中国电子：关注“竞争格局优+新品0-1突破”的半导体材料布局机会

Investment Rating - The report maintains an "Outperform" rating for the semiconductor materials sector, expecting a relative increase in performance over the next 12-18 months [18]. Core Insights - The utilization rates of wafer fabs and semiconductor packaging and testing plants in mainland China are generally better than those overseas, driven by the "local for local" trend [5][1]. - The semiconductor materials sector is expected to benefit from the recovery of downstream utilization rates, leading to increased usage, although some mid- to low-end product categories may face price pressure in 2025 [1][5]. - Leading enterprises in sub-fields with a favorable competitive landscape, particularly those achieving "0 to 1" breakthroughs in advanced memory and advanced packaging, are anticipated to benefit from the "self-control and self-reliance" trend in the semiconductor industry in 2025 [1][3]. Summary by Sections Semiconductor Materials Sector - The semiconductor materials sector is diverse, with many sub-fields benefiting from the recovery in downstream utilization rates, although some mid- to low-end categories may still experience price pressures in 2025 [1][3]. - The report highlights the importance of focusing on leading companies in advantageous competitive positions, especially those capable of achieving significant breakthroughs in key areas [3][5]. Wafer Fabrication and Packaging - Domestic wafer fabs and packaging plants are performing better than their overseas counterparts due to the localization trend, with advanced process nodes like TSMC's 5nm and 3nm nodes operating at full capacity [2][5]. - The report notes a demand differentiation between advanced and mature processes, with mature processes facing weaker demand in sectors like industrial control and automotive [2]. Recommendations - The report suggests focusing on specific companies within the semiconductor materials sector that are well-positioned to capitalize on the trends, including: 1. Electronic bulk gases suppliers [3]. 2. CMP polishing liquids manufacturers [3]. 3. Advanced packaging electroplating solutions and photoresists [3]. 4. PCB electronic chemicals and plating solutions [3]. 5. Silicon carbide substrates producers [3].