国产替代迎来风口，光刻胶价格飙涨近15%，七家上市公司紧急行动

Core Viewpoint - The global photo-initiator market is undergoing a significant transformation driven by supply-demand dynamics, with prices soaring due to supply chain disruptions and increasing downstream demand [1][5][9]. Group 1: Price Trends - On August 11, the price of photo-initiator (TPO grade) reached a new high of 95 yuan/kg, with a daily increase of 5.56%, reflecting a cumulative increase of nearly 15% in August and an astonishing 26.67% increase year-to-date [3]. - The price surge is attributed to severe supply chain contractions, particularly due to production halts at key manufacturers, which account for 35% of the national capacity [5][7]. Group 2: Supply Chain Disruptions - A fire at Jiangxi Yangfan New Materials Co., which has an annual capacity of 8,000 tons, forced the company to suspend production, while Ningxia Wokailong's production has been stagnant due to long-standing safety and environmental issues [5]. - The concentration of domestic photo-initiator production is high, with the top three companies holding a market share of 52.73%, an increase of 12 percentage points since 2019 [7]. Group 3: Downstream Demand - The global PCB market is projected to reach a value of $73.565 billion in 2024, with a year-on-year growth of 5.8%, and China accounts for nearly 60% of global production capacity [8]. - The booming 3D printing industry is expected to generate $21.9 billion in revenue by 2024, with a compound annual growth rate of 21.7% over the next decade, significantly increasing the demand for photo-initiators [8]. Group 4: Market Dynamics and Future Outlook - The rapid advancement of domestic photoresist production is injecting new vitality into the high-end photo-initiator market, with predictions of increased market shares for domestic products by 2025 [9]. - Historical price volatility due to environmental regulations has set a precedent for current price increases, with the industry now more concentrated among leading manufacturers, solidifying the foundation for ongoing price hikes [9].