Core Viewpoint - The semiconductor manufacturing sector, particularly the lithography machine segment, is experiencing significant market interest and investment, especially in the context of rising domestic production capabilities and geopolitical factors affecting supply chains [2][3][10]. Industry Overview - The lithography machine market is crucial for semiconductor processing, with various generations of machines including g-line, i-line, KrF, ArF, and EUV, where EUV represents a key development direction globally [8][10]. - ASML dominates the global lithography machine market, holding over 80% market share, while Japanese competitors Nikon and Canon have much smaller shares [9][10]. Market Performance - The A-share market has seen a surge in lithography machine-related stocks, with Zhangjiang Hi-Tech (600895.SH) hitting a historical high and other companies like Jiangfeng Electronics (300666.SZ) and United Chemical (301209.SZ) also experiencing significant gains [3][5]. - The Wind lithography machine index has increased nearly 130% over the past year, with a notable peak on September 24 [3]. Domestic Developments - Shanghai Micro Electronics (SMEE) is the leading domestic lithography machine manufacturer, accounting for over 80% of the domestic market share and having developed machines capable of producing chips at 90nm and below [10][11]. - Domestic lithography machine production is still limited, with a current localization rate of only 2.5% [10]. Investment and R&D - Companies like Jiangfeng Electronics are developing key materials and components for lithography processes, with products entering mass production [5][6]. - The domestic lithography machine industry is expected to grow, driven by geopolitical factors and the need for self-sufficiency in semiconductor manufacturing [13][14]. Challenges and Opportunities - The industry faces significant technical challenges and supply chain issues, necessitating collaboration across the supply chain to achieve breakthroughs [13][14]. - The development of high-end lithography machines remains a critical goal, with ongoing research and development efforts in various related technologies [15][16].

Core Viewpoint - The semiconductor manufacturing sector, particularly the photolithography machine segment, is experiencing significant growth, with domestic companies gaining unprecedented attention in the secondary market [3][5]. Industry Overview - The photolithography machine is crucial for semiconductor processing, determining the smallest line widths through exposure and photoresist application [7]. - The global market is dominated by ASML, which holds over 80% market share, particularly in the high-end EUV segment [7][8]. - Domestic photolithography machine manufacturers, led by Shanghai Micro Electronics (SMEE), have a low localization rate of only 2.5%, indicating a significant gap compared to international leaders [9]. Market Performance - The photolithography concept stocks have seen substantial price increases, with Zhangjiang Hi-Tech (600895.SH) hitting a historical high and other related stocks like Jiangfeng Electronics (300666.SZ) rising over 17% [3]. - The Wind photolithography index has increased nearly 130% over the past year, with a peak reached on September 24 [3]. Company Developments - Zhangjiang Hi-Tech has invested 22.345 million yuan in Shanghai Micro Electronics, acquiring a 10.779% stake [5]. - Jiangfeng Electronics is developing key materials for photolithography processes and has entered mass production for core cooling components for machines targeting nodes below 28nm [5]. Technological Landscape - The domestic photolithography industry is advancing, but still faces challenges in high-end technology, primarily reliant on imports from countries like the Netherlands and Japan [5][11]. - The industry consists of upstream equipment and materials, midstream system integration and production, and downstream applications [11]. Future Outlook - There is a growing expectation for breakthroughs in the domestic photolithography machine industry due to geopolitical factors limiting access to ASML's EUV machines [10]. - The development of the photolithography machine sector requires collaboration among key companies, research institutions, and government support to achieve supply chain autonomy [12][16].

近期，作为半导体制造最核心环节的光刻机赛道走热，国产产业链相关标的在二级市场热度空前，A股光刻机产业链标的波动，高度吸引着市 场的目光。 9月24日，21世纪经济报道记者在上海国家会展中心举办的第二十五届中国国际工业博览会上看到，上海微电子（SMEE）展台上首次公开亮相 极紫外（EUV）投影微场曝光装置，及其部分技术内容的对外披露。 行业脉动直接传导至二级市场，叠加近期半导体行业涨价预期不断催化的影响，光刻机概念涨势如虹。 9 月 24 日 ， 光 刻 机 概 念 龙 头 张 江 高 科 （ 600895.SH ） 涨 停 ， 股 价 再 创 历 史 新 高 ； 同 期 ， 江 丰 电 子 （ 300666.SZ ） 涨 超 17% ， 联 合 化 学 (301209.SZ)、先锋精科(688605.SH)、洪田股份(603800.SH)、富创精密(688409.SH)涨超5%。时间线拉长，截至9月26日， Wind光刻机指数 近一年涨幅近130% ，其中9月24日创下阶段新高。 记者丨彭新 编辑丨朱益民 刘雪莹 | ４７７０.４４ 昨收 4947.24 成交额 360.84亿 -176.79 -3.57% ...

Core Viewpoint - The semiconductor manufacturing sector, particularly the lithography machine segment, is experiencing significant market interest and activity, especially with domestic companies gaining traction in the A-share market [1][2]. Industry Dynamics - The recent surge in the semiconductor industry has led to rising expectations for price increases, driving the performance of lithography machine stocks [2]. - Major players in the lithography machine concept, such as Zhangjiang Hi-Tech (600895.SH), have seen substantial stock price increases, with Zhangjiang Hi-Tech hitting a historical high [2]. - The domestic lithography machine market is largely dependent on imports from countries like the Netherlands and Japan, indicating a significant opportunity for local manufacturers [2][4]. Company Developments - Shanghai Micro Electronics (SMEE) has showcased its extreme ultraviolet (EUV) lithography machine at the China International Industry Fair, marking a significant step in domestic technology disclosure [1]. - Zhangjiang Hi-Tech has invested approximately 22.345 million yuan in Shanghai Micro Electronics, holding a 10.779% stake [2]. - Jiangfeng Electronics (300666.SZ) is providing critical materials for lithography processes and has entered mass production for core cooling components used in lithography machines [2]. Market Structure - The global lithography machine market is dominated by ASML, which holds over 80% market share, particularly in the high-end EUV segment [5][6]. - Domestic lithography machine manufacturers, led by Shanghai Micro Electronics, currently have a low domestic market penetration rate of 2.5% [7]. - Shanghai Micro Electronics is the only domestic supplier with over 80% market share in China, focusing on ArF, KrF, and i-line technologies [7]. Technological Challenges - The lithography machine industry is characterized by high barriers to entry and significant capital requirements, necessitating a coordinated effort from the state and key industry players to achieve self-sufficiency in the supply chain [13]. - Despite advancements, domestic manufacturers face challenges in technology and supply chain issues, particularly in high-end lithography machine technology [9]. Future Outlook - There is a growing expectation for breakthroughs in the domestic lithography machine industry, driven by geopolitical factors limiting access to ASML's EUV machines [8]. - The industry is seeing increased collaboration among domestic companies and research institutions to foster technological innovation and development [12].

Group 1 - The A-share market experienced an upward trend on September 24, with the semiconductor equipment sector leading the gains. The Kexin Semiconductor Equipment ETF (588710) rose by 9.81%, ranking among the top five in market gains, with a trading volume exceeding 257 million yuan. Key stocks such as Shenkong Co., Ltd. hit the daily limit, while Shengmei Shanghai, Huahai Qingke, and Anji Technology also saw significant increases [1] - The Kexin Semiconductor Equipment ETF (588710) tracks the Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index, which selects listed companies involved in semiconductor materials and equipment to reflect the overall performance of these securities [1] - A significant breakthrough in the domestic production of photolithography machines was reported against the backdrop of profound changes in the global semiconductor industry. At the 25th China International Industry Fair held on September 23, Shanghai Micro Electronics Equipment (SMEE) showcased the parameters of its extreme ultraviolet (EUV) lithography machine for the first time [1] Group 2 - Huaxin Securities indicated that with national policy support, domestic companies are accelerating research and development breakthroughs in photolithography machine manufacturing technology. Notably, Shanghai Micro Electronics' self-developed 600 series lithography machine has achieved mass production at the 90nm process node and is currently developing a 28nm immersion lithography machine [2] - The recent collaboration testing between Yuliangsheng and SMIC is seen as an important signal for breakthroughs in domestic photolithography machines. The advancement in lithography technology is expected to drive upgrades in upstream materials and precision machinery, accelerating the domestic production of critical materials such as photoresists and optical components, forming an industrial upgrade pattern characterized by "leading companies driving multiple breakthroughs" [2]

Core Insights - The domestic semiconductor industry in China is experiencing significant breakthroughs in lithography machine localization, highlighted by the recent China International Industrial Expo where key products were showcased [1][3] - The domestic lithography machine industry is entering a year of explosive growth, with advancements in production capabilities and technology [3][4] Industry Developments - Shanghai Micro Electronics and Chip-on-Micro showcased major products, indicating a "0-1" breakthrough in the industry, with advanced packaging machines entering mass production and domestic EUV machines in the principle machine construction phase [3] - The domestic lithography machine has made significant progress in the 90nm and below process nodes, with Shanghai Micro Electronics achieving mass production of its 600 series lithography machine [3][4] - Collaborations, such as between Yuliangsheng and SMIC, signal important advancements in domestic lithography machine testing [3] Market Performance - The stock of Zhangjiang Hi-Tech (600895) hit a historical high, reflecting positive market sentiment towards lithography machine concepts [4] - The A-share market has over 40 stocks related to lithography machines, with institutions showing strong interest in companies like Chip-on-Micro, Jiangfeng Electronics, and others [6][7] Financial Projections - Analysts predict significant net profit growth for several companies in the lithography machine sector, with expectations of over 30% growth for firms like Fuchuang Precision and Tongfei Shares in 2026 and 2027 [6] - Companies such as Chip-on-Micro and Jiangfeng Electronics are also expected to see net profit growth exceeding 20% in the same period [6] Investment Trends - Leveraged funds have shown strong interest in stocks like Tengjing Technology and Chip-on-Micro, with net purchases exceeding 100 million yuan since September [7][8] - The demand for domestic lithography machines remains high, but the localization rate is still low, indicating potential for future growth [5]

Core Viewpoint - The domestic photolithography machine localization process in China is accelerating, with significant breakthroughs showcased at the 25th China International Industry Fair, including the debut of EUV lithography machine parameters by Shanghai Micro Electronics [2][4]. Industry Developments - Shanghai Micro Electronics and Chip-on-Micro showcased major products, indicating a "0-1" breakthrough in the industry, with advanced packaging machines entering mass production and domestic EUV machines in the principle machine construction phase [4]. - Domestic photolithography machines have made significant progress in 90nm and below process nodes, with Shanghai Micro Electronics' 600 series achieving mass production at 90nm and ongoing development of 28nm immersion lithography machines [4]. - The breakthrough in photolithography technology is expected to drive upgrades in upstream materials and precision machinery, accelerating the localization of critical materials like photoresists and optical components [4]. Market Performance - The photolithography concept stocks have surged, with Zhangjiang Hi-Tech (600895) hitting a historical high [2][5][6]. - Companies like Chip-on-Micro and Jiangfeng Electronics are projected to see net profit growth rates exceeding 20% in 2026 and 2027, while others like Fuchuang Precision and Tongfei Co. are expected to exceed 30% [7][10]. Investment Trends - Over 40 photolithography concept stocks are present in the A-share market, with significant institutional interest in companies like Chip-on-Micro, Jiangfeng Electronics, and Fuchuang Precision [7]. - Leveraged funds have shown strong interest in stocks such as Tengjing Technology and Chip-on-Micro, with net purchases exceeding 100 million yuan since September [8].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the photolithography machine industry, a critical segment of the semiconductor manufacturing sector, which accounts for approximately 20% of the total semiconductor equipment market [1][2]. Core Insights and Arguments - **Importance of Photolithography Machines**: Photolithography machines are essential in wafer manufacturing, responsible for projecting patterns onto the wafer surface. This process includes exposure, development, and cleaning, making photolithography a core technology in semiconductor fabrication [2]. - **EUV Technology**: The most advanced light source technology is Extreme Ultraviolet (EUV) with a wavelength of 13.5 nm, significantly improving resolution compared to traditional 193 nm ArF laser technology. This advancement enables more precise chip manufacturing processes [5]. - **Numerical Aperture (NA)**: NA is a key indicator affecting the resolution of photolithography machines. Increasing NA through the use of water as a medium in immersion lithography enhances light collection capabilities, thus improving overall performance [6][9]. - **ASML's Market Leadership**: ASML has surpassed Japanese companies to become the global leader in photolithography machines, holding over 60% market share, particularly dominating the EUV segment. This success is attributed to strategic partnerships and continuous technological innovation [17]. - **Challenges for Domestic Photolithography Machines**: Domestic photolithography machines in China have made progress but are primarily focused on low-end products. Future development hinges on overcoming supply chain bottlenecks and gradually moving from low-end to high-end products [19][21]. Additional Important Content - **Historical Context of the Semiconductor Industry**: Japan's semiconductor industry was once dominant due to government support and strategic market positioning during the PC era, achieving over 60% market share in memory products. However, ASML's innovations have led to a shift in market leadership [3][18]. - **Investment Opportunities**: Investors are encouraged to focus on the photolithography machine sector within the semiconductor equipment market, particularly monitoring advancements in DUV and EUV technologies, as breakthroughs in these areas could significantly expand market potential and profitability [22][23]. - **Optical System Design**: The design of photolithography machine lenses involves complex multi-lens combinations to achieve optimal light path propagation, with the optical system accounting for 30-40% of the total equipment value [14][15][8]. This summary encapsulates the critical aspects of the conference call, highlighting the significance of photolithography machines in the semiconductor industry, the technological advancements shaping the market, and the investment landscape surrounding this sector.

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Photolithography Equipment - **Key Drivers**: Continuous advancement in domestic photolithography technology in China, with the introduction of new laser-induced discharge plasma (LDP) core technology for EUV lithography machines expected to enter trial production in Q3 2025 [2][2][2]. Core Insights and Arguments - **Domestic Production**: The majority of current domestic production is focused on 700nm i-line lithography machines, with recent shipments of 500nm i-line machines to major fabs for mass production validation [2][2][2]. - **Market Size**: The global photolithography equipment market is projected to reach $29.57 billion in 2024, with a year-on-year growth of 9.0%. Mordor Intelligence forecasts the market will grow to $37.81 billion by 2029, with a compound annual growth rate (CAGR) of 5.0% from 2024 to 2034 [2][2][2]. - **Core Components**: The photolithography machine's core components include the light source system, optical system, and wafer stage system, which are critical for the exposure process [3][3][3]. Key Companies Mentioned - **Core Companies**: - **波长光电 (Wavelength Optics)**: Supplies optical components for advanced lithography equipment, with a single unit value of 6-8 million yuan [4][4][4]. - **福晶科技 (Fujing Technology)**: Provides high-precision optical lenses and systems for high-end equipment [4][4][4]. - **上海微电子 (Shanghai Microelectronics)**: Holds over 40% of the global market share for packaging lithography machines and over 90% in the domestic market [4][4][4]. - **茂莱光学 (Maolai Optics)**, **腾景科技 (Tengjing Technology)**, **永新光学 (Yongxin Optics)**, and others are involved in the optical components supply chain [4][4][4]. Additional Important Information - **Emerging Technologies**: The introduction of AI technologies and their integration into various sectors, including the announcement of GPT-5 and advancements in AI servers by Huawei, which could impact the semiconductor and AI industries significantly [7][7][7]. - **Market Trends**: The increasing demand for AI applications and the development of AI agents across various industries, with companies like 京东 (JD.com) launching new AI products [7][7][7]. - **Government Initiatives**: The Chinese government is pushing for free preschool education, which could influence the education sector and related companies [12][12][12]. Conclusion The conference call highlighted significant advancements in the photolithography equipment industry, driven by domestic production capabilities and technological innovations. The projected growth in the market and the involvement of key companies indicate a robust future for the industry. Additionally, the integration of AI technologies and government initiatives in education may present new opportunities and challenges across various sectors.

Investment Rating - The report maintains a "Positive" investment rating for the semiconductor and semiconductor production equipment industry [11]. Core Insights - The lithography machine is considered the crown jewel of the semiconductor industry, characterized by its complex components designed to achieve ultra-fine precision. The development of lithography machines has evolved through three major eras, with significant breakthroughs in key technologies leading to the dominance of companies like Nikon and ASML over their competitors. The report suggests that China's lithography machine industry can leverage its latecomer advantage to focus on overcoming core challenges and ultimately achieve self-sufficiency [4][10]. Summary by Sections Lithography Technology - Lithography is a critical process in semiconductor manufacturing, utilizing light-sensitive photoresist to transfer patterns from masks to wafers. The resolution of lithography machines is influenced by the wavelength of the light source, numerical aperture (NA), and process factor (k1). The evolution of lithography technology has seen a transition from mercury lamps to KrF, ArF, and currently to EUV light sources [7][22][28]. Key Components of Lithography Machines - The lithography machine consists of three core components: 1. **Light Source System**: Provides the energy for exposure, with the most advanced sources using CO2 lasers to generate EUV light [8]. 2. **Optical System**: Optimizes the light path and minimizes aberrations, with EUV systems relying entirely on mirrors due to the poor penetration of EUV light [8]. 3. **Wafer Stage System**: Controls the movement of the wafer and mask, crucial for the exposure process [8]. Historical Overview of Lithography Leaders - The lithography machine industry has experienced shifts in leadership across three eras, beginning with early American companies like GCA and Perkin Elmer, followed by Japanese firms Nikon and Canon, and currently dominated by ASML through technological advancements such as dual-stage and immersion lithography, as well as EUV technology [9][10]. Prospects for Domestic Lithography in China - China's lithography machine industry has made significant progress since the implementation of the "02 Special Project" in 2006, with domestic manufacturers like Shanghai Micro Electronics achieving advancements in the mid-to-low-end market. However, challenges remain in the high-end lithography machine sector [10].