在一片芯片江湖的刀光剑影中，人们往往将目光聚焦于设计软件的复杂、光刻机的神秘，或是制造工 艺的极限挑战。然而，有一类产品，它不事声张，却构成了整个电子信息社会的物理基石，它看似普 通，却是国家间科技博弈的战略要地。 半导体硅片，特别是12英寸大硅片，是现代中高端芯片制造不可或缺的核心基础材料。全球95%以上 的半导体器件和90%以上的集成电路制作都是在硅片上完成的，硅片质量直接决定了集成电路的性 能、良率与可靠性。 然而，这个市场长期被日本信越化学、胜高，德国世创，韩国SK Siltron等少数国际巨头高度垄断， 形成了稳固而封闭的供应体系。这种垄断不仅是商业的，更是地缘政治的。 近年来，全球供应链波动、贸易摩擦加剧，使得半导体材料的自主可控成为关乎国家经济安全与科技 竞争力的生命线。今天的主角，正是在这一关键领域披荆斩棘的先行者。 高管增持，产能爬坡。 作者 | beyond 编辑 | 小白 ...

Market Performance - The basic chemical index increased by 2.36% from September 6 to September 12, outperforming the CSI 300 index, which rose by 1.38%, by 0.97 percentage points, ranking 12th among all sectors [1][2] - The top-performing sub-industries included potassium fertilizer (16.13%), spandex (13.32%), nitrogen fertilizer (5.07%), phosphate and phosphate chemicals (4.36%), and fluorine chemicals (4.18%) [1][2] Price Trends - The top five products with the highest weekly price increases were hydrochloric acid (Jiangsu) at 2900.00%, liquid chlorine at 50.00%, caustic soda (ion membrane) at 6.48%, epoxy chloropropane at 6.48%, and anthracene oil at 4.29% [3] - The top five products with the largest weekly price declines included hydrochloric acid (Shandong) at -2100.00%, sulfuric acid at -6.78%, domestic vitamin E at -6.56%, concentrated nitric acid at -6.25%, and ammonium chloride at -4.76% [3] Industry Dynamics - The Ministry of Commerce announced an anti-dumping investigation into imported simulation chips from the U.S. on September 13, citing U.S. government actions as harmful to China's chip products and AI industry [4] - The Ministry also initiated an anti-discrimination investigation regarding U.S. measures in the integrated circuit sector, emphasizing the negative impact of U.S. protectionism on China's high-tech industries and the global semiconductor supply chain [4] - The trend towards self-sufficiency in semiconductor materials is highlighted, with a focus on photoresists, wet electronic chemicals, and electronic specialty gases [4] Geopolitical Impact - The escalation of the geopolitical situation in the Middle East has led to a slight increase in international crude oil prices, with Brent and WTI crude oil prices reaching $66.99 and $62.69 per barrel, respectively, as of September 12, marking increases of 2.27% and 1.33% [6] - Supply disruptions in butyl acrylate were reported due to a production facility failure, leading to a price increase of 4.90% for butyl acrylate, with the market price at 7500 yuan/ton as of September 12 [6] Investment Recommendations - Current investment focus includes the refrigerant sector, with potential price increases expected, and companies such as Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. are recommended [7] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [7] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [7] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [7] - The agricultural chemical sector suggests companies like Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [7] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [7] Industry Rating - The basic chemical industry maintains an "overweight" rating [8]

Core Viewpoint - Wuhan Huakang Century Clean Technology Co., Ltd. has been awarded a bid for a project related to high-end compound semiconductor materials and chip device industrialization, with a bid amount of 193 million yuan, which is expected to significantly impact the company's future performance and market presence [1][2]. Group 1: Project Details - The project includes the procurement and installation of various systems such as building decoration, structure, water supply and drainage, heating, power, electrical, automation, fire protection, communication, and security systems [1]. - The construction site is located in the comprehensive bonded area of Jiangxia District, Wuhan, with a requirement to complete the power station and the first factory within 100 days, and the entire project within four months [1]. - The project is valued at 193 million yuan (approximately 29 million USD) and is expected to meet quality standards for one-time acceptance [1]. Group 2: Strategic Significance - The implementation of this project will fill a gap in the semiconductor substrate and epitaxial material sectors within Wuhan's optical valley, enhancing the country's self-sufficiency in semiconductor materials and promoting the development of related industrial clusters [2]. - The bid amount represents 11.30% of the company's audited revenue for the year 2024, indicating a potential positive impact on future net profits if the contract is formally signed and successfully executed [2]. - This project showcases the company's expertise in providing comprehensive cleanroom services, which is expected to enhance its brand influence in the industry and align with its long-term strategic focus on cleanroom construction [2].

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [1] Core Views - The report highlights the recent price movements in lithium carbonate, international oil prices, and organic silicon prices, with a focus on the implications of these changes for various sub-industries [1][7] - Key areas of focus for August include mid-year report trends, the impact of "anti-involution" on supply in related sub-industries, the importance of self-sufficiency in electronic materials companies, and stable dividend policies in energy companies [1][8] Industry Dynamics - In the week of August 11-17, 2025, among 100 tracked chemical products, 28 saw price increases, 42 saw declines, and 30 remained stable. Overall, 57% of products had a month-on-month average price increase, while 37% saw a decrease [2][7] - The average price of lithium carbonate increased by 17.48% compared to the previous week, reaching 84,000 CNY/ton, marking a cumulative increase of 41.18% since June 20 [2][7] - International oil prices fell, with WTI crude oil futures closing at 62.80 USD/barrel (down 1.69%) and Brent crude at 65.85 USD/barrel (down 1.11%) [2][7] - Organic silicon prices decreased by 8.00% to an average of 11,500 CNY/ton, attributed to weak terminal demand and the conclusion of pre-sale orders [2][7] Investment Recommendations - The report suggests focusing on mid-year report trends, the effects of "anti-involution" on supply, the significance of self-sufficiency in electronic materials, and the stability of dividend policies in energy companies [1][8] - Long-term investment themes include the sustained high prices of crude oil, the ongoing recovery of the oil service industry, and the rapid development of downstream industries, particularly in new materials [8] - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies [8][9]

Core Viewpoint - The article discusses the supply chain issues and investment opportunities in the semiconductor chemical mechanical polishing (CMP) materials market, particularly focusing on the impact of Taiwan's export controls on the supply of DSTl slurry and the growth potential of CMP materials in the semiconductor industry. Group 1: CMP Slurry Supply Issues - DSTl slurry supply has been suspended due to Taiwan's export control restrictions, with only five months of inventory remaining (267 barrels) [2] - DSTl slurry is critical for the CMP process in semiconductor manufacturing, enhancing wafer flatness and surface quality [2] Group 2: Investment Logic in CMP Materials - The demand for CMP materials is expected to grow rapidly due to advancements in process nodes, increased wiring density, and the transition from 2D NAND to 3D NAND technology [4] - CMP materials account for 7% of the semiconductor manufacturing material costs, with CMP slurry and pads making up 49% and 33% of CMP material costs, respectively [4] - The global CMP materials market is projected to grow from $3.3 billion in 2023 to over $4.2 billion by 2027 [4] Group 3: CMP Pad Market Overview - The global CMP pad market grew from $650 million in 2016 to $1.13 billion in 2021, with a CAGR of 11.69% [5] - In China, the CMP pad market increased from 810 million yuan in 2016 to 1.31 billion yuan in 2021, with a CAGR of 10.09% [5] - Dow DuPont dominates the global CMP pad market with a 79% share, while domestic company Dinglong has become a key player in China [6] Group 4: CMP Slurry Market Overview - The global CMP slurry market expanded from $1.1 billion in 2016 to $1.43 billion in 2021, with a CAGR of 5.39% [7] - The Chinese CMP slurry market grew significantly, from 1.23 billion yuan in 2016 to 2.2 billion yuan in 2021, with a CAGR of 12.28% [7] - Major global players in the CMP slurry market include Cabot, Versum Materials, and Dow, with China being the largest demand region [7] Group 5: Domestic Companies in CMP Materials - Dinglong has established itself as the only domestic supplier mastering the entire CMP pad production process, achieving significant breakthroughs in the field [6][12] - Anji Technology, a leading domestic CMP slurry company, reported revenues of 1.075 billion yuan in 2023, capturing a significant market share [22][23] - Shanghai Xinyang and Jiangfeng Electronics are also notable players in the CMP materials sector, focusing on various CMP products [36][37] Group 6: Future Trends and Opportunities - The future of CMP materials is expected to trend towards specialization and customization, providing opportunities for new entrants in the market [8] - Companies focusing on new technologies for polishing liquids, such as those related to SiC, and those mastering upstream particle development are recommended for investment [8]

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The industry is significantly influenced by tariff-related policies and fluctuations in crude oil prices, suggesting a balanced allocation strategy. Focus is recommended on companies in electronic materials with increasing self-sufficiency and energy firms with stable dividend policies [1][10] - The report highlights the potential for sustained high oil prices, ongoing high demand in the oil and gas extraction sector, and the rapid development of downstream industries, particularly in new materials [10] Industry Dynamics - In the week of May 12-18, 2025, among 100 tracked chemical products, 43 saw price increases, 32 saw declines, and 25 remained stable. The average price of WTI crude oil increased by 2.41% to $62.49 per barrel, while NYMEX natural gas prices fell by 12.37% to $3.33 per mmbtu [9][10] - MDI prices rose, with the average price for polymer MDI at 16,500 CNY/ton, an increase of 8.55% week-on-week. The average price for pure MDI was 17,800 CNY/ton, up 2.89% [10] - Polyester staple fiber prices increased to 6,710 CNY/ton, a rise of 5.17% week-on-week, with production expected to be around 167,000 tons [10] Investment Recommendations - The report suggests a focus on companies with strong dividend policies and those involved in electronic materials, particularly in semiconductor and OLED materials, as well as new energy materials [10] - Recommended stocks include China Petroleum, China Oilfield Services, and several technology firms such as Anji Technology and Yake Technology [10] - The report emphasizes the importance of policy support for demand recovery and suggests monitoring leading companies with high earnings elasticity [10] Key Metrics - As of May 18, 2025, the price-to-earnings ratio for the SW basic chemicals index is 22.09, at the 61.89% historical percentile, while the price-to-book ratio is 1.80, at the 11.72% historical percentile [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future growth in the semiconductor materials sector [5]. Core Insights - The company's revenue for 2024 reached 3.338 billion RMB, a year-on-year increase of 25.14%, with a net profit attributable to shareholders of 521 million RMB, up 134.54% [2]. - The semiconductor materials segment is driving revenue growth, with a reported income of 1.52 billion RMB in 2024, reflecting a 77.40% increase year-on-year [3]. - The company has issued convertible bonds to expand its production capacity for photolithography and semiconductor materials, raising 910 million RMB for key projects [4]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 824 million RMB, a 16.37% increase year-on-year, and a net profit of 141 million RMB, up 72.84% [2]. Operational Analysis - The semiconductor materials business is a key growth driver, with significant market penetration in domestic wafer and panel manufacturers [3]. - The company has optimized its operational efficiency, reducing its expense ratio to 26.26% in 2024, while maintaining a research and development expense ratio around 14% [3]. Profit Forecast and Valuation - Projected net profits for 2025-2027 are 684 million RMB, 876 million RMB, and 995 million RMB, respectively, with corresponding EPS of 0.73, 0.93, and 1.06 RMB [5]. - The current price-to-earnings ratios are estimated at 41, 32, and 28 times for the years 2025, 2026, and 2027, respectively [5].