Core Viewpoint - The article emphasizes the strategic importance of Chemical Mechanical Polishing (CMP) slurries in the semiconductor manufacturing process, highlighting the risks associated with reliance on foreign suppliers and the need for domestic alternatives in China [2][4][19]. Group 1: Market Overview - The global CMP slurry market has surpassed $2 billion, growing at a compound annual growth rate (CAGR) of approximately 8%, yet domestic market share in China for high-end slurries (14nm and below) is less than 10% [4]. - Major players in the global CMP slurry market include Cabot, Versum Materials, Hitachi, Fujimi, and Dow, which collectively hold nearly 80% of the market share, with Cabot alone accounting for about 33% [8][11]. Group 2: Domestic Market Dynamics - By 2025, China's 12-inch wafer production capacity is expected to account for approximately 25% of the global total, leading to a CMP slurry market projected to exceed 6 billion RMB [16]. - Currently, foreign brands dominate the high-end CMP slurry market in China, holding over 90% market share, which poses significant supply chain risks, cost pressures, and service response challenges [17][19]. Group 3: Technological Insights - Cerium oxide-based slurries are crucial for advanced CMP processes, providing a competitive edge in semiconductor manufacturing [14][22]. - The transition from traditional mechanical grinding to chemical etching in cerium oxide slurries enhances material removal efficiency and reduces defect rates, making it essential for high-performance applications [22][23]. Group 4: Future Outlook - To break through in the high-end CMP slurry market, collaboration among material companies, wafer manufacturers, and equipment suppliers is essential, alongside sustained investment and focus on key materials like nanosphere cerium oxide [26][27][28].

www.hczq.com 证券研究报告 | 医药生物 | 2025年11月22日 华创医药投资观点&研究专题周周谈 · 第151期 多款口服环肽药物具重磅潜力，产业链有望充分受益 本周专题联系人：王宏雨 | 华创医药团队： | | | | | | --- | --- | --- | --- | --- | | 首席分析师 | 郑辰 | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | 联席首席分析师 | | 刘浩 | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 医疗器械组组长 | | 李婵娟 | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 | | 高初蕾 | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 分析师 | 王宏雨 | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyjs.com | | 分析师 | 朱珂琛 | | 执业编号：S036052407 ...

Market Overview - A-shares experienced significant declines, with the Shanghai Composite Index closing at 3834.89 points, down 2.45%, and the Shenzhen Component Index down 3.41% [1] - Over 5000 stocks in the market fell, indicating a widespread downturn, with many stocks seeing cumulative declines exceeding 10% over two weeks [5] Sector Performance - The lithium mining sector faced a "limit down" trend, with companies like Ganfeng Lithium and Shengxin Lithium Energy hitting their daily trading limits [2] - The storage chip sector saw sharp declines, with companies like Purun Co. and Shannon Chip Innovation dropping over 10% [3] - The photovoltaic equipment sector also adjusted collectively, with Jinchen Technology hitting its daily limit down [4] Risk Factors - Global risks, particularly the fluctuating expectations around the Federal Reserve's interest rate decisions, have contributed to market volatility [6][7] - The Japanese bond market's increased volatility has raised global asset pricing risk premiums, affecting high-valuation assets, especially in AI and technology sectors [8][9] - The AI computing sector, a crowded investment area, is experiencing a shift as investors reassess risks, impacting related stocks in A-shares [11] Domestic Influences - Core technology sectors have seen significant declines over the past two weeks, with the large fund holdings index dropping approximately 3.24% last week and over 4% this week [12] - Semiconductor and chip-related indices have also experienced double-digit corrections, indicating that the recent downturn is a cumulative risk release rather than an isolated event [13] Market Dynamics - The market has shown a pattern of "slow rise and rapid decline," with main funds managing their positions strategically [18][19] - The AI computing sector has been central to the recent sell-off, being the most sensitive to valuation changes amid external pressures [20][21] Technical Analysis - The 20-week moving average is identified as a critical support level for the market, with expectations of further declines towards this level before potential stabilization [23][25] - The Shanghai Composite Index is currently near the 20-week line, which is projected to provide significant technical support [25] Investment Strategy - Investors are advised to avoid panic selling during downturns and to reassess their portfolio allocations, focusing on valuation and performance stability [34][36] - The current market environment is viewed as a phase of "stage adjustment" rather than a beginning of a medium-term downtrend, suggesting a potential for recovery after the risk release [28][42]

Core Viewpoint - The recent stock market decline, particularly in the ChiNext index which fell over 6%, presents a buying opportunity for value investors rather than a cause for panic [1] Group 1: Market Conditions - The global market is experiencing significant downturns, with the Nasdaq down 2.7% and the Nikkei index down over 3.4% [1] - In the A-share market, over 4,900 stocks have declined, indicating a widespread sell-off [1] Group 2: Reasons for the Decline - The decline is attributed to three main factors: weakening faith in technology stocks, tight liquidity due to a strong dollar and foreign capital outflow, and a pervasive sense of panic among investors [3][4] Group 3: Investment Opportunities - Many quality companies have been "wrongly killed" in this market downturn, leading to significantly lower valuations and increased safety margins for investors [4] - Key sectors to consider for investment include: - AI and semiconductors, driven by domestic substitution policies - New energy sectors such as energy storage and wind power, which continue to show high industry vitality - Military industry, characterized by stable orders and strong defensive qualities [4] - High dividend assets in sectors like banking, electricity, and public utilities are also recommended for their low valuations and ability to provide stability in volatile markets [4]

内容概要：COC/COP，即环烯烃共聚物/聚合物，是具有环状烯烃结构的非晶性透明高分子材料。环烯 烃共聚物（COC）和环烯烃聚合物（COP）非常相似，不同之处在于COC在聚合过程中使用多种单 体，而COP仅使用一种单体。从COC/COP产业链来看，上游为制造所需原材料，主要为乙烯、双环戊 二烯、环戊二烯等。中游为COC/COP生产制造。COC/COP的制备工艺主要有两种：开环易位聚合过程 （ROMP）和茂金属催化加成聚合过程（mCOC）。最早的COC生产方式是ROMP，过程加成聚合过程 的工艺开发晚于开环易位聚合过程，mCOC工艺的优点在于采用相对廉价的乙烯等作为环烯烃的共聚单 体，同时采用高活性的茂金属催化剂，无须进行复杂的加氢反应，其成本远低于ROMP工艺。下游为 COC/COP应用领域，其被广泛应用于光学、生物医药、包装等领域。随着下游需求增加，全球化工企 业加大COC/COP布局力度，推动COC/COP产能稳步扩张，到2024年全球COC/COP产能合计约9.3万吨/ 年，较2021年增加1万吨。2024年全球COC/COP消费量约为9万吨，其中中国是全球最大的COC/COP消 费国，2024年中国市 ...

Core Insights - Nvidia's latest earnings report has created significant market volatility, with a notable stock price fluctuation following the announcement, reflecting concerns about future growth sustainability [1][3] - The tech sector's downturn in the US has impacted the A-share market, leading to a decline in related sectors such as computing power and AI chips [4] Market Trends - The computing power sector is experiencing a reevaluation of valuations and fundamentals, with a potential short-term profit-taking pressure as year-end approaches [4] - Major tech companies like Microsoft, Google, Meta, and Amazon are increasing capital expenditures, indicating sustained demand in the computing power supply chain [4][6] Domestic Developments - The domestic computing power ecosystem is rapidly evolving, with a significant shift towards self-sufficiency in chip supply, as evidenced by the projected decrease in reliance on foreign chips from 63% to 42% by 2025 [7] - Domestic chip manufacturers are showing substantial revenue growth, with companies like Cambricon reporting a 2386.38% increase in revenue year-on-year [7] Technological Advancements - The focus in the computing power industry is shifting from hardware accumulation to efficiency optimization, with significant reductions in inference costs for AI models [9][10] - Innovations in system architecture, such as the adoption of supernode technology, are enabling better performance despite limitations in chip capabilities [10] Industry Opportunities - The AI computing power sector is becoming a primary growth engine for the communications industry, with investment opportunities emerging in areas like optical modules and storage chips [13][14] - The liquid cooling technology market is expected to grow significantly, with a projected compound annual growth rate of 46.8% from 2024 to 2029 [10][14] Investment Shifts - Investment in the computing power industry is transitioning from infrastructure to application innovation, reflecting a maturation of the sector [14] - Companies that can accurately navigate technological trends are likely to gain a competitive advantage during the upcoming industrial transformation [14]

去年，中芯国际在28纳米成熟技术方面已经让全球芯片圈瞠目结舌，出手时毫不留情，直接把价格砍掉40%，结果市场份额嗖的一下子就往上冲。礼贤下士 没有任何动作，结果自己反而被拉得更远了。 在半导体行业里，有一样材料可是宝贝得不得了，日本几乎垄断了它的市场份额，大约占了90%左右，那就是光刻胶。 虽然咱们中国在芯片出口方面取得了一些阶段性的成就，但光刻胶还得靠进口的事儿还没彻底搞定。曾经，日本对韩国施加过光刻胶的限制，造成了韩国企 业发展的严重威胁。 遇到日本可能断供的风险，咱们国家得赶紧自己动手，搞研究开发，争取早日打破依赖。要增强自主创新能力，加快国产光刻胶的研发和量产步伐，这样才 能不再被外头卡着脖子。至于其他国家，似乎还没有找到能全面替代进口光刻胶的技术路线，主要是因为这东西技术门槛高，研发成本巨大，涉及的工艺也 复杂得很。要搞出来，光靠几个人努力是远远不够的，总得政府、企业齐心协力，从长远看得下一盘棋。 光刻胶其实算是一种感光材料，它的工作原理跟相机胶卷曝光挺像的。最早，法国人偶然发现一种带有感光特性的天然沥青，经过加工之后，就用在相机的 暗盒里了。 本来，光刻胶市场规模挺庞大的，像美国、德国、英国、韩国 ...

Core Insights - The event held on November 18 in Beijing showcased Yili's operational achievements, innovative technologies, and future strategic plans, prompting investors to rethink the industry's growth prospects and redefine Yili's value boundaries [1] Industry Transition - The Chinese dairy industry has shifted from a phase of "quantity growth" to a new stage of "quality enhancement," where "structural growth" is replacing "universal growth" [3] - Three main structural growth opportunities identified include: 1. Increasing demand for dairy products driven by rising health awareness among the population 2. Upgrading demand in high-tier cities leading to diversified growth 3. Significant potential in differentiated product categories, particularly in adult nutrition, cheese, B2B, and deep processing of dairy products, with the adult nutrition market expected to exceed 300 billion yuan by 2030 [5] Targeting New Markets - Yili is focusing on the silver-haired market, with over 210 million people aged 60 and above in China, projected to exceed 400 million by 2035. This demographic shows a strong demand for health management and quality living, with a nutrition product penetration rate exceeding 36% [6] - Yili has strategically positioned itself in the adult nutrition segment, with its "Xinhui" series of adult milk powder showing strong market competitiveness. The company aims to expand its product matrix into functional health products and high-value segments [8] Deep Processing and Domestic Substitution - The solid dairy product market in China is still in its infancy, with significant growth potential as consumer habits shift from liquid to solid dairy products. Yili plans to develop a hundred billion yuan deep processing segment over the next 5-10 years [10] - Currently, 35% of the domestic consumption of dairy products relies on imports, presenting an opportunity for Yili to focus on domestic substitution in key raw materials [10] International Expansion - Yili's international business has established a clear organizational structure, with operations in Southeast Asia, the Middle East, Europe, Oceania, and the Americas. The company aims to transition from "product export" to "ecosystem establishment" [12] - The company has set ambitious 2030 strategic goals to enhance market share and product value, aiming for a leap from "Asia's first" to "global first" in the dairy industry [12] Shareholder Returns - Yili has a strong track record of shareholder returns, with a total dividend payout of 58.566 billion yuan since its listing in 1996. The company plans to maintain a cash dividend payout ratio of no less than 75% of net profit for the years 2025-2027 [13] - The company is committed to distributing a minimum cash dividend of 1.22 yuan per share (before tax) in 2024, with potential mid-year dividends based on company performance [13] Future Outlook - The chairman of Yili expressed confidence in the dairy industry's growth potential, indicating that the industry has not yet reached its ceiling and that Yili is determined to seize new opportunities for sustained leadership [15]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨吉林化纤（000420.SZ） [Table_Title] 粘胶纤维结构变化，碳纤维需求起量 报告要点 [Table_Summary] 吉林化纤发布三季报：2025 年前三季度实现收入约 40.19 亿元，同比增长 44%；归属净利润 约 0.33 亿元，同比下降 47%，扣非净利润同比下降 47%。2025Q3 收入约 13.84 亿元，同比 增长 35%，环比下降 3%；归属净利润约 0.11 亿元，同比下降 52%，环比下降 23%；扣非净 利润同比下降 59%，环比下降 29%。 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 吉林化纤（000420.SZ） cjzqdt11111 [Table_Title2] 粘胶纤维结构变化，碳纤维需求起量 [T ...

AI算力长期逻辑不变，国产替代加速推进。 全球AI风向标英伟达的最新业绩，再次在全球资本市场投下了一颗"深水炸弹"。 其营收与指引依旧亮眼，财报发布当日股价一度涨超5%，但却收跌3.15%。 剧烈波动的背后，是外界对其未来增长可持续性的微妙预期，叠加近期外部环境不稳定不确定因素较 多。 随着美股科技板块承压下行，其冲击波也迅速传导至A股市场。 数据显示，11月21日，算力概念板块较上一日下跌3.38%，资金净流出141.2亿元，光模块"三剑客"新易 盛（300502）、天孚通信（300394）、中际旭创（300308）分别收跌8.46%、7.34%、5.69%。 此外，AI芯片板块收跌4.33%，净流出16.85亿元，寒武纪跌5.54%。 基金持仓方面，截至今年第三季度末，电子、通信板块（含算力相关标的）超配比例已达历史高位，筹 码结构相对复杂。有分析指出，接近年末，部分机构存在回笼资金需求，导致短期获利盘了结压力加 大。 业内专业人士人认为，市场正对算力板块估值与基本面匹配度重新审视。而从长远来看，当前市场的波 动更像是产业浪潮中的一次理性回调。 全球AI算力竞赛的长期逻辑并未改变，微软、谷歌、Meta、亚 ...