Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI and Al-X photoresist are highlighted, with PSPI's market size in China estimated at 7.12 billion yuan in 2023 [8]. Investment Opportunities - The article identifies 14 key advanced packaging materials that are critical for the semiconductor industry, emphasizing the potential for domestic companies to capture market share from established foreign competitors [7][8]. - Companies like 鼎龙股份, 国风新材, and 三月科 are mentioned as potential leaders in the domestic market for advanced packaging materials [8]. Growth Projections - The market for conductive adhesives is expected to reach 3 billion yuan by 2026, while the chip bonding materials market is projected to grow from approximately $4.85 billion in 2023 to $6.84 billion by 2029 [8]. - The epoxy encapsulation materials market is anticipated to grow to $9.9 billion by 2027, indicating strong demand in the electronics sector [8]. Competitive Landscape - The article outlines the competitive landscape, noting that foreign companies like Fujifilm, Toray, and Dow currently dominate the market, but domestic firms are rapidly advancing [8]. - The need for innovation and investment in R&D is emphasized for domestic companies to successfully compete against established international players [8].

2026 年 01 月 11 日 行业研究 评级：推荐(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 李永磊 S0350521080004 | | | | liyl03@ghzq.com.cn | | 证券分析师： | | 董伯骏 S0350521080009 | | | | dongbj@ghzq.com.cn | | 联系人 | ： | 于畅 S0350124080008 | | | | yuc02@ghzq.com.cn | [Table_Title] 多晶硅、丁二烯价格上涨，关注反内卷和铬盐 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2026/01/09 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 10.7% | 9.6% | 45.1% | | 沪深 300 | 3.5% | 1.0% | 25.9% | 相关报告 《基础化工行业周报：辛醇、硫酸价格上涨，关注 反内卷和铬盐（推荐）*基础化工*李永磊，董伯骏》 ——2025-12-08 《基础化工行 ...

Core Insights - The CES exhibition in the US catalyzed developments in the AI sector, while China's manufacturing PMI unexpectedly rebounded to 50.1% in December 2025, indicating a return to growth [1] - The A-share market experienced a strong start to the year, with the Shanghai Composite Index breaking the 4000-point mark and reaching a ten-year high of over 4100 points by the end of the week [1][2] - The defense, military, and media sectors performed well, while the banking and transportation sectors lagged behind [1] Weekly Market Review - All three major indices in the A-share market rose, with the Shanghai Composite Index increasing by 3.82%, the Shenzhen Component Index by 4.4%, and the ChiNext Index by 3.89% during the week from January 5 to 9 [2] - The average daily trading volume in the A-share market was approximately 2.85 trillion yuan, reflecting a 33.7% increase compared to the previous week [3] Sector Performance - The defense, military, media, non-ferrous metals, computer, and pharmaceutical sectors led the market with cumulative returns of 14.56%, 13.55%, 8.66%, 8.42%, and 7.7% respectively [3] - Conversely, the banking, transportation, oil and petrochemicals, agriculture, forestry, animal husbandry, and telecommunications sectors showed weaker performance, with cumulative returns of -1.88%, -0.03%, 0.17%, 0.99%, and 1.61% respectively [3] ETF Fund Flows - Over the last five trading days (December 31, 2025, to January 8, 2026), there was a cumulative net outflow of approximately 14.48 billion yuan from ETFs, with broad-based ETFs experiencing overall net outflows [3] - However, products related to the CSI 500 saw significant net inflows, indicating a divergence in industry-specific ETF subscriptions and redemptions [3] Future Outlook - Short-term opportunities may arise for consensus stocks that have adjusted, while long-term focus should be on sectors with lower heat and concentration but increasing attention and catalysts, along with potential improvements in long-term ROE [8] Industry Insights - In the rare metals sector, demand for copper is expected to grow due to monetary easing and accelerated AI and power grid infrastructure [9] - The domestic AI industry and semiconductor localization remain strong, with expectations for a new wave of high-end AI computing chip releases by 2026 [10] - The commercial aerospace sector in China is advancing, with improvements in reusable rocket technology and potential IPOs for core companies [11] - Chinese engineering machinery companies are increasing their overseas market share, with over 40% of revenue from international markets expected by 2024 [12]

重点关注 嘉美包装公告称，公司股票将于2026年1月12日开市起复牌。自2025年12月17日至2026年1月6日期间股 价涨幅为230.48%。 国晟科技公告称，公司股票将于2026年1月12日开市起复牌。2025年10月31日至2026年1月6日期间股价 累计涨幅高达370.20%。 天普股份公告称，公司股票将于2026年1月12日开市起复牌。自2025年8月22日至2025年12月30日，公司 股票累计上涨718.39%。 宏观·要闻 商务部重要会议：2026年优化消费品以旧换新政策实施 1月10日至11日，全国商务工作会议在京召开。会议指出，2026年全国商务系统要自觉把思想和行动统 一到党中央决策部署上来，学习好、运用好中央经济工作会议关于"五个必须"的规律性认识，重点做好 八个方面工作：一是深入实施提振消费专项行动，打造"购在中国"品牌。二是健全现代市场和流通体 系，推进全国统一大市场建设。三是推动贸易创新发展，打响"出口中国"品牌。四是塑造吸引外资新优 势，擦亮"投资中国"品牌。五是对接国际高标准经贸规则，更大力度推进开放高地建设。六是有效实施 对外投资管理，引导产供链合理有序跨境布局。七是深化 ...

摘要 ： 2026年科学仪器行业风向标揭示：跨国企业深化本土化与高端产线转产，国内企业则依靠技术突 破和资本助力快速成长，国资与新品牌积极入局。行业在国产替代与激烈竞争中，正向高端化、智能化加 速发展。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的 推送。 2025年底海关总署一波大标陆续揭晓，据仪器信息网不完全统计，总的中标金额2.8亿，直接拉 高了一些仪器厂商的业绩完成率。 从中标企业看，进口和国产百花齐放，可以说是一个进口和国产仪器的大型竞技场，多少也反映出 当前中国科学仪器行业的竞争态势。一方面，采购本国产品的政策已经开始落地了，另外一方面， 在30天交货期的条件下，外企的本土化进展也得到了验证，而一批品牌力和产品力都优秀的国产 企业，也成功进入守护国门的海关实验室。 2026年，"十五五"迎来开局之年，国家要求完善新型举国体制，采取超常规措施，全链条推动集 成电路、工业母机、高端仪器、基础软件、先进材料、生物制造等重点领域关键核心技术攻关取得 决定性突破，科学仪器作为高度国家政策导向的行业，蕴藏着巨大的市场机会。 而科学仪器行业玩家不 ...

周叔今天就带大家扒一扒，美国到底能不能在稀土这场硬仗里翻盘。 稀土这玩意儿，听起来冷门，实则关乎芯片、导弹、电动车甚至战斗机的命脉。 中美"休战"才俩月，白宫又开始放狠话——说要"很快"打破中国稀土垄断。 可现实真有特朗普想的那么乐观？ 稀土不是矿多就行，关键是"炼" 很多人以为中国靠稀土储量能卡世界脖子，其实并非如此。 全球稀土资源分布相当广泛——澳大利亚、美国、巴西、越南都有不少矿。 真正让中国立于不败之地的，是那套从矿石到磁体的完整精炼体系。 全球92%的稀土分离产能在中国，轻稀土还好说，重稀土如镝、铽几乎100%依赖中国供应。 截至2025年底，美国从中国进口的稀土中，重稀土占比仍高达100%，轻稀土也超60%。 即便MP Materials去年底宣布"首批产品下线"，但业内都知道，那只是实验室级别的小批量试产。 其开采的精矿还得运到中国加工，再买回成品——等于绕了个圈，还是离不开咱们。 更关键的是，中国商务部去年10月恢复对美民用稀土出口，但军工用途依然严控。 这意味着，美国要是想造点"高级货"？没中国的重稀土，寸步难行。 美国猛砸钱，但见效至少十年 特朗普政府确实没闲着。 过去一年，美国动作频频： ...

Group 1 - The core viewpoint is that Bloom Energy has secured a $2.65 billion fuel cell cooperation agreement with American Electric Power (AEP), reflecting the ongoing power shortage in North America and the industry's sustained prosperity [1] - The company Weichai Power is positioned as a key player in the SOFC technology landscape, benefiting from the trend of domestic substitution and technological layout, with significant growth potential in the global market [1] - SOFC is expected to remain one of the most efficient power generation solutions in the next 1-3 years, filling the electricity gap as a scarce resource [1] Group 2 - The heavy truck industry has shown a strong performance with sales reaching 314,000 units in Q4, a year-on-year increase of 43.6% and a quarter-on-quarter increase of 11.5%, indicating continued robust growth [2] - The company's heavy truck business is expected to maintain high growth, supported by the ongoing increase in the new energy battery business and the anticipated improvement in profitability by 2026 [2] - Revenue forecasts for the company are projected at 231.67 billion, 252.24 billion, and 272.28 billion yuan for 2025-2027, with net profits of 12.49 billion, 14.04 billion, and 16.07 billion yuan respectively, maintaining a "recommended" rating [2]

Core Viewpoint - The article discusses the industrial gas sector, focusing on the classification, applications, and market dynamics of bulk gases and specialty gases, particularly in the semiconductor industry, highlighting the increasing demand for high-purity electronic gases and the challenges faced by domestic companies in achieving technological advancements and market competitiveness [7][10][39]. Group 1: Industrial Gas Classification - Industrial gases are categorized into bulk gases and specialty gases based on purity and usage. Bulk gases are used in large quantities with purity levels less than or equal to 99.99% (4N), while specialty gases are used in specific applications requiring higher purity [7][9]. - Bulk gases include air separation gases (oxygen, nitrogen, hydrogen) and synthetic gases (acetylene, carbon dioxide), which are essential in various industries such as metallurgy, chemical, and food processing [9][10]. Group 2: Applications of Specialty Gases - Specialty gases are critical in semiconductor manufacturing, particularly in processes like chemical vapor deposition (CVD), etching, and cleaning, where high purity and stability are paramount [12][16]. - The semiconductor industry accounts for 71% of the global demand for electronic specialty gases, with domestic demand in China at 42%, indicating a significant growth opportunity as the industry evolves [40][41]. Group 3: Market Dynamics and Challenges - The electronic specialty gas market is characterized by high entry barriers due to technological, certification, and qualification requirements, making it a capital-intensive and technically demanding industry [20][34]. - Domestic companies are actively pursuing research and development to achieve technological breakthroughs and reduce reliance on foreign suppliers, as many electronic specialty gases are still imported [23][39]. Group 4: Purity and Quality Requirements - The purity of specialty gases is a critical parameter, with requirements often reaching 5N to 6N (99.999% to 99.9999%), which significantly impacts the yield and performance of semiconductor products [25][32]. - The production process for high-purity gases involves complex techniques such as distillation and adsorption, which require advanced technology and expertise [27][29]. Group 5: Customer Relationships and Certification - The certification process for electronic specialty gases is lengthy, with strong customer loyalty due to the critical nature of these gases in production processes, leading to high switching costs for suppliers [30][33]. - Companies must navigate strict regulatory requirements and obtain various certifications to operate in the industrial gas sector, which adds to the complexity of market entry [35][36].

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI, epoxy resin, and conductive adhesives are identified as key growth areas, with significant market sizes and growth rates anticipated [8]. Investment Opportunities - The article outlines various advanced packaging materials and their respective market sizes, including: - PSPI: $528 million in 2023, expected to grow significantly [8]. - Conductive adhesives: projected to reach $3 billion by 2026 [8]. - Chip bonding materials: expected to grow from approximately $485 million in 2023 to $684 million by 2029 [8]. - The investment landscape is characterized by a shift towards domestic production, with numerous Chinese companies emerging as competitors to established foreign firms [7][8]. Industry Trends - The article emphasizes the trend of domestic substitution in advanced materials, particularly in sectors heavily reliant on imports from countries like Japan [7][8]. - It highlights the importance of innovation and collaboration among domestic companies to achieve breakthroughs in material science and technology [21]. Strategic Insights - Different investment stages in the new materials industry are discussed, with a focus on the varying levels of risk and investment strategies appropriate for each stage, from seed funding to pre-IPO [10]. - The article suggests that companies at the A-round stage, which have established sales channels and are experiencing rapid growth, present lower investment risks and higher potential returns [10].

以下文章来源于白鲸实验室 ，作者柳嘉 眼下国产芯片替代形成两种局面，中低端芯片行业陷入内卷，高端GPU芯片公司，虽未进入存量厮杀阶段，但长期来看依然面临相似问题。当"国产替 代"的情绪退潮，真正的商业与技术能力能否支撑下一个周期？ 白鲸实验室 . 记录AI改变世界的瞬间 来源丨白鲸实验室 作者丨柳嘉 编辑｜八尺 2025年末，国产GPU集体迈入资本狂欢时刻。 "国产GPU双雄""中一签 30 万""中国英伟达"，市值超过4400亿…… 借助 AI和国产替代加速的双重因素，国产芯片尤其是GPU厂商走入高光时刻。这一度 构成了一种主流叙事：中国似乎要跑出自己的英伟达。 实际上，这场狂欢 掩盖了大量零碎却很难以引人关注的事实。 比如芯片是垄断行业，国产替代的空间尽管很大，资本的追捧和市场的盲目乐观，导致行 业涌入过多，极易陷入内卷。 2019年，因为美国对中国芯片技术封锁，国产替代成为市场明确方向，资本疯狂涌入，试图捕捉国产替代的巨大市场。这导致芯片设计公司迅速增加，仅 2021年国内新成立的芯片设计公司就有近600家，达到历史之最。目前，芯片设计公司有近4000家。 关于芯片产品定义，几乎都是由海外成熟产品给出的 ...