Core Insights - The article emphasizes the strategic importance of new materials in the context of global technological competition and industrial chain restructuring, highlighting the need for domestic innovation to reduce reliance on foreign technologies [2][4]. Semiconductor Wafer Manufacturing Materials - The global photoresist market is projected to reach approximately $15 billion by 2030, with a current domestic market size of about 12 billion RMB, indicating significant growth potential [7]. - The domestic photoresist localization rate is around 10%, with high-end products heavily reliant on imports [7]. - Major foreign players in the photoresist market include Tokyo Ohka Kogyo, Dow Chemical, and Sumitomo Chemical, which dominate the market shares [8]. - Domestic companies such as Beijing Kehua and Suzhou Ruihong are making strides in production, but high-end products still face challenges [9]. Advanced Packaging Materials - The global market for high-performance epoxy encapsulants is expected to grow to $3.5 billion by 2030, with a current domestic market size of 4 billion RMB [39]. - The localization rate for epoxy encapsulants is around 30%, with high-end products still dependent on imports [39]. - Key foreign companies include Sumitomo Bakelite and Henkel, while domestic players include Hengshuo Huawai and Jiangsu Zhongpeng New Materials [40]. Semiconductor Components - The global market for electrostatic chucks is projected to reach $2.5 billion by 2030, with a current domestic market size of 2 billion RMB [56]. - The localization rate for electrostatic chucks is approximately 10%, with high-end products largely dominated by foreign manufacturers [56]. - Major foreign companies include Applied Materials and Lam Research, while domestic companies are beginning to emerge [57]. Display Materials - The global OLED materials market is expected to exceed $10 billion by 2030, with a current domestic market size of about 8 billion RMB [64]. - The localization rate for OLED materials is around 20%, with high-end materials still reliant on foreign sources [65].

证券代码：300666 证券简称：江丰电子 公告编号：2025- 1、本次股份解除质押基本情况 | 股东 名称 | 是否为控 股股东或 第一大股 东及其一 | 本次解除质 押股份数量 （股） | 占其所持股 份比例 （%） | 占公司目前 总股本比例 （%） | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 致行动人 | | | | | | | | 姚力军 | 是 | 200,000 | 0.35 | 0.08 | 2024-11-27 | 2025-11-27 | 国泰 海通 证券 股份 有限 公司 | 2、本次股份质押延期购回基本情况 | 股东 名称 | 是否为 控股股 东或第 一大股 东及其 一致行 | 本次质押 数量 （股） | 占其所 持股份 比例 （%） | 占公司 目前总 股本比 例 （%） | 是否 为限 售股 | 是否 为补 充质 押 | 质押 起始日 | 质押 到期日 | 质权人 | 质押 用途 | | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - The 22nd China International Semiconductor Expo (IC China 2025) is being held in Beijing, focusing on collaborative innovation across the entire semiconductor industry chain, aiming to promote global industrial chain cooperation [2] Group 1: Industry Insights - The theme of the expo is "Gathering Strength in Chips, Driving the Future," emphasizing the importance of collaboration and innovation within the semiconductor industry [2] - The global semiconductor industry is undergoing significant adjustments, presenting important development opportunities for China's semiconductor sector [2] - Chinese semiconductor materials, equipment, and technologies have transitioned from "catching up" to "keeping pace" with international standards, showcasing competitiveness in various niche areas [2] Group 2: Company Developments - Jiangfeng Electronics, represented by its Party Secretary and Chief Engineer Wang Xueze, highlighted the company's latest breakthroughs and R&D achievements in advanced processes during the expo [2] - Jiangfeng Electronics is committed to increasing R&D investment and enhancing its innovation system to provide higher quality products and solutions for the global semiconductor industry [2] - The company participated in the "7th Global IC Entrepreneurs Conference," where Wang Xueze delivered a keynote speech on the rapid iteration of the semiconductor industry [2]

Core Insights - CMP cleaning solution is a critical material in semiconductor manufacturing, ensuring nanometer-level cleanliness and enhancing chip yield and reliability [1][2] - The global semiconductor wet electronic chemicals market is projected to reach $5.5 billion in 2024 and exceed $6.6 billion by 2028, with China's CMP cleaning solution market expected to grow from approximately 1.3 billion yuan in 2024 to 1.91 billion yuan by 2028 [1][8] CMP Cleaning Solution Industry Overview - CMP cleaning solution is essential for removing impurities from wafer surfaces, directly impacting subsequent processes like lithography and etching [2][4] - The cleaning process accounts for over 30% of the total steps in chip manufacturing, making it the largest single operation [4] Industry Chain of CMP Cleaning Solution in China - The upstream materials include organic solvents, acid/base solutions, surfactants, and chelating agents, with increasing domestic production reducing reliance on imports [4] - Midstream companies like Anji Technology and Jianghua Micro are breaking international monopolies and achieving domestic substitution [4] - The downstream market is driven by strong demand in integrated circuit manufacturing and advanced packaging, creating a positive feedback loop of "demand-research-application" [4] Market Demand and Growth - The integrated circuit manufacturing sector is the largest consumer of CMP cleaning solutions, with significant growth driven by advancements in technology and production capacity [6] - The advanced packaging market is expected to exceed 110 billion yuan by 2025, with a compound annual growth rate of 25.6%, significantly boosting the demand for specialized CMP cleaning solutions [7] Competitive Landscape - The CMP cleaning solution industry in China is characterized by intense competition between international giants and domestic companies [8] - International leaders like Entegris and Fujifilm dominate the high-end market, while domestic firms like Anji Technology are rapidly catching up through technological advancements and market expansion [8][10] Future Development Trends - The industry will focus on technological upgrades, domestic substitution, and green intelligent transformation [12] - There will be a shift towards high-precision, customized formulations to meet the complex cleaning requirements of advanced semiconductor processes [12] - Domestic companies are expected to enhance their supply chain autonomy by developing core raw materials locally, reducing dependency on foreign brands [13] - The trend towards environmentally friendly and intelligent production processes will drive the industry towards high-quality and high-value development [14]

Core Viewpoint - The article highlights the significant dependency of China's high-end manufacturing on Japan for critical strategic new materials, particularly in the semiconductor and advanced manufacturing sectors, emphasizing the risks posed by geopolitical tensions and supply chain vulnerabilities [2][4]. Group 1: Dependency on Japanese Core New Materials - Japan holds a monopolistic position in semiconductor materials, high-end polymers, and electronic chemicals, with China's dependency exceeding 50% in several key categories, and nearly 100% in some high-end areas [4][6]. - The complexity of semiconductor manufacturing processes means that Japan dominates the supply of critical materials like photoresists and silicon wafers, with global market shares consistently above 60% [6][9]. Group 2: Semiconductor Core Materials - **Photoresists**: China has an overall import dependency of about 90%, with high-end photoresists being 100% reliant on Japan. Major suppliers include JSR, Tokyo Ohka, Shin-Etsu Chemical, and Fujifilm, which control 92% of the high-end market [7]. - **12-inch Silicon Wafers**: The import dependency is around 90%, with Japan supplying 58%. Key players like Shin-Etsu Chemical and SUMCO dominate over 60% of the market [9]. - **High-Purity Ruthenium Targets**: The import dependency is 98%, with Japan's JX Metals and TOSOH holding a significant market share. Domestic production is limited to lower purity levels [12]. Group 3: High-End Polymer Materials - Japan leads the high-end market for electronic-grade polyimide films, with an import dependency of 85% for overall polyimide materials, and 90% for high-end applications [19]. - **Optical-grade PET Films**: The import dependency is 75%, with Japan supplying 100% of high-end films used in MLCCs [23]. Group 4: Other Key Materials in Electronics - **Sputtering Targets**: The import dependency is approximately 95%, with Japan's JX Metals and Nippon Mining controlling 60% of the market [27]. - **High-Purity Electronic Gases**: The import dependency is 70%, with Japan's Taiyo Nippon Sanso holding a 40% market share [31]. Group 5: Hydrogen Energy and Fuel Cell Key Materials - **High-End Carbon Carrier Materials**: The overall import dependency is 85%, with Japan's TOSOH dominating the market [35]. - **Fuel Cell Platinum-based Catalysts**: The import dependency is 78%, with significant reliance on European suppliers [107]. Group 6: Aerospace and High-End Manufacturing Key Materials - **High-Temperature Alloys**: The import dependency is 90%, with major suppliers from the US and Europe completely dominating the market [80]. - **Carbon Fiber**: The import dependency is 85%, with Japan and the US leading the high-end market [86]. Group 7: New Energy and Electronics Key Materials - **High-End Lithium-Ion Battery Separators**: The import dependency is 70%, with Japan's Asahi Kasei and Toray leading the market [94]. - **Ultra-Thin Copper Foils**: The import dependency is 80%, with Japan's JX Copper and Mitsui Mining dominating the supply [98].

Core Points - Ningbo Jiangfeng Electronic Materials Co., Ltd. held its 28th meeting of the 4th Board of Directors on November 21, 2025, where it approved the proposal for the postponement of fundraising investment projects and adjustments to internal investment structure [1][2] - The meeting was attended by all 9 directors, with 3 present in person and the rest participating via communication [1] - The company plans to adjust the expected usable status dates for three fundraising projects related to semiconductor materials [1][2] Project Adjustments - The projects affected include: - "Annual production of 52,000 ultra-high purity metal sputtering targets for integrated circuits" - "Annual production of 18,000 ultra-high purity metal sputtering target production line renovation project" - "Ningbo Jiangfeng Electronic Semiconductor Materials R&D Center construction project" [1][2] - The adjustments aim to ensure proper implementation of the projects and improve the efficiency of fundraising [2] Compliance and Approval - The adjustments are in line with the company's overall planning and comply with regulations from the China Securities Regulatory Commission and Shenzhen Stock Exchange regarding the use of raised funds [2] - The proposal received unanimous approval from all board members, with 9 votes in favor and no opposition or abstentions [2]

Group 1 - Jiangfeng Electronics (SZ 300666) announced on November 21 that its 28th meeting of the fourth board of directors was held, discussing the proposal for the extension of fundraising investment projects and adjustments to internal investment structure [1] - For the year 2024, Jiangfeng Electronics' revenue composition is 100% from industrial operations [1] - As of the report, Jiangfeng Electronics has a market capitalization of 21.6 billion yuan [1]

证券代码：300666 证券简称：江丰电子 公告编号：2025-123 宁波江丰电子材料股份有限公司 关于募集资金投资项目延期及调整内部投资结构的公告 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。 宁波江丰电子材料股份有限公司（以下简称"公司"）于 2025 年 11 月 21 日召开第四届董事会第二十八次会议，审议通过了《关于募集资金投资项目延期 及调整内部投资结构的议案》，同意公司向特定对象发行股票募投项目之"宁波 江丰电子年产 5.2 万个超大规模集成电路用超高纯金属溅射靶材产业化项目"、 "年产 1.8 万个超大规模集成电路用超高纯金属溅射靶材生产线技改项目"和 "宁波江丰电子半导体材料研发中心建设项目"达到预定可使用状态的时间进行 调整；同意募投项目"宁波江丰电子年产 5.2 万个超大规模集成电路用超高纯金 属溅射靶材产业化项目"调整内部投资结构。 本次募投项目延期及调整内部投资结构未改变公司募集资金的用途和投向， 根据《上市公司募集资金监管规则》、《深圳证券交易所创业板股票上市规则（2025 年修订）》（以下简称"《创业板股票上市规则》"）、《深 ...

证券代码：300666 证券简称：江丰电子 公告编号：2025-122 3、本次会议应出席董事 9 人，实际出席董事 9 人。其中现场出席会议的董 事 3 人，董事长边逸军先生、董事姚舜先生、吴祖亮先生，以及独立董事费维栋 先生、张杰女士和刘秀女士以通讯方式参会。 4、本次会议由董事长边逸军先生主持，公司高级管理人员列席了本次会议。 5、本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法 律法规和《公司章程》的有关规定。 宁波江丰电子材料股份有限公司 2、本次会议于 2025 年 11 月 21 日在公司会议室，以现场及通讯相结合的方 式召开。 第四届董事会第二十八次会议决议公告 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。 1、宁波江丰电子材料股份有限公司（以下简称"公司"）第四届董事会第二 十八次会议的会议通知于 2025 年 11 月 19 日通过电子邮件等方式送达至各位董 事，通知中包括会议相关资料，同时列明了会议的召开时间、地点和审议内容。 一、董事会会议召开情况 本议案已经公司董事会审计委员会审议通过，保荐人发表了相关核查意见。 具体 ...

关于宁波江丰电子材料股份有限公司 募集资金投资项目延期及调整内部投资结构的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为宁 波江丰电子材料股份有限公司（以下简称"江丰电子"、"公司"或"发行人"） 2022 年度向特定对象发行股票的持续督导机构，根据《证券发行上市保荐业务 管理办法》《上市公司募集资金监管规则》《深圳证券交易所创业板上市公司自律 监管指引第 2 号——创业板上市公司规范运作（2025 年修订）》（以下简称"《规 范运作指引》"）《深圳证券交易所创业板股票上市规则（2025 年修订）》（以下简 称"《创业板股票上市规则》"）等有关法律法规和规范性文件的要求，对本次江 丰电子募投项目延期及调整内部投资结构的事项进行了核查，核查情况如下： 一、变更募集资金投资项目的概述 （一）募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意宁波江丰 电子材料股份有限公司向特定对象发行股票注册的批复》（证监许可〔2022〕1881 号）同意注册，江丰电子向特定对象发行人民币普通股（A 股）19,394,117 股， 发行价格为人民币 85.00 元/股，募集资 ...