基础化工 2026 年 03 月 05 日 行 业 研 究 基础化工 新材料周报：两大 PCB 电子材料巨头涨价，先进 封装材料"小巨人"冲 IPO 投资要点： 行 业 定 期 报 告 本周行情回顾。本周（2026.2.23-2026.2.27），Wind 新材料指数收报 6175.6 点，环比上涨 6.13%。其中，涨跌幅前五的有东材科技(25.99%)、国瓷材料 (23.42%)、东岳硅材(23.04%)、阿拉丁(17.47%)、润阳科技(13.19%)；涨跌幅后 五的有赛伍技术(-1.97%)、长鸿高科(-1.53%)、泛亚微透(-1.03%)、中环股份(0%)、 福斯特(0.33%)。六个子行业中，申万三级行业半导体材料指数收报 10371.22 点，环比上涨 7.31%；申万三级行业显示器件材料指数收报 1226.45 点，环比 上涨 5.43%；中信三级行业有机硅材料指数收报 7579.35 点，环比上涨 8.23%； 中信三级行业碳纤维指数收报 1582.47 点，环比上涨 1.62%；中信三级行业锂 电指数收报 3346.79 点，环比上涨 1.92%；Wind 概念可降解塑料指数收报 248 ...

Core Viewpoint - Xingfu Electronics (688545.SH) has achieved steady growth in its annual performance for 2025, driven by the increasing sales of its core products and the ongoing domestic semiconductor materials localization trend [1][2]. Financial Performance - In 2025, the company reported total revenue of 1.475 billion yuan, a year-on-year increase of 29.72% - Net profit attributable to shareholders reached 208 million yuan, up 30.37% year-on-year - The net profit after deducting non-recurring gains and losses was 198 million yuan, reflecting a 25.89% increase year-on-year - Basic earnings per share stood at 0.59 yuan, with both revenue and net profit showing double-digit growth [1]. Product and Market Development - The growth in performance is attributed to the steady increase in the production and sales of core products, successful development of new products and customers, and significant profit growth [1][2]. - The sales volume of general wet electronic chemicals reached 71,400 tons in the first half of 2025, representing a year-on-year increase of 53.35%, with sales revenue of 454 million yuan, up 38.84% year-on-year [2]. - The sales volume of functional wet electronic chemicals was 4,100 tons, showing an 18.43% increase year-on-year, with sales revenue of 9.3 million yuan, a 10.95% increase year-on-year [2]. Strategic Initiatives - Xingfu Electronics plans to invest 480 million yuan to construct a 40,000 tons/year electronic-grade phosphoric acid project, enhancing its industrial layout in the semiconductor wet electronic chemicals sector [2]. - The company has developed a strong market competitiveness through independent research and technological innovation, holding a total of 151 authorized intellectual property rights, including 148 patents [3].

Core Viewpoint - The company Zhongjuxin has established a stable supply of its products to multiple domestic and international integrated circuit manufacturing enterprises, gaining recognition from mainstream customers for its product quality and consistent supply capability [2] Group 1: Product Development and Innovation - The company has continuously innovated its technology in response to market demands for electronic chemical materials, leading to a gradual combination, series, and high-end development of its products [2] - Electronic-grade hydrofluoric acid has been recognized by the Zhejiang Provincial Economic and Information Technology Department as having "internationally advanced technical levels and breaking international monopolies" [2] Group 2: Product Recognition and Market Position - Six products, including electronic-grade sulfuric acid, electronic-grade nitric acid, electronic-grade ammonia water, slow-release oxide etching liquid, high-purity chlorine gas, and high-purity hydrogen chloride gas, have been recognized as having "domestically leading technical levels, breaking international monopolies, achieving key area substitution, and being applied by well-known users" [2]

基础化工 2026 年 02 月 02 日 行 业 研 究 基础化工 新材料周报：塞拉尼斯宣布聚酰胺产品涨价，普 利特增长 155.76~194.73% 投资要点： 行 业 定 期 报 告 本周行情回顾。本周，Wind 新材料指数收报 5710.34 点，环比下跌 5.29%。 其中，涨幅前五的有斯迪克(60.03%)、博迁新材(20.82%)、三祥新材(8.96%)、 飞凯材料(6.16%)、东材科技(6.01%)；跌幅前五的有江化微(-19.01%)、奥克股 份(-13.03%)、国瓷材料(-12.68%)、双星新材(-12.14%)、东岳硅材(-11.76%)。六 个子行业中，申万三级行业半导体材料指数收报 9686.24 点，环比下跌 4.78%； 申万三级行业显示器件材料指数收报 1183.74 点，环比下跌 4.18%；中信三级 行业有机硅材料指数收报 7091.66 点，环比下跌 6.74%；中信三级行业碳纤维 指数收报 1597.42 点，环比下跌 9.39%；中信三级行业锂电指数收报 3144.09 点，环比下跌 8.79%；Wind 概念可降解塑料指数收报 2391.01 点，环比下跌 1 ...

江苏至昕新材料有限公司成立于2020年12月，总部扎根于江苏省张家港市，是一家专注于高端有机硅材 料自主研发与产业化应用的新材料企业。公司立足于聚合物合成技术平台，构建了从有机硅树脂、硅 油、硅烷等关键聚合物原料到终端配方产品的完整技术链条，实现了全产业链的自主可控。凭借在分子 结构设计、精细化生产和全流程质量管控方面的深厚积累，至昕新材料已成功为功率半导体IGBT及消 费电子领域提供批量供应，产品性能与稳定性获得头部客户认可。未来，公司将持续拓展技术边界，向 新能源汽车、医疗健康等高成长赛道延伸，致力于打破国外技术垄断，为中国高端制造业提供高性价比 的创新材料解决方案。 《商道创投网》2026年1月28日从官方获悉：江苏至昕新材料有限公司近日完成了由冯源资本领投、国 泰君安创新投跟投的数千万元A+轮融资。 《商道创投网》创业家会员·单位简介： 《商道创投网》创业家会员·本轮融资用途是什么？ 至昕新材料创始人表示：非常感谢冯源资本和国泰君安创新投对至昕的战略认可与资本支持。本轮融资 资金将首要用于公司第二生产基地的建设投产，新增年产1万吨高端有机硅材料产能，以缓解当前供不 应求的市场压力，提升交付能力。同时， ...

Group 1 - The core point of the article is that Jianghuai Microelectronics (江化微) experienced a limit-up on January 23, 2026, reaching a price of 31.36 yuan, with a 10% increase and a total market capitalization of 12.094 billion yuan [1][2]. Group 2 - The reasons for Jianghuai Microelectronics' limit-up include the entry of Shanghai State-owned Assets Supervision and Administration Commission as the new controlling shareholder, which is expected to provide stronger resource support and credit backing for the company [2]. - The company is advancing a project for 37,000 tons of ultra-pure wet electronic chemicals, aligning with the trend of domestic semiconductor material production [2]. - The new controlling shareholder has committed not to transfer shares for five years, indicating a long-term holding intention [2]. - The electronic chemicals sector, where the company operates, is gaining market attention, with promising industry development prospects [2]. - The company's products, including ultra-pure reagents and photoresist supporting agents, are applicable in popular fields such as semiconductors, flat panel displays, and new energy, which are expected to drive demand and business growth [2]. - On January 23, 2026, the company appointed several new executives, including independent and non-independent directors, which may bring new development ideas and strategies, enhancing market expectations [2]. - Despite net selling by institutions and foreign capital on January 21, 2026, the overall trading volume was significant, reflecting market interest in the stock [2]. - The market's changing expectations regarding the company's future development, in the context of business expansion and governance structure adjustments, may lead to an increase in stock price [2].

Core Insights - The global semiconductor materials market is experiencing a strong recovery, with a market size of $66.7 billion in 2023 and expected to exceed $73 billion by 2025, driven by demand from AI and wafer fab expansions [1] - China is becoming a key growth engine in the semiconductor materials market, with a sales figure of $13.1 billion in 2023, marking a year-on-year growth of 3.8% and increasing its global market share to 20% [1] Market Structure - Semiconductor materials are divided into wafer manufacturing materials and packaging materials, with wafer manufacturing materials dominating the market at 62.2% share ($41.5 billion) in 2023 [2] - Silicon wafers hold the largest share in wafer manufacturing materials at 33%, followed by electronic specialty gases (14%) and photomasks (13%) [2] - The market is highly concentrated, with major players in silicon wafers and photolithography materials predominantly from Japan and the U.S. [2] Core Material Breakthroughs - Domestic companies are making significant progress in wafer manufacturing materials, with local firms achieving breakthroughs in 12-inch silicon wafers and photolithography materials [3][4] - The domestic market for electronic specialty gases is also advancing, with companies like Huate Gas entering the TSMC supply chain [4] Packaging Materials - The global packaging materials market saw a decline of 10.1% to $25.2 billion in 2023, but advanced packaging is driving growth, with a projected increase of 19.62% [5] - Domestic companies are rapidly iterating technology in advanced packaging materials, with significant market shares in lead frames and packaging substrates [5] Import Dependency and Policy Support - China still faces significant import dependency in key categories like photolithography materials and electronic specialty gases, with over 90% reliance on imports for high-end materials below 14nm [6][8] - The government is focusing on critical areas through initiatives like the National Big Fund, aiming for 70% self-sufficiency in core materials by 2030 [6][8] Challenges and Future Outlook - Despite notable advancements, the industry faces challenges such as reliance on foreign technology for EUV-grade silicon wafers and high-end photolithography materials [7] - The advanced packaging materials market is expected to reach $39.3 billion by 2025, indicating a significant growth opportunity for domestic companies [7]

以下文章来源于硬氪 ，作者欧雪 硬氪 . 专注全球化、硬科技报道。36kr旗下官方账号。 率先在多项半导体核心工艺中实现 高端胶膜自主突破与批量应用的国内厂商。 文 ｜ 欧雪 编辑 ｜ 袁斯来 来源｜ 硬氪（ID: south_36kr ） 封面来源 ｜ 企业供图 硬氪获悉，中国半导体材料企业 ——北京序轮科技有限公司（简称"序轮科技"）于近日完成总额超亿元的 A3 、 A4 轮战略融资。我们总结了最新两轮 的融资信息和该公司几大亮点： 融资金额及领投机构 融资金额： 超亿元 融资轮次： A3 、 A4 轮 产品应用： 产品已全面覆盖晶圆减薄、切割、芯片贴装与堆叠、 2.5D/3D 封装等关键工艺，广泛应用于射频、算力、存储芯片等高端制造领域。 工艺的刻度：精密切割与张力控制（ 图源/ 企业 ） 市场体量 投资机构： 由北方华创旗下产业基金诺华资本、 北京电控产投基金与前海方舟基金 投资 融资用途： 资金将重点投入于产线与配套体系的升级，以把握市场规模化上量的关键机遇；同时，也将在研发创新与人才建设上持续加码，为长期竞争 力提供坚实支撑。 公司基本信息 成立时间： 2022 年 5 月（其前身团队于 2016 ...

Core Viewpoint - Beijing Xulun Technology Co., Ltd. has completed a new round of strategic financing exceeding 100 million yuan, aimed at expanding production capacity and enhancing R&D in semiconductor packaging materials [1][3]. Group 1: Financing and Investment - The A4 round of financing was led by Northern Huachuang's strategic investment fund, while the A3 round was co-led by Beijing Electric Control Investment Fund and Qianhai Ark Fund [1]. - The funds will be used for the second phase of expansion for UV Tape/DAF product lines and to strengthen R&D in semiconductor packaging materials [3]. Group 2: Strategic Partnerships - Northern Huachuang's involvement will provide strong support for process equipment collaboration and process validation for Xulun Technology [3]. - Beijing Electric Control, as a major stakeholder in BOE and Yandong Microelectronics, will open its industrial ecosystem to Xulun Technology, accelerating product validation and integration in core processing scenarios [3]. Group 3: Technical Expertise and Infrastructure - The core technical team of Xulun Technology consists of members from top domestic and international universities and research institutions, specializing in materials science and chemical engineering [5]. - The company has established a 5,000 square meter R&D center in Beijing and a professional coating pilot base in Hebei, along with precision coating manufacturing lines in Jiangsu [5]. Group 4: Product Offerings and Market Position - Xulun Technology's products cover critical processes such as wafer thinning, cutting, chip mounting, and packaging, widely used in high-end manufacturing fields like RF chips and HBM [5][6]. - The company has provided mass production support to numerous leading domestic semiconductor firms, becoming a key player in the localization of semiconductor materials [6].

Core Viewpoint - Dinglong Co., Ltd. has achieved self-sufficiency in the core raw materials for CMP polishing pads and has the capability to produce its own grinding particles, significantly enhancing supply chain stability [1] Group 1: Supply Chain and Production Capabilities - The company has fully realized the self-preparation of core raw materials for CMP polishing pads [1] - Dinglong Co., Ltd. possesses the ability to produce its own grinding particles, which strengthens its supply chain stability [1] Group 2: Market Relationships and Orders - The advantages of self-sufficiency and localized rapid response service have solidified deep cooperation with major domestic wafer manufacturers, resulting in good order renewal situations [1] - The company is actively promoting engagement with both domestic and overseas customers, leveraging supply chain security and product competitiveness to accelerate its international layout process [1]