扎根上海，是国内橡胶助剂龙头企业，通过收购北旭电子切入光刻胶赛道，目前聚焦KrF光刻胶的研发 与生产，在国内KrF光刻胶市场市占率位居前列。公司依托上海的半导体产业资源，与国内主流晶圆厂 建立了稳定的合作关系，其KrF光刻胶已实现规模化量产，广泛应用于存储芯片、功率器件等领域。 2026年公司筹划H股上市，拟募集资金用于高端光刻胶研发及产能扩建，进一步加码ArF光刻胶技术攻 坚。美国半导体关税政策倒逼国产替代提速，公司光刻胶产品凭借性价比与本土化服务优势，成为国内 晶圆厂替代进口的重要选择，业务收入占比持续提升，成为公司第二增长曲线。 3. 鼎龙股份（300054） 总部位于湖北武汉，是国内打印复印耗材龙头，跨界布局半导体材料领域，光刻胶业务聚焦抛光垫与光 刻胶配套材料，同时积极研发彩色光刻胶、ArF光刻胶。公司依托武汉光谷的半导体产业布局，与中芯 国际等头部晶圆厂合作紧密，其CMP抛光垫已实现进口替代，为光刻胶业务提供了客户资源与技术协 同。在光刻胶核心材料方面，公司的光引发剂、树脂等产品已通过下游验证，为光刻胶量产奠定了基 础。美国加征半导体关税后，国内晶圆厂对本土化配套材料需求激增，公司光刻胶及配套产品 ...

近日，人工智能、高性能计算等领域的旺盛需求持续推升高带宽存储器（HBM）的热度，二级市场上 HBM概念板块表现活跃，紫光国微、芯源微、中科飞测、雅克科技、长电科技、香农芯创领涨，题材 产业链相关企业整理如下： 紫光国微（002049.SZ） 最新股价：86.69元 日涨幅：+10.00% 亮点：公司HBM产品为特种集成电路领域高带宽存储器，产品处于样品系统集成验证阶段。 芯源微（688037.SH） 最新股价：209.09元 日涨幅：+10.63% 亮点：在巩固封装领域优势基础上，于HBM、2.5D/3D封装领域获下游客户高度认可，多款产品批量销 售。 中科飞测（688361.SH） 最新股价：196.98元 日涨幅：+9.20% 亮点：其图形晶圆缺陷检测设备、三维形貌量测设备等多个系列产品已通过国内多家HBM客户产线验 证，实现批量出货。 雅克科技（002409.SZ） 亮点：全资子公司UP Chemical是SK海力士的前驱体核心供应商，为其供应HBM所需的前驱体材料。 长电科技（600584.SH） 最新股价：43.99元 日涨幅：+4.79% 亮点：公司推出的XDFOI高性能封装技术平台，可以支持HB ...

1月14日，雅克科技盘中上涨2.01%，截至11:05，报90.23元/股，成交11.14亿元，换手率3.94%，总市值 429.43亿元。 资金流向方面，主力资金净流出4989.74万元，特大单买入1.18亿元，占比10.59%，卖出1.39亿元，占比 12.47%；大单买入2.93亿元，占比26.27%，卖出3.21亿元，占比28.86%。 雅克科技今年以来股价涨21.77%，近5个交易日涨1.81%，近20日涨24.20%，近60日涨18.97%。 分红方面，雅克科技A股上市后累计派现11.56亿元。近三年，累计派现7.52亿元。 机构持仓方面，截止2025年9月30日，雅克科技十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股866.71万股，相比上期减少779.69万股。南方中证500ETF（510500）位居第六大流通股 东，持股414.60万股，相比上期减少8.27万股。国泰中证半导体材料设备主题ETF（159516）位居第八 大流通股东，持股300.82万股，为新进股东。国联安中证全指半导体产品与设备ETF联接A（007300） 退出十大流通股东之列。 责任编辑：小浪快报 资料显示 ...

Core Viewpoint - The global semiconductor industry is expected to strengthen in 2026, driven by AI demand and domestic substitution, with a notable increase in semiconductor equipment and materials [1] Group 1: Semiconductor Equipment and ETF Performance - The semiconductor equipment ETF (561980) opened up 1.15% on January 12, with a net inflow of nearly 100 million yuan over the past two trading days [1] - The index tracked by the semiconductor equipment ETF has risen over 15% this year, outperforming mainstream semiconductor indices [2] - Key stocks such as Zhongwei Company and Cambrian have seen significant gains, with Zhongwei up nearly 4% and Jianghua Micro up over 5% [2] Group 2: Market Trends and Pricing - A significant increase in trading volume in A-shares indicates the start of a spring market, with semiconductor equipment leading the upward trend [4] - NVIDIA's new AI chip architecture, Vera Rubin, showcases a fivefold increase in inference performance compared to the previous generation, indicating a surge in storage demand [5] - Major international storage companies plan to raise server DRAM prices by 60% to 70% in Q1 2026 compared to Q4 2025 [5] Group 3: Domestic Substitution and Material Demand - The domestic substitution process for semiconductor materials is advancing, with a recent anti-dumping investigation into dichlorodihydrosilane from Japan, a key material for chip manufacturing [5] - The demand for semiconductor materials and electronic chemicals is expected to rise due to the upgrade of storage driven by AI data centers [6] - The global semiconductor materials market is projected to reach approximately $70 billion by 2025, with a year-on-year growth of 6% [6] Group 4: Industry Outlook and Key Players - The trend of "supply security + domestic substitution" for key semiconductor materials is strengthening, driven by AI computing and data center demands [7] - Leading companies with technological accumulation and production capacity in high-end materials are expected to gain market share and profitability amid advanced process promotion and domestic substitution trends [7] - The semiconductor equipment ETF focuses on leading companies in the sector, with over 90% of its holdings in the upper and mid-stream areas of the semiconductor industry, which have the highest technical barriers and value concentration [7]

Summary of Semiconductor Equipment and Materials Conference Call Industry Overview - The global semiconductor market is benefiting from the development of AI, with increased storage demand, particularly for DRAM and HBM, indicating a strong upward trend in the industry [1][2] - The semiconductor equipment market is expected to grow by 40%-50% by 2028/2029, showing significant growth potential [1][4] Key Insights - **Market Drivers**: The primary drivers of the semiconductor market include the expansion of storage demand and advancements in technology, particularly with TSMC's transition from 3nm to 2nm processes [3] - **Investment Opportunities**: A-share equipment companies are currently undervalued compared to their US counterparts, with significant potential for domestic expansion and local substitution [1][4] - **Long-term Growth**: Despite short-term high valuations, the semiconductor equipment industry is at the beginning of a super cycle, with strong order growth and certainty in future demand [7] Company-Specific Insights - **Changxin Technology**: Currently operating at high capacity with clear expansion needs, which will secure orders for related equipment companies. Their upcoming IPO is expected to boost market confidence [1][6] - **Jingce Electronics**: Notable for its high customer concentration (70%-80%), benefiting from the expansion of major clients and recognized technology in the measurement field, making it a company to watch [1][8][9] - **Material Sector**: Domestic companies like Dinglong and Shanghai Xinyang are making progress in the photoresist market, with significant potential for local substitution against Japanese firms, which currently dominate high-end materials [10][12][13] Competitive Landscape - **Japanese Dominance**: Japan holds a significant market share in high-end materials, particularly in photoresists (70%-80%) and silicon wafers (50%-60%), indicating a substantial gap for domestic companies to fill [11] - **Domestic Material Companies**: The emergence of leading domestic companies in the photoresist sector is noteworthy, although breakthroughs in technology may take time [12][13] Future Outlook - The semiconductor equipment and materials sector has experienced an initial surge, but the overall market is expected to continue growing, especially with the upcoming IPO of Changxin and the expansion of advanced processes [14] - Confidence in China's semiconductor development remains strong amid the US-China competition, suggesting a positive long-term outlook for the sector [14]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [49]. Core Insights - The report suggests focusing on undervalued leading companies in the industry, the impact of "anti-involution" on the supply side of related sub-industries, and the importance of self-sufficiency in electronic materials companies amid strong downstream demand and price increases in certain new energy materials [3][12]. - The report highlights a mid-to-long-term investment theme where policy support is expected to lead to demand recovery, continuous optimization of the supply side, and potential dual improvements in performance and valuation for excellent leading enterprises [3][12]. - Emerging fields such as semiconductor materials, OLED materials, and new energy materials are identified as having significant growth potential due to rapid development in downstream industries [3][12]. Summary by Sections Industry Dynamics - As of January 9, the TTM price-to-earnings ratio for the SW basic chemical sector is 27.07, at the 80.09 percentile historically, while the price-to-book ratio is 2.45, at the 67.22 percentile historically [3][12]. - The SW oil and petrochemical sector has a TTM price-to-earnings ratio of 13.49, at the 40.05 percentile historically, and a price-to-book ratio of 1.31, at the 42.27 percentile historically [3][12]. Price Changes and Market Performance - During the week of January 5-11, 34 out of 100 tracked chemical products saw price increases, while 31 experienced declines, and 35 remained stable. Overall, 49% of products had month-over-month price increases, while 41% saw decreases [9][30]. - The average price of WTI crude oil rose to $59.12 per barrel, with a weekly increase of 3.14%, while Brent crude oil reached $63.34 per barrel, up 4.26% [31][30]. Key Recommendations - Recommended stocks include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, and others, with a focus on companies benefiting from policy support and strong demand in emerging sectors [3][12]. - The report identifies "golden stocks" for January as Wanhua Chemical and Yake Technology, emphasizing their potential for growth [3][12].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to experience an upward cycle due to the implementation of "anti-involution" policies in China and the accelerated exit of some European facilities [29] - The report highlights the potential for domestic substitution of semiconductor materials from Japan due to rising geopolitical tensions, which could benefit various companies in the sector [5] - The chromium salt industry is undergoing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [8] Summary by Sections Industry Performance - The chemical industry has shown strong relative performance with a 1-month increase of 10.7%, 3-month increase of 9.6%, and a 12-month increase of 45.1%, outperforming the CSI 300 index [3] Price Trends - Key products such as lithium carbonate and polysilicon have seen significant price increases, supported by policy guidance and industry self-discipline [12] - The price of chromium salts has remained stable, with metal chromium priced at 82,000 CNY/ton as of January 9, 2026 [15] Investment Opportunities - Focus on companies with low-cost expansion capabilities, such as Wanhu Chemical and Hualu Hengsheng, as well as those in sectors with improving market conditions like chromium salts and phosphates [6][9] - High dividend yield opportunities are identified in state-owned enterprises like China Petroleum and China National Chemical [10] Key Company Tracking - Companies such as Dongfang Shenghong and Huabei Yihua are highlighted for their earnings potential, with projected EPS growth for 2026 [30] - The report tracks specific price movements for various chemicals, including a notable increase in the price of ammonium phosphate and a stable price for urea [17][19]

Core Viewpoint - The Ministry of Commerce of China has initiated an anti-dumping investigation into imports of dichlorosilane from Japan, which is expected to impact the domestic market and local manufacturers significantly [6][3]. Group 1: Investigation Details - The anti-dumping investigation period is set from July 1, 2024, to June 30, 2025, with the damage investigation period from January 1, 2022, to June 30, 2025 [6][3]. - The investigation officially commenced on January 7, 2026, and is expected to conclude by January 7, 2027, with a possible extension of six months under special circumstances [6][3]. Group 2: Market Impact - The quantity of dichlorosilane imported from Japan has been increasing, while prices have dropped by 31% from 2022 to 2024, leading to a decline in domestic manufacturers' capacity utilization from 82% to 61% [3][7]. - If dumping is confirmed, it may lead to anti-dumping duties, increasing import costs and narrowing the price gap with domestic products, which would benefit local companies [9][4]. Group 3: Domestic Production Capacity - China's total production capacity for dichlorosilane is approximately 190,000 tons per year, with 150,000 tons for industrial grade and 40,000 tons for electronic grade [8][4]. - Major players in the market include: - Hoshine Silicon Industry: 125,000 tons total capacity [9] - Xin'an Chemical: 20,000 tons electronic grade capacity [9] - Yake Technology: 5,200 tons electronic grade capacity [9] - Sanfu Technology: 5,000 tons electronic grade capacity [9] - Dongyue Group: 15,000 tons combined capacity [9]. Group 4: Market Growth Projections - The market size for dichlorosilane in China is projected to reach 2.58 billion yuan in 2024, with an expected compound annual growth rate of 12.3% from 2025 to 2030, potentially exceeding 5 billion yuan by 2030 [9][4]. - The anti-dumping investigation is anticipated to accelerate the domestic production of electronic grade dichlorosilane, with the localization rate expected to rise from 32% in 2027 to over 45% [9][4].

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index rising by 0.09% to 4089.45 points, while the Shenzhen Component Index fell by 0.2% to 14003.09 points, and the ChiNext Index decreased by 0.52% to 3312.47 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.77 trillion yuan, with over 3700 stocks rising, including 80 stocks hitting the daily limit [1] Key Sectors Commercial Aerospace - The commercial aerospace sector remained strong, with multiple stocks hitting the daily limit, including Galaxy Electronics with four consecutive limit-ups [3] - The sector is entering a new phase of rapid development, with significant catalysts expected in the near future [3] Controlled Nuclear Fusion - The controlled nuclear fusion sector continued its strong performance, with several stocks, including China Nuclear Engineering, hitting the daily limit [2] - The sector is gaining attention due to breakthroughs in high-temperature superconductors and artificial intelligence, with a focus on engineering and commercial viability [2] Computing Power Chips - The computing power chip sector saw gains, with Haiguang Information rising over 10% [4] - The Ministry of Industry and Information Technology has issued guidelines to enhance AI computing power supply, supporting the development of key technologies [4] Electronic Chemicals - The electronic chemicals sector experienced an uptick, with stocks like Sanfu Co. and Heyuan Gas hitting the daily limit [5] - The Ministry of Commerce has initiated an anti-dumping investigation into imported dichlorodihydrosilane from Japan, which may impact the domestic industry [5] Institutional Insights Citic Securities - Citic Securities suggests a higher probability of market upward movement in 2026, driven by the balance between external and internal demand [6] - The firm recommends focusing on sectors with lower concentration but increasing attention and catalysts, such as chemicals and engineering machinery [7] Zhongtai Securities - Zhongtai Securities maintains a cautiously optimistic view on the technology sector, suggesting that funds may tighten temporarily but could lead to buying opportunities [8] - The firm emphasizes the importance of direction selection and rhythm control in investment strategies [8] Everbright Securities - Everbright Securities notes increasing divergence among market funds, indicating potential volatility risks [9] - The firm highlights the AI concept on the edge, with an upcoming AI hardware exhibition expected to stimulate related sectors [9]

每经AI快讯，1月8日，早盘电子气体概念大幅高开，三孚股份、和远气体封涨停，金宏气体、华特气 体、硅烷科技、雅克科技涨幅靠前。 （文章来源：每日经济新闻） ...