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“零到一”突破期望升温 A股光刻机产业链躁动
2 1 Shi Ji Jing Ji Bao Dao·2025-09-26 14:28

Core Insights - The semiconductor lithography machine sector is experiencing significant market interest, particularly in the domestic industry chain, with notable stock price movements in related companies [1][2] - Shanghai Micro Electronics Equipment (SMEE) showcased its extreme ultraviolet (EUV) lithography machine at the China International Industry Fair, marking a pivotal moment for domestic technology [1][2] - The market for lithography machines in mainland China is vast but heavily reliant on imports from countries like the Netherlands and Japan, highlighting the need for self-sufficiency amid export control challenges [2][7] Company Developments - Zhangjiang Hi-Tech (600895.SH) reached a historical stock price high, with significant gains observed in other related companies such as Jiangfeng Electronics (300666.SZ) and United Chemical (301209.SZ) [1] - Jiangfeng Electronics has entered mass production of a core cooling component for lithography machines, targeting the 28nm process node, indicating a move into critical areas of lithography equipment [2][5] - SMEE is currently the only domestic lithography machine manufacturer, holding over 80% of the domestic market share and capable of producing machines for 90nm and below [5][6] Market Dynamics - ASML dominates the global lithography machine market, holding over 80% market share, with a reported net sales of €7.7 billion and a net profit of €2.3 billion in Q2 2025 [3][4] - The domestic lithography machine industry is still significantly behind international leaders, with a current localization rate of only 2.5% [5][11] - The industry faces challenges in technology and supply chain issues, necessitating collaboration across the domestic supply chain to overcome these barriers [7][11] Technological Landscape - The lithography machine market is categorized into five generations, with EUV being a key focus for future development [3][4] - Domestic companies are making strides in various technical fields related to lithography, including laser sources and optical systems, indicating a growing capability in the sector [9][10] - The industry is characterized by high barriers to entry and significant capital requirements, necessitating a coordinated national effort for advancement [11]