Core Viewpoint - The article highlights the significant growth and advancements in the semiconductor photoresist industry, showcasing various companies' performance and R&D capabilities in this sector. Group 1: Business Performance - Tongcheng New Materials achieved a 50.43% year-on-year increase in semiconductor photoresist revenue for 2024, with ArF photoresist passing customer validation and generating revenue [1] - Aisen Semiconductor reported a 37.68% year-on-year growth in photoresist and supporting reagent revenue for 2024, with significant market penetration in advanced packaging negative photoresist [2] - Shanghai Xinyang's photoresist products saw an overall revenue increase of over 100% year-on-year, with multiple KrF photoresists achieving bulk sales [4] - Nanda Optoelectronics experienced a breakthrough of over 80% year-on-year growth in photoresist business, with several ArF products validated by customers [6] - Jingrui Electric Materials reported a nearly 30% year-on-year growth in photoresist business for 2024, maintaining a strong market position with its UV wide-spectrum photoresists [5] Group 2: R&D Capabilities - Tongcheng New Materials has nearly 50 semiconductor photoresist R&D projects, with half validated by users and some entering small-scale production [2] - Aisen Semiconductor is advancing its PSPI photoresist product certifications and has formed an expert team for KrF photoresist development [3] - Shanghai Xinyang is enhancing its R&D and industrialization of high-end photoresists for integrated circuit manufacturing, focusing on 3D NAND, DRAM, and logic advanced processes [5] - Nanda Optoelectronics is developing high-resolution photoresists for 300mm wafers below 90nm and aims to establish a proprietary patent system [6] - Jingrui Electric Materials is collaborating with Sinopec Group on ArF high-end photoresists and has multiple R&D projects underway for various photoresist applications [7] Group 3: Industry Events - The 2025 TrendBank (Fifth) Lithography Industry Conference will be held on July 9-10 in Hefei, aiming to gather experts, scholars, and industry representatives to discuss advancements and challenges in lithography technology and materials [9]

Investment Rating - The report provides a standard investment rating for the basic chemical industry, indicating a cautious outlook due to recent market fluctuations and supply chain disruptions [1]. Core Insights - Japan's Mitsui Chemicals is exiting the NF3 business, which may enhance China's competitiveness in electronic specialty gases, with potential market share expansion [4][10]. - The chlorantraniliprole incident has caused supply disruptions, potentially boosting the market for pesticides and intermediates, with a shift towards high-efficiency, low-toxicity products [4][12]. - The report suggests focusing on key sub-sectors such as integrated refining and petrochemical chains, refrigerant industry leaders, and domestic alternative materials [4][14]. Summary by Sections 1. Industry News and Event Commentary - Mitsui Chemicals' exit from the NF3 business is attributed to rising competition and costs, indicating that Chinese manufacturers may fill the gap and increase exports [10][11]. - The chlorantraniliprole incident is expected to accelerate market consolidation, benefiting companies with technological advantages and regulatory compliance [12][13]. 2. Chemical Sector Weekly Performance - For the week of May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while the Shenwan Petroleum and Petrochemical Index rose by 0.40%, outperforming the market by 1.48 percentage points [15][18]. - The basic chemical index decreased by 0.66%, ranking 23rd among all Shenwan primary industries [15][18]. 3. Key Product Price and Spread Performance - Notable price increases included potassium chloride (up 5.66%) and paraxylene (up 4.94%), while hydrochloric acid saw a significant drop of 28.00% [27][28]. - The price spread for carbon black increased by 31.13%, indicating a tightening supply situation [29][30].

Investment Rating - The report provides a standard investment rating for the basic chemical industry, indicating a cautious outlook due to recent market fluctuations and supply chain disruptions [4]. Core Insights - The exit of Japan's Mitsui Chemicals from the nitrogen trifluoride (NF3) business is expected to enhance China's competitiveness in electronic specialty gases, with potential for increased market share [10][11]. - Supply disruptions from incidents like the chlorantraniliprole event are likely to boost the market outlook for pesticides and intermediates, leading to a potential price recovery in the short term [12][13]. - The report emphasizes the importance of monitoring key sub-sectors and suggests investment opportunities in integrated supply chains and leading companies within the chemical industry [14]. Summary by Sections 1. Industry News and Event Commentary - Mitsui Chemicals announced its exit from the NF3 business, with production ceasing by March 2026, indicating a shift in market dynamics favoring Chinese producers [10]. - A chemical company experienced an explosion, impacting the chlorantraniliprole supply chain, which may lead to a consolidation of market players and a potential price increase for certain pesticide products [12][13]. 2. Chemical Sector Weekly Performance - For the week of May 26 to May 30, the Shanghai Composite Index fell by 1.08%, while the Shenwan Petroleum and Petrochemical Index rose by 0.40%, outperforming the market [15]. - The basic chemical index decreased by 0.66%, ranking 23rd among all Shenwan primary industries [15]. 3. Key Product Price Movements - Notable price increases included potassium chloride (up 5.66%) and paraxylene (up 4.94%), while hydrochloric acid saw a significant drop of 28.00% [27][28]. - The report highlights the price fluctuations of key products, indicating a volatile market environment that could present both risks and opportunities for investors [27][28]. 4. Investment Recommendations - The report suggests focusing on integrated players in the refining-PX-PTA chain, leading fluorochemical companies, and firms in the domestic substitution of new materials [14]. - Specific companies highlighted for potential investment include Hengli Petrochemical, Rongsheng Petrochemical, and various leaders in the semiconductor materials sector [14].

证券代码：300346 证券简称：南大光电 公告编号：2025-037 江苏南大光电材料股份有限公司 关于控股子公司完成工商变更登记的公告 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。 江苏南大光电材料股份有限公司近日接到控股子公司南大光电（乌兰察布）有 限公司（以下简称"公司"）的报告，其将公司法定代表人进行了变更，且已完成了 工商变更登记手续，取得了由乌兰察布市集宁区行政审批政务服务与数据管理局换 发的《营业执照》。 变更后的《营业执照》主要信息如下： 统一社会信用代码：91150902MA13U4JK03 名称：南大光电（乌兰察布）有限公司 类型：其他有限责任公司 法定代表人：LUPING WANG（王陆平） 注册资本：叁亿元（人民币元） 成立日期：2021年02月09日 经营范围：许可项目：危险化学品生产；危险化学品经营；检验检测服务。（依 法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部 门批准文件或许可证件为准） 一般项目：货物进出口；化工产品销售（不含许可类化工产品）。（除依法须经批 准的项目外，凭营业执照依法自主开展经 ...

Group 1 - The semiconductor materials ETF (562590) has seen a decline of 1.20%, with a latest price of 1.07 yuan, while it has increased by 30.22% over the past year [3][4] - The liquidity of the semiconductor materials ETF shows a turnover rate of 0.95% with a transaction volume of 302.02 million yuan, and an average daily transaction volume of 16.30 million yuan over the past year, ranking it among the top two comparable funds [3] - The ETF's scale has grown significantly, with an increase of 609.55 million yuan over the past week, placing it second among comparable funds [3] Group 2 - The semiconductor materials ETF has reached a new high of 296 million shares, marking a peak in the last month [3] - The ETF has experienced continuous net inflows over the past four days, with a maximum single-day net inflow of 542.63 million yuan, totaling 1.30 billion yuan, and an average daily net inflow of 325.99 million yuan [3] - As of May 14, 2025, the tracking error of the semiconductor materials ETF over the past two months is 0.013%, the highest among comparable funds [4] Group 3 - The semiconductor sector is expected to see a recovery in overall performance in 2024, with the first quarter of this year showing a continued recovery trend [4] - The integrated circuit manufacturing and analog sub-sectors have returned to profitability, while other sub-sectors have achieved double-digit year-on-year growth in net profit, driven by terminal recovery, AI computing power construction, and demand in materials and advanced packaging [4] - The index tracks 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these securities [4] Group 4 - The top ten weighted stocks in the semiconductor materials equipment index account for 62% of the index, with notable companies including Northern Huachuang (002371) and Zhongwei Company (688012) [4][6] - The weightings of the top stocks include Northern Huachuang at 16.44%, Zhongwei Company at 13.55%, and Hu Silicon Industry at 5.61% [6]

Group 1: Market Performance - As of May 9, 2025, the CSI Semiconductor Industry Index (931865) decreased by 2.42% [3] - Major component stocks such as SMIC (688981) and Huahai Chengke (688535) saw declines of 4.26% and 4.16% respectively [3] - The Semiconductor Industry ETF (159582) fell by 2.32%, with the latest price at 1.43 yuan [3] Group 2: Industry Trends - The semiconductor industry has entered a recovery cycle since the second half of 2023, driven by AI demand and domestic substitution trends [4] - Revenue and net profit are expected to maintain growth in Q1 2024 and Q1 2025, with profitability gradually recovering from the second half of 2024 [4] Group 3: ETF Performance - The Semiconductor Industry ETF has seen a net value increase of 42.67% over the past year, ranking 113 out of 2785 index equity funds [5] - The ETF's highest monthly return since inception was 20.82%, with a historical one-year profit probability of 100% [5] - The ETF's management fee is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI Semiconductor Industry Index accounted for 76.35% of the index [6] - The top stocks include Northern Huachuang (002371) and Zhongwei Company (688012), with respective weights of 15.51% and 12.80% [8]

Core Viewpoints - The segmented fields show differentiated growth: semiconductor materials grow at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth of 8-10% [2] - Emerging fields are rapidly rising: AI servers with high-frequency materials grow at 60%, new energy vehicles with MLCC at 100%, foldable screens with UTG glass at 30%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2] - The industrial chain is changing: semiconductor materials are developed in a bundled manner with "wafer factories + material factories," while new energy materials involve a three-in-one integration of car manufacturers, battery factories, and material suppliers [2] Market Analysis - The Chinese innovative materials market has formed a diversified tiered structure, reaching a total scale of 6 trillion yuan in 2024, with a forecast to exceed 10 trillion yuan in 2025. The segmented fields show differentiated growth: semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%) constitute three major growth poles, while traditional structural materials grow steadily at 8-10% [10][11] - The application field is being restructured, with traditional applications (aerospace, automotive manufacturing) dropping from 65% in 2019 to 48% in 2023, while emerging fields like AI servers (CCL usage growth of 60%), new energy vehicles (MLCC demand growth of 100%), and foldable screens (UTG glass demand growth of 30%) are rapidly rising [10] Competitive Landscape and Industrial Chain Evolution - The industry concentration is accelerating, showing a dual-track pattern of "national teams leading + private specialization." China National Building Material Group, as a representative of "national materials," has achieved breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [12] - The collaborative model in the industrial chain is innovating significantly. In the semiconductor materials field, a "wafer factory + material factory" bundled development model has formed, while new energy materials show a three-in-one R&D model involving car manufacturers, battery factories, and material suppliers [12] Future Market Space - The innovative materials market in China is expected to reach 10 trillion yuan by 2025 and exceed 30 trillion yuan by 2030, maintaining a CAGR of 18%. The growth engines come from deepening domestic substitution, technological iteration dividends, and the expansion of emerging applications [19] - Key areas to focus on include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconducting materials, perovskite photovoltaic materials, high-frequency materials, MLCC, UTG glass, silicon-carbon anodes, AI + new materials, and biodegradable materials [10][19] Policy Environment and Institutional Innovation - The national strategic layout provides strong support, with the Ministry of Industry and Information Technology clarifying key development directions for frontier materials, and local governments increasing support, such as Guangdong Province establishing a 10 billion yuan new materials industry fund [15] - The policy combination has shown significant effects, with the first application insurance compensation mechanism covering 80% of key materials, reducing R&D risks for enterprises by 30% [15] Technological Innovation and Industry Upgrade - The materials genome engineering is revolutionizing the R&D model, significantly shortening the development cycle of new materials [16] - Breakthroughs in production processes are reshaping cost curves, with significant reductions in unit costs and improvements in yield rates for various materials [16] Investment Strategy Recommendations - Focus on three major tracks: high-end semiconductor materials, new energy materials, and biomedical materials. Risk control should pay attention to technological route risks and the competitive landscape of leading enterprises [25][26] - The certainty of domestic substitution is high, with significant opportunities in solid-state electrolytes and superconducting materials [26]

Group 1 - The semiconductor industry ETF (159582) has shown a strong performance, rising 1.45% recently, marking its third consecutive increase [3] - Key stocks in the semiconductor sector include Feikai Materials (300398) with a rise of 13.98%, Linweina (688661) up 5.13%, and Fuchuang Precision (688409) increasing by 4.29% [3] - As of April 30, 2025, the semiconductor industry ETF has achieved a net value increase of 39.06% over the past year, ranking 128 out of 2771 in the stock fund category [4] Group 2 - The top ten weighted stocks in the semiconductor index account for 76.35% of the total index, with Northern Huachuang (002371) leading at 15.51% [5] - The ETF has a management fee rate of 0.50% and a custody fee rate of 0.10%, which are among the lowest in comparable funds [4] - The ETF's tracking error over the past year is 0.056%, indicating the highest tracking precision among similar funds [4]

Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, evolving from strategic support to a key pillar of national competitiveness. By 2024, the industry scale is projected to exceed 60 trillion yuan, maintaining a 20% annual growth rate, making it the fastest-growing new materials market globally [2] - The "14th Five-Year Plan" identifies innovative materials as a core area of strategic emerging industries, with the release of the "Guidance Directory for the First Batch of Key New Materials Application Demonstration (2024 Edition)" covering 299 new materials, providing clear guidance for industry development [2] - The industry is entering a quality upgrade phase, with the localization rate of semiconductor materials increasing from 15% in 2020 to 25% in 2024, while lithium iron phosphate cathode materials in the new energy sector have reached a 95% localization rate, supporting companies like CATL and BYD with over 60% global market share [2] Market Status Analysis - The Chinese innovative materials market has formed a diversified tiered structure, with an overall scale reaching 60 trillion yuan in 2024 and expected to surpass 100 trillion yuan by 2025. Key growth areas include semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%), while traditional structural materials grow steadily at 8-10% [4] - The regional distribution shows the Yangtze River Delta (45% share in semiconductor materials), the Pearl River Delta (leading in new energy materials), and the Beijing-Tianjin-Hebei region (cluster advantage in biomedical materials) [4] Competitive Landscape and Industry Chain Evolution - The industry concentration is accelerating, characterized by a dual-track model of "national teams leading + specialized private enterprises." China National Building Material Group has made breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [7] - The semiconductor materials sector has developed a "wafer factory + material factory" collaborative development model, while new energy materials show a "vehicle manufacturers + battery factories + material suppliers" integrated R&D approach [7] Policy Environment and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for frontier materials, including superconductors and graphene [9] - The establishment of a standard system that aligns with international standards is accelerating, with China National Building Material Group participating in the formulation of 52 ISO international standards [9] Future Forecast Analysis - The Chinese innovative materials market is expected to experience structural growth, reaching 100 trillion yuan by 2025 and exceeding 300 trillion yuan by 2030, with a CAGR of 18%. Growth drivers include deepening domestic substitution, technological iteration benefits, and the expansion of emerging applications [14] - The future five years will focus on four major technological breakthroughs: extreme performance, intelligent upgrades, green manufacturing, and cross-border integration [15] Investment Strategy Recommendations - Key investment areas include semiconductor materials, new energy materials, and biomedical materials, with a focus on technological breakthroughs and capacity releases [20]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 添加文末微信，加 先进封装 群 2024 年全球半导体材料市场呈现回暖态势。人工智能快速发展，带动数据中心、智能终端需求上 升，智能手机、可穿戴设备等消费电子产品需求回暖，汽车智能化、电动化促使汽车电子需求增 长，为半导体材料市场提供了发展动力。 根据势银（TrendBank）调研，2023年中国大陆半导体光刻胶市场规模为34.46亿元，同比2022年降 低13.98%。随着2024年市场回暖，需求增加，半导体用光刻胶市场也将扩大。 来源：《2024势银光刻材料产业发展蓝皮书》 同时，目前中国已经成为全球最大的LCD面板生产基地；OLED全球市场份额也在逐渐扩大，显示 光刻胶市场将相对增长，2023年显示光刻胶市场规模达99.42亿元，相较2022年同比增长2.38%。 | | | | 企业名称 | 营业收入(亿) | 营收同比 | | --- | --- | --- | | 彤程新材 | 32.70 | 11.10% | | 晶瑞电材 ...