"十五五"低碳转型加速，循环经济、低碳能源、国产 替代三条主线大有可为 ——环保行业 2026 年策略报告 2025 年 12 月 4 日 | 证券研究报告 | | --- | 行业研究 [Table_ReportType] 行业策略报告 | [Table_StockAndRank] 环保 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] "十五五"低碳转型加速，循环经济、低碳能源、国产替代 三条主线大有可为 [Table_ReportDate] 2025 年 12 月 4 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.cindasc.com ...

Core Viewpoint - The company, 8 Billion Space (688181.SH), is focusing on the development and mass production of semiconductor photoresist resin, which is currently dominated by foreign companies due to high technical barriers [1] Group 1: Company Development - The company has established a specialized R&D team for photoresist resin, leveraging its systematic advantages and experience in chemical synthesis, material purification, and lean management [1] - The company is concentrating on the research and production of key raw materials for KrF photoresist, specifically PHS resin and its derivatives, based on its accumulated experience in liquid crystal materials [1] Group 2: Industry Collaboration - The company has developed the capability to research and produce a full range of high-end semiconductor photoresist (KrF) resins and is collaborating with several leading photoresist manufacturers to develop multiple high-performance resins [1] - These efforts contribute to the domestic substitution of photoresist materials in the industry [1]

投资者关系活动记录表 证券代码：301319 证券简称：唯特偶 答：公司各主要产品线均根据客户订单需求，合理有序地组织 生产与出货。当前，各产线产能利用率因产品类型及工艺环节差 异而有所不同，但整体均处于正常高效的运行区间。未来，公司 将持续紧贴市场需求，积极拓展客户资源、扩大订单规模，进一 步提升产能利用率与运营效率，为客户创造更大价值。 答：公司于 2024 年已在美国、越南、泰国等 6 地设立了子 公司，墨西哥工厂落地强化交付能力，渠道建设与本地化运营初 见成效，2024 年海外营收占比增速明显。此前产能优先满足国 内需求，也对海外拓展形成短期制约，后续将随布局深化进一步 提升占比。 3、公司为拓展新业务和海外市场进行了哪些投入？ 答：在新业务拓展方面，公司持续深耕下游行业大客户，同 时通过"外引内研"等方式，持续培养第二增长曲线，构建起完 整的产品矩阵，已成功实现从电子装联材料到"电子装联+可靠 性材料"双板块的跨越。 在海外市场方面，公司进一步加大资金、人员等方面投入， 逐步打通交付环节，持续增强海外市场本地化生产、交付能力， 搭建完整的国际销售体系。 公司将继续在新业务领域和海外市场保持投入，为公 ...

Core Viewpoint - The A-share technology sector experienced a rebound, with the Sci-Tech Chip 50 ETF (588750) rising over 2% and trading volume significantly increasing, surpassing 118 million yuan during intraday trading [1][3]. Group 1: Market Performance - The majority of the constituent stocks of the Sci-Tech Chip 50 ETF saw gains, with notable increases in optical modules and optical chips. For instance, Yuanjie Technology rose over 6%, while Tuojing Technology increased by over 5% [3]. - The trading activity of the Sci-Tech Chip 50 ETF was notably active, with intraday trading volume exceeding 118 million yuan, indicating a significant increase compared to the previous day's total [1]. Group 2: Company Developments - Tuojing Technology held a performance briefing on December 4, stating that its thin film equipment series has achieved industrial application in storage chip manufacturing, with a full order book and expected demand growth if downstream clients expand production [5]. - Zhongwei Company announced its comprehensive layout in advanced packaging, including etching and CVD equipment, indicating a strong position in the market [5]. - Huahong Company plans to acquire Huali Micro through a combination of stock issuance and cash payment, which will make Huali Micro a subsidiary of Huahong [5]. Group 3: Industry Insights - According to SEMI, global semiconductor equipment shipments are projected to grow by 11% year-on-year in Q3 2025, reaching $33.66 billion, marking the sixth consecutive quarter of growth [6]. - The semiconductor industry is entering a strong recovery phase, driven by AI demand and storage needs, with the global semiconductor market expected to reach $728 billion in 2025, reflecting a year-on-year growth of 15.4% [8]. - The Sci-Tech Chip sector has attracted significant institutional interest, with 1,218 institutions conducting research on constituent stocks in November, a 51% increase from the previous month [6]. Group 4: Investment Opportunities - The Sci-Tech Chip 50 ETF focuses on the core segments of the semiconductor industry, with a high "chip content" and strong growth potential, making it an attractive investment option [12]. - The index's constituent stocks are expected to see a net profit growth rate of 94% for the first three quarters of 2025, with an anticipated full-year growth rate of 100%, significantly outperforming peers [15]. - The Sci-Tech Chip 50 ETF has demonstrated a maximum increase of 187.69% since September 2024, indicating strong upward elasticity compared to other indices [16].

半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数聚焦于半导体产业链中的 材料与设备领域，从市场中选取涉及半导体材料供应及设备制造的上市公司证券作为指数样本，以反映 半导体行业上游关键环节相关企业的整体表现。该指数成分股具备高技术壁垒和成长性特征，是衡量半 导体产业健康状况的重要指标之一。 半导体设备ETF（159516）午后涨超2%，连续3日迎资金净流入，国务院国资委召开会议引瞩目。 消息面，近日，国务院国资委在中国三峡坝区召开国有企业对标世界一流企业价值创造行动推进会，总 结回顾价值创造行动开展以来取得的工作成效，突出功能价值主题，对下一阶段工作进行动员部署。 中原证券指出，全球半导体行业在AI算力、智能驾驶、数据中心等终端需求推动下持续增长。晶圆产 能建设加速，特别是先进制程扩张趋势明显，半导体产业链自主可控需求迫切，国产替代有望持续推 进。 （文章来源：每日经济新闻） ...

截至2025年12月4日 13:57，上证科创板100指数强势上涨1.15%，成分股中科蓝讯上涨6.75%，绿的谐波 上涨5.89%，源杰科技上涨5.57%，华虹公司，芯源微等个股跟涨。科创100ETF华夏（588800）上涨 1.13%，最新报价1.25元。 公开信息显示，科创半导体ETF（588170）及其联接基金跟踪上证科创板半导体材料设备主题指数，囊 括科创板中半导体设备（61%）和半导体材料（23%）细分领域的硬科技公司。 半导体设备和材料行业 是重要的国产替代领域，具备国产化率较低、国产替代天花板较高属性，受益于人工智能革命下的半导 体需求，扩张、科技重组并购浪潮、光刻机技术进展。 （文章来源：每日经济新闻） 流动性方面，科创100ETF华夏（588800）盘中换手9.75%，成交2.46亿元。拉长时间看，截至12月3 日，科创100ETF华夏（588800）近1周日均成交2.47亿元，领先同类。 国金证券指出，全球半导体步入强劲复苏周期，设备市场维持高景气。全球半导体市场已结束去库周 期，根据WSTS预测，2025年上半年全球半导体市场规模同比增长18.9%，全年预计增长15.4%。随着行 业供 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 126.71 CNY per share, maintaining the rating [4][8]. Core Insights - The company is actively participating in national strategic projects, aligning with the "14th Five-Year Plan" and "15th Five-Year Plan" to drive breakthroughs in key technologies in integrated circuits, high-end instruments, and other critical areas [1]. - The high-end microscope business is expected to see a recovery in growth, with the proportion of high-end products exceeding 40% of total microscope sales [2]. - The company is diversifying its optical business, with semiconductor optics expected to contribute significantly to revenue growth [3]. Summary by Sections Business Development - The company is leading national major instrument projects, focusing on ultra-high resolution imaging technology and surgical navigation microscopes, which are expected to enhance its competitive edge [2]. - The high-end microscope segment is projected to recover in the second half of 2025, with a significant increase in high-end product orders [2]. Optical Business Diversification - Barcode scanning and machine vision businesses are growing steadily, with successful collaborations with major clients like Zebra and Honeywell [3]. - The automotive laser radar optical components have achieved mass production, with shipments nearing one million units in the first half of 2025 [3]. - The medical optical segment has seen substantial growth, driven by domestic substitution and increased overseas demand for medical imaging components [3]. Financial Projections - Revenue projections for 2025-2027 are 1.09 billion CNY, 1.40 billion CNY, and 1.78 billion CNY, respectively, with net profits of 270 million CNY, 367 million CNY, and 480 million CNY [8][10]. - The company is expected to maintain a strong competitive advantage in precision optical manufacturing, with continued growth in microscopes and semiconductor optics [8].

Group 1 - A-shares indices collectively rose, with semiconductor stocks leading the gains, particularly Tuojing Technology which increased over 5% [1] - The semiconductor equipment ETF (560780) rose by 2.19%, with a year-to-date increase of 45.78%, while the leading semiconductor ETF (159801) increased by 1.46% with a year-to-date rise of 36.39% [1] - The semiconductor equipment ETF closely tracks the CSI Semiconductor Materials and Equipment Theme Index, with 62% in semiconductor equipment and 22% in semiconductor materials, focusing on key players in lithography, etching, thin film deposition, and silicon wafers [1] Group 2 - According to SEMI, global semiconductor equipment sales are expected to grow by 11% year-on-year in Q3 2025, reaching $33.66 billion, driven by strong investments in advanced technologies, particularly in AI computing [2] - Huawei's release of the "Intelligent World 2035" and "Global Digital Intelligence Index 2025" reports highlights that general artificial intelligence will be a transformative technology driver over the next decade, predicting a 100,000-fold increase in total computing power by 2035 [2] - The semiconductor industry is expected to benefit from the upward cycle driven by artificial intelligence, covering design, manufacturing, packaging, testing, and upstream equipment materials [2]

Core Viewpoint - The semiconductor equipment ETF (561980) has shown significant growth, with a year-to-date increase of 54%, outperforming other major semiconductor indices. This growth is attributed to strong investments in advanced technologies, particularly in AI computing and high-end logic chips [1]. Group 1: ETF Performance - The semiconductor equipment ETF (561980) rose by 3.53%, with a trading volume exceeding 150 million yuan [1]. - Key constituent stocks such as Jin Hai Tong surged by 8.58%, Chang Chuan Technology increased by over 7%, and several others including Tuo Jing Technology and Xin Yuan Wei rose by over 6% [1]. - The ETF's index performance is the best among mainstream semiconductor indices, including the China Securities Semiconductor Index and the National Chip Index [1]. Group 2: Market Trends - According to SEMI, global semiconductor equipment sales are projected to grow by 11% year-on-year in Q3 2025, reaching $33.66 billion, with a quarter-on-quarter increase of 2% [1]. - The growth in sales is primarily driven by robust investments in advanced technology sectors, especially in AI computing, DRAM, and advanced packaging solutions [1]. - Guojin Securities indicates that the global semiconductor market has exited the destocking phase and is entering a strong recovery cycle, maintaining high demand in the equipment market [1]. Group 3: Future Projections - DIGITIMES forecasts that the global semiconductor market size may grow by 18.3% in 2026, reaching $880 billion, with the wafer foundry output expected to hit $233.1 billion, reflecting a 17% increase [1].

Core Viewpoint - The high-end aluminum pigment market, traditionally dominated by foreign companies, is being transformed by a Chinese technology enterprise, Changsha Zuxing New Materials Co., Ltd., which has mastered the entire chain of core technologies from raw materials to high-end products, achieving import substitution and gaining global influence [1] Group 1: Breakthrough and Technology Foundation - Zuxing New Materials successfully developed high-performance aluminum pigments in 1999, breaking the long-standing foreign monopoly in the Chinese market [2] - The company has established a complete system of seven core technologies, covering the preparation of fine spherical aluminum powder, fine classification, sheet processing, and surface coating [2] - The company uses high-purity aluminum water (not less than 99.85%) and proprietary high-precision supersonic atomization technology to ensure a key fine powder rate (D50<7.5 microns) of over 65% [2] Group 2: Product Innovation - In 2020, Zuxing New Materials developed aluminum pigments for water-based inks, solving industry challenges and achieving international advanced levels, thus breaking foreign monopolies in high-end markets [3] - The performance of Zuxing's main products has reached parity with international top brands, with product ZA9910 comparable to Japan's Toyo Aluminum and ZW1755 outperforming Germany's ECKA in key indicators [3] Group 3: Industry Standards and Market Access - The company's product quality and technical strength have enabled it to enter the qualified supplier systems of international paint giants such as Nippon, PPG, AkzoNobel, BASF, and Kansai Paint [4] - Zuxing New Materials has not only led or participated in the formulation of all five domestic aluminum pigment industry standards but has also contributed to three international standards, marking a significant leap from "executing standards" to "defining standards" [4] Group 4: Innovation and R&D - Continuous R&D investment is the source of innovation for Zuxing New Materials, with R&D expenses of 15.82 million, 17.04 million, and 16.28 million yuan from 2022 to 2024, and R&D personnel accounting for 14.68% [5] - The company holds 86 authorized patents, including 46 invention patents, establishing a solid intellectual property barrier [5] - Zuxing's growth reflects the journey of Chinese manufacturing towards high-end markets through independent innovation, showcasing its robust technological strength in the aluminum pigment sector [5]