Core Insights - The semiconductor electroplating copper industry is experiencing rapid growth driven by strong demand from emerging technologies such as AI, 5G, and HPC, with the market expected to reach 5.2 billion yuan in 2024 and exceed 9.7 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 16.8% [1][12][10] - Domestic companies have made significant breakthroughs in key technologies, accelerating the process of domestic substitution, with notable advancements in electroplating solutions and equipment [1][16][18] - The industry is focusing on three main directions: technological autonomy, green manufacturing, and collaborative innovation across the industrial chain [1][20] Industry Overview - Semiconductor electroplating copper involves the electrochemical deposition of copper layers on semiconductor wafers, replacing traditional aluminum interconnects due to its high conductivity and low resistance [2][4] - The market structure shows that electroplating solutions dominate with a 65% share, with advanced packaging and wafer manufacturing being the primary growth engines [1][14] Market Dynamics - The advanced packaging sector is rapidly growing, with the market size increasing from 35.13 billion yuan in 2020 to an expected 110 billion yuan by 2025, driven by AI and HPC demands [10][12] - The industry is characterized by a dual structure where foreign companies dominate the high-end market while domestic firms focus on differentiated breakthroughs [18][20] Technological Developments - Significant technological advancements include the development of a "deposition rate reversal" patent by Nantong Saike, which achieves void-free filling in TSV applications, and the introduction of the first domestic 12-inch TSV electroplating equipment by Northern Huachuang [16][18] - The industry is also seeing a shift towards green manufacturing processes, with a focus on cyanide-free technologies and intelligent control systems to enhance production efficiency and product quality [22][21] Competitive Landscape - The competitive landscape is marked by international giants controlling over 75% of the high-end electroplating liquid and additive market, particularly in the sub-5nm advanced process area [18][20] - Domestic companies like Aisen and Shanghai Xinyang are making strides in the advanced packaging electroplating copper base liquid and achieving certifications for 28nm Damascus electroplating solutions [18][19] Future Trends - The industry is expected to continue its trajectory of high-end technology breakthroughs and domestic substitution, with a focus on green upgrades and application innovations [20][21] - The market for TSV electroplating solutions is projected to reach 5 billion yuan by 2028, with a CAGR of 18.92%, indicating strong growth potential [23][10]

Core Viewpoint - The article emphasizes the critical role of photoresist in semiconductor manufacturing, highlighting the challenges faced by domestic companies in this field and exploring potential investment opportunities amidst these challenges [4]. Group 1: Challenges in Photoresist Development - High technical barriers exist due to the complex chemical formulations required for different types of photoresists, necessitating extensive R&D and experimentation [7][9]. - Strict purity requirements for photoresists are crucial, as even minor impurities can lead to defects in chips, demanding a high level of quality control [11]. - Advanced production equipment is essential for photoresist manufacturing, which is often monopolized by foreign companies, posing a significant hurdle for domestic firms [12]. Group 2: Market Landscape - The global photoresist market is projected to reach $4.74 billion (approximately 34.33 billion RMB) in 2024, with a year-on-year growth of 1.6%, driven by the rapid development of the semiconductor industry [30]. - China's photoresist market is expected to exceed 20 billion RMB by 2029, with a compound annual growth rate of about 10% from 2024 to 2029, although high-end products remain largely imported [31]. Group 3: Domestic Opportunities and Challenges - Domestic companies are making strides in the mid-to-low-end photoresist market, with some achieving production in the KrF segment and progressing towards high-end products like EUV photoresists [33][34]. - Government policies are increasingly supportive of the semiconductor industry, providing funding and guidance for photoresist R&D, which is crucial for domestic companies to overcome technological barriers [36][37]. Group 4: Investment Considerations - Investment in the photoresist sector is seen as promising due to the growing market demand driven by advancements in technologies such as 5G and AI [44]. - The potential for domestic companies to replace imported products presents a significant investment opportunity, especially as they enhance their technological capabilities [45]. - Investors are advised to focus on companies with strong technical capabilities, market competitiveness, and excellent management teams to maximize returns [51][52][53].

上海新阳半导体材料股份有限公司（以下简称"公司"）于 2024 年 3 月 13 日召开的第五届董事会第十七次会议审议通过了《关于使用闲置募集资金进行现 金管理的议案》，同意公司使用不超过 2 亿元的闲置募集资金进行现金管理，包 括购买短期（投资期限不超过一年）、低风险的保本型理财产品和转存结构性存 款、定期存款等方式。以上资金额度在自董事会审议通过之日起 12 个月内有效， 可以滚动使用。具体内容见公司于 2024 年 3 月 15 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的相关公告。 证券代码：300236 证券简称：上海新阳 公告编号：2025-048 上海新阳半导体材料股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 截至本公告日，公司已如期赎回上述理财产品，赎回本金 5,000 万元，取得 理财收益 1,263,888.88 元，本金及理财收益于 2025 年 7 月 11 日均已到账。 二、 公告日前十二个月内使用闲置募集资金进行现金管理的情况 截至本公告日，公司前 ...

Core Viewpoint - CMP (Chemical Mechanical Polishing) technology is essential for the development of integrated circuits, playing a critical role in achieving surface flatness during chip manufacturing, which is increasingly important as technology nodes shrink and the number of layers in chips increases [6][38]. Group I: CMP Technology and Market Overview - CMP technology is a necessary process in wafer manufacturing, which includes multiple steps such as diffusion, lithography, etching, ion implantation, thin film growth, and CMP itself [9]. - The global CMP materials market is experiencing continuous growth, driven by advancements in semiconductor technology and increasing demand from various sectors, including 5G and AI [32][49]. - The CMP materials market is characterized by a high degree of technical, talent, and patent barriers, with significant market share held by leading companies from the US and Japan [54]. Group II: Market Size and Growth - The global CMP polishing pad market size increased from $650 million in 2016 to $1.13 billion in 2021, with a CAGR of 11.69% [49]. - The CMP polishing liquid market also saw growth, rising from $1.1 billion in 2016 to $1.43 billion in 2021, with a CAGR of 5.39% [50]. - China's CMP polishing liquid market grew significantly, from 1.23 billion yuan in 2016 to 2.2 billion yuan in 2021, achieving a CAGR of 12.28%, indicating a faster growth rate compared to the global market [50]. Group III: Domestic Industry Dynamics - Chinese companies are increasingly entering the CMP materials market, with government policies supporting the development of the semiconductor industry and promoting domestic alternatives to imported materials [39][41]. - The domestic semiconductor materials market is expected to continue growing at a rate higher than the global average, driven by technological advancements and increasing local demand [32][39]. - The shift towards domestic production of CMP materials is seen as a strategic move to reduce reliance on foreign suppliers, especially in light of export controls from the US and Japan [39][54]. Group IV: Product Segmentation and Applications - CMP materials are primarily categorized into polishing liquids, polishing pads, and cleaning agents, with polishing liquids accounting for 49% and polishing pads for 33% of the market share [18]. - Various types of polishing liquids are used for different applications, including copper CMP, tungsten CMP, and dielectric CMP, each tailored for specific manufacturing processes [19][21]. - Polishing pads are typically made from polyurethane and are designed to maintain a stable polishing environment while effectively distributing polishing liquids [20][22].

Group 1 - The controlling shareholder of Shanghai Xinyang, Shanghai Xinke Investment Co., Ltd., has completed its share reduction plan [1] - The reduction period was from July 1, 2025, to July 2, 2025, with an average reduction price of 39.06 yuan per share [1] - A total of 2 million shares were reduced, accounting for 0.64% of the company's total share capital [1] Group 2 - After the reduction, Shanghai Xinke holds 20.7881 million shares, representing 6.67% of the total share capital [1]

证券代码：300236 证券简称：上海新阳 公告编号：2025-046 关于持股 5%以上股东减持计划完成的公告 持股 5%以上股东上海新科投资有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 上海新阳半导体材料股份有限公司（以下简称"公司"）于 2025 年 05 月 08 日披露了《关于持股 5%以上股东减持股份的预披露公告》（公告编号：2025-038）， 公司控股股东上海新科投资有限公司（以下简称"上海新科"）拟实施股份减持计 划，具体内容详见该公告。 公司于近日接到上海新科《股份减持计划实施进展情况告知函》，获悉其本 次减持计划已实施完毕。现将有关情况公告如下： 一、 股东减持情况 1、股东减持股份情况 上海新阳半导体材料股份有限公司 | 股东名称 | 减持方 | | 减持期间 | | | | 减持均价 | 减持数量 | 减持比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 式 | | | | | | ...

证券代码：300236 证券简称：上海新阳 公告编号：2025-047 上海新阳半导体材料股份有限公司 关于芯征途（一期）持股计划第三个锁定期届满的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 上海新阳半导体材料股份有限公司(以下简称"公司") 于 2022 年 4 月 25 日召开第五届董事会第四次会议审议通过了《关于<上海新阳半导体材料股份有 限公司芯征途（一期）持股计划（草案）>及其摘要的议案》等相关议案。2022 年 5 月 18 日，上述议案经公司 2021 年度股东大会审议通过，同意公司实施芯征 途（一期）持股计划（以下简称"本次持股计划"），并授权董事会全权办理与本 次持股计划相关的事宜。详见公司披露于 2022 年 4 月 27 日、2022 年 5 月 18 日 在证监会指定的创业板信息披露网站巨潮资讯网的持股计划相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》的相 关规定，公司本次持股计划第三个锁定期将于 2025 年 7 月 ...

Core Viewpoint - The article discusses the supply chain issues and investment opportunities in the semiconductor chemical mechanical polishing (CMP) materials market, particularly focusing on the impact of Taiwan's export controls on the supply of DSTl slurry and the growth potential of CMP materials in the semiconductor industry. Group 1: CMP Slurry Supply Issues - DSTl slurry supply has been suspended due to Taiwan's export control restrictions, with only five months of inventory remaining (267 barrels) [2] - DSTl slurry is critical for the CMP process in semiconductor manufacturing, enhancing wafer flatness and surface quality [2] Group 2: Investment Logic in CMP Materials - The demand for CMP materials is expected to grow rapidly due to advancements in process nodes, increased wiring density, and the transition from 2D NAND to 3D NAND technology [4] - CMP materials account for 7% of the semiconductor manufacturing material costs, with CMP slurry and pads making up 49% and 33% of CMP material costs, respectively [4] - The global CMP materials market is projected to grow from $3.3 billion in 2023 to over $4.2 billion by 2027 [4] Group 3: CMP Pad Market Overview - The global CMP pad market grew from $650 million in 2016 to $1.13 billion in 2021, with a CAGR of 11.69% [5] - In China, the CMP pad market increased from 810 million yuan in 2016 to 1.31 billion yuan in 2021, with a CAGR of 10.09% [5] - Dow DuPont dominates the global CMP pad market with a 79% share, while domestic company Dinglong has become a key player in China [6] Group 4: CMP Slurry Market Overview - The global CMP slurry market expanded from $1.1 billion in 2016 to $1.43 billion in 2021, with a CAGR of 5.39% [7] - The Chinese CMP slurry market grew significantly, from 1.23 billion yuan in 2016 to 2.2 billion yuan in 2021, with a CAGR of 12.28% [7] - Major global players in the CMP slurry market include Cabot, Versum Materials, and Dow, with China being the largest demand region [7] Group 5: Domestic Companies in CMP Materials - Dinglong has established itself as the only domestic supplier mastering the entire CMP pad production process, achieving significant breakthroughs in the field [6][12] - Anji Technology, a leading domestic CMP slurry company, reported revenues of 1.075 billion yuan in 2023, capturing a significant market share [22][23] - Shanghai Xinyang and Jiangfeng Electronics are also notable players in the CMP materials sector, focusing on various CMP products [36][37] Group 6: Future Trends and Opportunities - The future of CMP materials is expected to trend towards specialization and customization, providing opportunities for new entrants in the market [8] - Companies focusing on new technologies for polishing liquids, such as those related to SiC, and those mastering upstream particle development are recommended for investment [8]

Core Viewpoint - The demand for electroplating solutions in China is continuously growing, driven by rapid developments in downstream applications such as electronics, automotive, and aerospace, particularly in high-end sectors like semiconductor packaging and PCB manufacturing [1][12]. Industry Overview - Electroplating solutions are composed of metal ions, electrolytes, and additives, essential for the electroplating process, directly affecting the quality and properties of the plated layer [3][4]. Industry Development History - The Chinese electroplating solution industry has evolved through four stages: initial establishment in the 1950s-1970s, rapid development from the 1980s-2000s, maturity and transformation in the 2000s-2010s, and modernization and upgrading from the 2010s to present [4][5]. Market Size - The market size for electroplating solutions in China is projected to reach 3.779 billion yuan in 2024, with a year-on-year growth of 9.16%, and is expected to grow to 4.611 billion yuan by 2026, with a growth rate of 10.79% [12]. Key Enterprises - The competitive landscape of the electroplating solution industry is characterized by both diversification and concentration, with leading companies like Shanghai Xinyang and Jiangsu Aisen dominating the high-end market through strong R&D capabilities and technological advancements [14][16]. Industry Development Trends 1. **Sustained Market Demand Growth**: The demand for high-performance electroplating solutions is expected to increase significantly, particularly in advanced fields such as semiconductor manufacturing and new energy vehicles [20]. 2. **Accelerated Technological Progress and Domestic Substitution**: Domestic companies are making significant advancements in high-end electroplating solutions, reducing reliance on imports and enhancing competitiveness in the global market [21]. 3. **Stricter Environmental Policies**: The industry is moving towards greener and more sustainable practices due to increasing environmental regulations, with a focus on developing eco-friendly electroplating solutions and waste treatment technologies [22].

证券代码：300236 证券简称：上海新阳 公告编号：2025-045 上海新阳半导体材料股份有限公司 关于对外投资股权投资基金进展暨完成备案登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资基本情况 为充分把握市场机遇，拓宽公司投资渠道，上海新阳半导体材料股份有限 公司（以下简称"公司"）以自有资金参与由中芯聚源私募基金管理（上海） 有限公司（以下简称"中芯聚源"）发起设立的股权投资基金。该股权基金名 称为聚源启新股权投资基金（无锡）合伙企业（有限合伙）（以下简称"启新 基金"）。启新基金认缴出资总额为人民币80,000万元，其中公司作为有限合伙 人认缴出资人民币3,000万元，占认缴出资总额的3.75%。具体内容详见公司于 2025年05月19日发布在巨潮资讯网（www.cninfo.com.cn）上的《关于公司拟 对外投资股权投资基金的公告》。 管理人名称：中芯聚源私募基金管理（上海）有限公司 托管人名称：中国农业银行股份有限公司 备案编码：SAZY22 备案日期：2025年06月24日 公司将根据基金的后续进展情况，按照有关法律法 ...