半导体材料行业深度（一）：周期上行叠加国产替代双击，半导体材料赛道长坡厚雪

Investment Rating - The report maintains an "Overweight" rating for the semiconductor materials industry [1]. Core Insights - The semiconductor materials industry is expected to benefit from a cyclical upturn and accelerated domestic substitution due to international pressures and technological innovations [3]. - The global semiconductor sales are projected to recover significantly in 2024, with a forecasted increase of 19.78% in the first three quarters compared to the previous year, and total sales expected to exceed $600 billion [2][3]. - The report emphasizes the importance of domestic production capabilities in semiconductor materials, highlighting the need for increased investment in technology and collaboration within the industry to enhance competitiveness [3]. Summary by Sections 1. Semiconductor Materials and Market Dynamics - The semiconductor materials sector is divided into wafer manufacturing and packaging materials, accounting for approximately 60% and 40% of sales, respectively [2]. - In 2023, global semiconductor sales decreased by 8.2%, but the market is anticipated to rebound in 2024, driven by demand in AI, consumer electronics, and automotive sectors [2][3]. - Advanced packaging materials are emerging as a new growth point, with a 19.62% increase in the advanced packaging market despite overall market declines [2][3]. 2. International Landscape and Domestic Substitution - The report discusses the intensifying geopolitical tensions, particularly between the US and China, which are accelerating the need for domestic substitution in semiconductor materials [2][3]. - Following the US's implementation of semiconductor export restrictions, China's domestic production rates have improved in certain areas, although challenges remain [2][3]. - The National Big Fund and various local funds are increasingly focusing on investments in equipment and materials, with the third phase of the Big Fund expected to continue supporting the semiconductor materials sector [1][3]. 3. Investment Recommendations - The report suggests focusing on leading companies and scarce domestic substitutes across various segments, including wafer manufacturing and advanced packaging materials [3]. - Specific companies highlighted include silicon wafer manufacturers like Hu Silicon Industry and electronic gases suppliers such as Huat Gas and Jin Hong Gas [3]. - The report indicates that the semiconductor materials industry is at a pivotal moment, with potential for significant growth driven by both cyclical recovery and domestic production initiatives [3].