中银证券表示，AI等领域快速发展带动材料需求提升，关键材料自主可控重要性日益增强。预计2029 年全球半导体材料市场规模有望超过870亿美元，2024-2029年CAGR为4.5%。在CMP抛光材料、光刻 胶、前驱体、电子特气、先进封装材料等多种关键半导体材料方面，我国企业稳健布局产能与技术研 发，未来有望逐步实现规模增长与技术迭代，半导体材料国产化率有望持续提升。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 1月7日，A股三大指数冲高回落，上证指数微涨录得14连阳。板块上，光刻胶强势拉涨，佳先股份涨超 25%领涨，高盟新材、华融化学、南大光电、安达智能、芯源微、恒坤新材均20cm涨停，普利特斩获 三连板。 ...

2026年1月7日早盘，A股存储芯片板块开盘领涨，普冉股份20cm涨停，股价创历史新高，恒烁股份、聚 辰股份、江波龙、香农芯创、联芸科技等涨超10%。 海外动态方面，AMD在CES展会上发布了公司的MI455 GPU芯片，称基于该芯片的系统在性能指标上 实现了巨大飞跃。SK海力士在CES上首次展示了容量为48GB的16层HBM4，这是其新一代高带宽内存 （HBM）产品。该芯片是容量为36GB的12层HBM4的下一代产品，目前正根据客户的进度表进行同步 开发。此外，今年将主导市场的容量为36GB的12层HBM3E也同步在展会上亮相。 半导体设备ETF广发(560780)：紧密跟踪中证半导体材料设备主题指数，根据申万三级行业分类，指数 重仓半导设备超60%、半导体材料超20%，合计权重超80%。涵盖中微公司、北方华创、拓荆科技等设 备龙头公司。场外联接(A：020639；C：020640)。 此外，半导体材料国产化进程正在加速推进，尤其是在高性能计算和先进封装驱动下，对CMP抛光材 料、光刻胶、前驱体等关键材料的需求不断提升。中银证券指出，尽管中国半导体材料整体国产化率仍 较低——晶圆制造材料不足15%、封装材料 ...

Group 1 - The overall performance of publicly listed REITs in China showed a continuous decline in secondary market prices, with a weighted REITs index return of -2.74% for the week of December 15-19, 2025 [5] - In comparison to other major asset classes, the return rates ranked from high to low are convertible bonds, gold, US stocks, pure bonds, A-shares, crude oil, and REITs [5] - The insurance sector is seeing a significant increase in equity investments, with the stock asset proportion of five listed insurance companies reaching 9.3% by the end of H1 2025, the highest in nearly a decade [5] Group 2 - The draft of the "Insurance Company Asset-Liability Management Measures" aims to address issues of disconnection in asset-liability management and improve regulatory frameworks, enhancing the long-term operational resilience of the insurance industry [6] - The new measures will help insurance companies manage risks associated with asset-liability mismatches, especially in a long-term declining interest rate environment [6] Group 3 - The copper industry outlook remains positive, with a tight supply-demand balance and a slight recovery in cable manufacturing rates, supporting expectations for rising copper prices [7] - The semiconductor materials sector is expected to benefit from the expansion of advanced processes and the increasing demand for high-purity materials, driven by AI computing and data center construction [7] Group 4 - The energy and environmental sector is witnessing sustained investment opportunities in energy storage and hydrogen-ammonia projects, with significant projects like the Zhongnengjian Songyuan Hydrogen Energy Industrial Park officially commencing operations [8] - The domestic independent energy storage bidding is expected to maintain favorable levels seen in 2025, with rising demand anticipated from non-US countries [8]

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 没有它，就没有芯片。 而它的国产化，才刚刚开始。 半导体掩模版是技术要求最高的掩模版品类，同时也是最大的掩模版应用市场， IC制造生产占据掩模 版下游60%的份额 ，而 高端半导体掩模版主要被美国和日韩厂商垄断 ，因此其国产化突破对国产半导 体产业链具备重要战略意义。 2、全球掩模版市场空间广阔，增长动力强劲 半导体掩模版作为核心半导体材料之一，2021年占全球半导体材料市场的12%，仅次于硅片和电子特 气。 根据SEMI、CEMIA数据， 全球半导体掩模版市场规模有望在2025年达到60.79亿美元，同比增长7% 。 中国大陆半导体掩模版市场规模快速增长，从2017年的9.12亿美元增至 2022年的15.56亿美元 ，2017- 2022年复合增速达到11.3%。随着中国大陆在先进制程领域不断突破，掩模版市场规模有望进一步扩 大，为国产厂商带来巨大机遇。 3、 空白掩模版是半导体掩模版的核心部件 。 空白掩模版和光掩模版可以类比为拍照前后的胶片。 空白掩模版的基本结构是在玻璃面板上镀一层光 学薄膜 ，材料包 ...

Core Viewpoint - The company, Aisen Co., is actively addressing market competition in the semiconductor materials sector, which includes products like electroplating solutions and photoresists, by focusing on technological innovation, product optimization, market expansion, and deepening customer cooperation [1] Group 1 - The variety of semiconductor materials is extensive, and the domestic production rate is currently low [1] - The company aims to maintain stable business growth and a leading market position through various strategic initiatives [1]

Core Viewpoint - The company Astone Technology (阿石创) plans to raise up to 900 million yuan through a private placement of A-shares to fund various semiconductor material projects and improve its financial structure [1][3]. Fundraising Details - The fundraising will target no more than 35 specific investors, including securities investment funds, securities companies, insurance institutions, and qualified foreign institutional investors, all subscribing in cash [3]. - The number of shares to be issued will not exceed 45.9661 million shares, accounting for no more than 30% of the company's total share capital before the issuance [3]. - The issue price will be no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [3]. Project Investments - The funds will be allocated to several key projects: - **Photoresist Material Project**: Total investment of 146 million yuan, with 145 million yuan from the raised funds, aimed at optimizing production processes and enhancing domestic capabilities in photoresist materials [3]. - **Ultra-Pure Semiconductor Target Material Project**: Total investment of 357 million yuan, with 355 million yuan from the raised funds, focusing on high-purity semiconductor target materials to address supply shortages in the domestic market [3][4]. - **Semiconductor Material R&D Project**: Total investment of 202 million yuan, with 200 million yuan from the raised funds, targeting high-end target materials and high-performance ceramic substrates [4]. Financial Strategy - An additional 200 million yuan from the raised funds will be used to supplement working capital and repay bank loans, aimed at alleviating financial pressure from business expansion and improving the capital structure [4]. - The company has established a three-year dividend plan (2025-2027), prioritizing cash dividends that will not be less than 10% of the distributable profits for the year [5]. Shareholding Structure - The issuance will not change the company's control structure, with the actual controllers maintaining a combined shareholding of 47.34% before the issuance, which will decrease to 36.42% post-issuance [4].

说实话，这些半导体材料的整体国产化率，其实是低于20%的，大多依赖进口，特别是先进工艺使用的材料，进口比例就更高。 但如果说国产化率最低的，可能是光刻胶了，国产率可能只有10%，并且较为严峻的是，我们70%以上是依赖日本的，最近这个形势大家都懂的啊，不用我 多说。 先给大家看一下整体的前端半导体材料（前端是指芯片制造这一块，后端指芯片封测这一块）方面，日本到底有多强了，这是权威机构电子信息产业网提供 的数据啊，不是我杜撰的，可以看到光刻胶日本占全球的份额高达72%。 而这些光刻胶又分种类的，并不是就一种，也是对应着芯片工艺的。 在芯片制造中，半导体设备重要，半导体材料也一样重要。 设计是工具，材料是原料，只有工具，没的原料，同样是不可能将芯片制造出来的。 在所有的半导体材料，价值占比最高的5种，分别是硅片（33%）、特种气体（14%）、光掩膜（13%）、光刻胶辅助材料（7%）和 CMP抛光材料 （7%）。 至于EUV光刻胶，就更加不用说了，国内没这个技术，还制造不出来，日本在EUV光刻胶方面，占了95%以上的比例。 为什么光刻胶我们会落后这么多，原因是多方面的，光刻胶其实是化学制剂，与化学是相关的，主要由感光 ...

基础化工 2025 年 11 月 23 日 强于大市（维持评级） 一年内行业相对大盘走势 行 业 研 究 基础化工 新材料周报：光刻材料龙头上市，阿克苏诺贝尔 和艾仕得合并剑指全球第二 团队成员 分析师： 孙范彦卿 (S0210524050021) sfyq30569@hfzq.com.cn 投资要点： 相关报告 行 业 定 期 报 告 本周行情回顾。本周，Wind 新材料指数收报 4834.46 点，环比下跌 7.34%。 其中，涨幅前五的有晨光新材(16.37%)、彤程新材(14.75%)、上海新阳(9.42%)、 南大光电(8.47%)、八亿时空(2.96%)；跌幅前五的有奥克股份(-19.58%)、三祥 新材(-15.92%)、皖维高新(-15.33%)、中环股份(-14.85%)、斯迪克(-14.74%)。 六个子行业中，申万三级行业半导体材料指数收报7153.92点，环比下跌7.08%； 申万三级行业显示器件材料指数收报 1053.67 点，环比下跌 5.9%；中信三级行 业有机硅材料指数收报 7320.73 点，环比下跌 5.41%；中信三级行业碳纤维指 数收报 1417.19 点，环比下跌 8 ...

Group 1 - Dongjin Semichem, a leading company in the semiconductor and LCD chemical materials sector in South Korea, announced a large-scale exit from the Chinese market by planning to sell its 10 subsidiaries in China [1][3] - The subsidiaries being sold include companies located in Beijing, Ordos, Sichuan, Wuhan, Qidong, Chengdu, Hefei, Chongqing, Huizhou, and Fuzhou, which primarily produce chemical materials used for cleaning glass substrates in the LCD exposure process [3] - The transaction is expected to be completed by May 31, 2026, with Dongjin Semichem anticipating to receive approximately 273.5 billion KRW (around 1.42 billion RMB) [3] Group 2 - The main reasons for this divestment include the increasing localization rate of the semiconductor and display materials industry in China and the shift of Chinese panel manufacturers from LCD to OLED, which is reducing the market share for traditional LCD chemical materials [3] - The sale will not be a simple asset transfer but will involve a complex structure through the establishment of a Special Purpose Vehicle (SPV), where Dongjin Semichem will transfer 70% of the shares to Chinese buyers while retaining 30% for continued cooperation or revenue rights [3][4] - In terms of financial recovery, Dongjin Semichem expects to gain 94 billion KRW from the sale, which includes 62.1 billion KRW from the sale price, 11.1 billion KRW from technical support fees, and 20.8 billion KRW from production technology localization support [4] Group 3 - Dongjin Semichem was established in 1973 and its main business includes electronic materials such as photoresists for semiconductor and TFT-LCD exposure processes, with major clients including Samsung Electronics, SK Hynix, and LG Display [4] - In 2004, Dongjin Semichem invested 2.9 billion KRW to establish Beijing Dongjin Semichem Technology, marking its entry into the Chinese market to supply products for JD Group's Beijing factory [5] - The latest financial report indicates that Dongjin Semichem achieved a cumulative sales revenue of 884.9 billion KRW and a quarterly net profit of 64.8 billion KRW in the third quarter of this year [5]

（文章来源：每日经济新闻） 申万宏源证券指出，半导体材料方面，重点关注关键材料自主可控，关注国产替代、OLED两大方向。 成长领域重点关注半导体材料、面板材料、封装材料等关键环节的国产化进程。随着全球供应链重构及 技术升级，半导体产业链的自主可控需求持续提升，相关材料领域有望迎来发展机遇。此外，面板材料 中OLED技术的渗透率提升也将带动相关需求增长。整体来看，电子及半导体行业在技术突破和政策支 持下，长期成长性较为明确。 集成电路ETF（159546）跟踪的是集成电路指数（932087），该指数从市场中选取涉及半导体设计、制 造、封装测试及相关材料设备等业务的上市公司证券作为指数样本，以反映集成电路相关上市公司证券 的整体表现。成分股具备高技术含量和成长性，体现了集成电路行业的整体发展趋势。 ...