格隆汇APP·2025-09-28 10:21Core Viewpoint - The article emphasizes the critical role of electronic chemicals in semiconductor manufacturing, highlighting their impact on chip performance and yield, and discusses the significant growth opportunities for domestic electronic chemical companies driven by policy support and increasing demand in the semiconductor industry [2][13]. Industry Growth and Market Trends - The semiconductor market in mainland China is projected to reach approximately $113.5 billion in the first half of 2025, reflecting an 11.1% year-on-year growth [4]. - The global semiconductor materials market is expected to grow to $70 billion by 2025, with a 6% year-on-year increase, while the Chinese key electronic materials market is forecasted to reach 174.08 billion yuan, a 21.1% increase [4]. - The expansion of wafer manufacturing capacity is a key driver of this growth, with global 12-inch wafer monthly capacity expected to reach 11.1 million pieces by 2028, growing at a compound annual growth rate (CAGR) of about 7% [6]. Electronic Chemicals Segmentation - Electronic chemicals are categorized into three main segments: photoresists, wet electronic chemicals, and electronic specialty gases, each with unique technological barriers and domestic substitution potential [7]. - The photoresist market in mainland China is projected to reach 6.802 billion yuan by 2025, with a growth rate of 4.49%, indicating significant potential for domestic substitution due to historical foreign monopolization [8]. - Wet electronic chemicals are expected to see a total demand of 4.685 million tons in 2025, with a notable 23.1% year-on-year growth in the integrated circuit application segment [8]. Policy and Technological Drivers - The rapid development of China's electronic chemicals sector is supported by policies aimed at enhancing high-end supply and promoting innovation in key products [14]. - The Ministry of Industry and Information Technology's recent plan emphasizes the need for breakthroughs in electronic chemicals, which is expected to accelerate the transition from laboratory research to large-scale production [14]. Investment Opportunities - Companies that have achieved breakthroughs in high-end fields, maintain continuous R&D investment, and have forward-looking capacity layouts are identified as key investment targets [16]. - The article suggests that the current industry environment presents a favorable scenario for domestic manufacturers, characterized by demand expansion, technological breakthroughs, policy support, and the inherent consumable nature of electronic chemicals [15].