silicon wafer production, which is a significant competitive advantage in the industry due to over 20 years of technical development and experience accumulation [1] Group 1: Competitive Advantages - The company has outstanding epitaxial technology and heavily doped single crystal technology, which are its core competencies [1] - These advantages allow the company to establish differentiated competition compared to its peers, resulting in better profitability [1] Group 2: Product Applications and Market Demand - The company's epitaxial technology can be applied to both heavily doped and lightly doped silicon epitaxial wafers, with a current utilization rate of approximately 80% for the 12-inch heavily doped series [1] - The 12-inch heavily doped epitaxial wafers meet the demands of high-end power devices, with end applications in AI server uninterruptible power supplies, energy storage inverters, charging piles, industrial electronics, servo drivers, consumer electronics, automotive electronics, home appliances, embedded systems, and industrial control, indicating a broad market demand [1] Group 3: Product Focus - The company’s lightly doped silicon epitaxial wafers focus on key products such as lightly doped boron silicon wafers for 12-inch logic circuits, BCD lightly doped boron silicon wafers, and CIS lightly doped boron silicon wafers, which have rapidly gained traction with clients [1] - These products have a higher single wafer value compared to lightly doped polished wafers [1]

Core Viewpoint - The company has successfully passed vehicle system certifications from major players such as Continental, Bosch, and Fagor, indicating stable product quality [1] Group 1: Company Capabilities - The company produces all power chips using its own 6-inch silicon epitaxial wafers, allowing for customized production from the material stage to better meet customer needs [1]

Group 1 - The core viewpoint of the article is that Lianang Micro (605358) has seen a sequential increase in average shipment prices since Q1 2025, indicating a positive trend in pricing for the company [1] - The current silicon wafer product prices have not yet returned to historical highs, suggesting potential for further price increases as the silicon wafer industry and related downstream applications improve [1]

杭州立昂微电子股份有限公司 2026 年第一次临时股东会 会议资料 2026 年 1 月 26 日 1 目 录 | 杭州立昂微电子股份有限公司 | 2026 年第一次临时股东会会议须知 | 3 | | --- | --- | --- | | 杭州立昂微电子股份有限公司 | 2026 年第一次临时股东会会议议程 | 4 | | 一、关于 2025 | 年度日常关联交易的执行情况及 2026 年度日常关联交易预计情况的议案 | 5 | | 二、关于公司 2026 | 年度为控股子公司提供担保的议案 | 7 | 2 证券代码：605358 证券简称：立昂微 债券代码：111010 债券简称：立昂转债 杭州立昂微电子股份有限公司 2026 年第一次临时股东会会议须知 为维护股东的合法权益，确保杭州立昂微电子股份有限公司 2026 年第一次临时股东会的 正常秩序和议事效率，根据《公司法》、《公司章程》和《股东会议事规则》的有关规定，现将 会议须知通知如下： 一、本次会议期间，全体参会人员应维护股东的合法权益，确保会议的正常秩序和议事效 率为原则，自觉履行法定义务。 二、为保证本次会议的严肃性和正常秩序，除出席会议的股东 ...

Group 1 - TSMC's strong Q4 earnings report exceeded expectations, leading to a historic high in its stock price, which positively influenced semiconductor stocks in the A-share market [1] - TSMC's CEO and CFO announced a capital expenditure plan for 2026 that could reach $56 billion, a significant increase of 37% from the actual spending of $40.9 billion in 2025, marking the highest in the company's history [1] Group 2 - Notable stock performances in the semiconductor sector included Tianyue Advanced rising over 12%, Hengkun New Materials and Xingchen Technology both increasing over 8%, and several other companies like Shanghai Hejing and Yitang shares rising over 6% [2] - The year-to-date performance of these stocks shows significant gains, with Hengkun New Materials up 45.28% and Tianyue Advanced up 17.32% [2]

Core Viewpoint - Lian Micro has developed the industry's first commercialized and mass-producible technology that integrates a gate length of 0.15um for power transistors, low-noise transistors, PN diodes, E/D logic, and RF switches into a single chip [1] Group 1: Technology Development - Lian Dongxin's technology features a 0.15um E-mode low-noise pHEMT and a 0.15um D-mode power pHEMT, achieving industry-leading performance for power amplifiers and low-noise amplifiers on the same chip [1] - The technology includes various GaAs pHEMT process technologies at 0.15um and 0.25um, as well as GaN HEMT process technologies [1] Group 2: Application Areas - The developed technology can be applied in satellite communication as well as ground communication terminal communications [1] - Chips for low Earth orbit satellite communication have already achieved mass shipments, while chips for ground communication terminals have passed customer validation [1]

Core Viewpoint - Lian Microelectronics (605358.SH) has successfully mass-produced automotive-grade VCSEL chips for laser radar applications in smart driving, becoming the first global manufacturer to achieve this milestone [1] Group 1: Product Development - Lian Microelectronics' VCSEL chip products are now utilized in laser radar for smart driving, humanoid robots, and lawnmowers, indicating a diverse application range [1] - The company has developed a 2D addressable high-power VCSEL technology, which is a significant advancement in the automotive radar sector [1] Group 2: Market Position - Lian Microelectronics is recognized as the first manufacturer to mass-produce automotive-grade laser radar VCSEL chips, highlighting its leadership in the industry [1] - The company currently does not have products for automotive 4D millimeter-wave radar, indicating a focused strategy on laser radar technology [1]

Core Viewpoint - Lian Micro (605358.SH) has successfully mass-produced automotive-grade VCSEL chips for laser radar applications in smart driving, becoming the first global manufacturer to achieve this milestone [1] Group 1: Product Development - Lian Micro's VCSEL chip products are utilized in laser radar for smart driving and have achieved large-scale shipments [1] - The company has developed a 2D addressable high-power VCSEL technology, which is a significant advancement in the automotive radar sector [1] Group 2: Market Position - Lian Micro is recognized as the first manufacturer globally to mass-produce automotive-grade laser radar VCSEL chips [1] - The company's products are also applied in various fields, including humanoid robots and lawn mowing robots, indicating a diverse application range [1] Group 3: Technology Comparison - The company distinguishes between 4D millimeter-wave radar and laser radar, noting that they differ in principles, performance, application scenarios, and costs [1] - Currently, Lian Micro does not have products applied in automotive 4D millimeter-wave radar technology [1]

Core Viewpoint - Lian Microelectronics (605358.SH) has successfully commercialized its pHEMT process, integrating multiple functionalities into a single chip for low Earth orbit satellite communication, achieving mass production and significant shipments [1] Group 1: Technology and Product Development - Lian Microelectronics' pHEMT technology allows for the integration of power transistors, low-noise transistors, PN diodes, E/D logic, and RF switches on a single chip with a gate length of 0.15um [1] - The company has successfully implemented this technology in the low Earth orbit satellite communication sector, with large-scale shipments of products including power amplifiers (PA), low-noise amplifiers (LNA), and RF switches (SW) [1] Group 2: Future Applications - Lian Microelectronics aims to apply its GaN RF chip technology in the satellite field as a future target [1]