三期货有限公司 s Company Limited 矿端再现扰动,锡价大幅拉涨 中信期货研究所 有色与新材料团队 最新动态及原因 2026年2月27日，锡价继续大幅拉涨，根据Wind，截至收盘，沪锦主力合约涨8.88%至453240元/吨，锡价上涨的主要原因在于缅甸武装冲突加剧，引发市场对揭矿共应的但忧情绪。根据 马新社报道，近期缅甸为取军政府在该国西部和西北部地区实施空袭。造成至少20名平民死亡。19人受伤。事实上，从2021年缅甸军方发动攻变推翻昂山素季政府以来，民族武装团体与缅甸军 方如中突就愈演忽然，此次事件是矛盾进一步激化的显现。对此，腾冲市稀有非金属矿产合作办会发布通知，要求境外矿山人员紧急撤离矿区、不过，此次冲突主要发生在面部若开领、北部竞 钦邦等地区,并非锡矿主产区佤邦,因此我们认为暂时不会对锡矿生产造成明显影响。 基本面情况 目前，国内矿端紧缩状况表解，并制约着情想易产量。根据钢联、截至2月13日，60％品位的铜矿加工费10000元/吨。40％品位的锡矿加工费14000元/吨。维持相对低位。此外，根据钢 联: 1月国内晴炼锡产量为14382吨，同比-2.74%; 1月国内锡冶炼厂开工率为56 ...

Financial Performance - Lam Research Corporation (LRCX) reported Q2 FY2026 revenue of $5.345 billion, a year-over-year increase of 22.14%, exceeding market expectations [2] - Net profit for the quarter was $1.594 billion, reflecting a year-over-year growth of 33.83% [2] - Gross margin stood at 49.70%, slightly above the upper limit of the guidance [2] - DRAM revenue share significantly increased to 23%, driven by the transition to HBM3E and HBM4 [2] - Revenue from mainland China decreased by 18.27% quarter-over-quarter, primarily due to shipment timing adjustments [2] Future Outlook - The company anticipates the wafer fabrication equipment (WFE) market to reach $135 billion in 2026, with advanced logic, DRAM, and advanced packaging businesses identified as growth drivers [3] - Advanced packaging business is expected to grow over 40% in 2026 [3] - Akara edge systems and molybdenum process technology have secured customer orders, with plans for mass production in 2026 [3] Industry Dynamics - The semiconductor industry is primarily driven by demand for memory chips [3] - Attention is required on potential impacts from macroeconomic weakness, changes in mainland China's export policies, and fluctuations in customer structure [3]

1、本报告期预计归属于上市公司股东的净利润较上年同期上升50.82%-82.12%。主要原因是国内半导体 行业在市场需求、技术迭代、政策支持的多重因素驱动下，呈现出快速增长的趋势，公司始终秉持着以 技术为主导的发展战略，围绕电子电镀、电子清洗、电子光刻、电子研磨、电子蚀刻五大核心技术持续 加大研发投入，并实现成果转化，同时不断加大市场开发力度，取得客户订单数量持续增加，带动营业 收入增加，利润增长。2、本报告期预计扣除非经常性损益后的净利润较上年同期增长43.07%-80.39%， 主要得益于公司半导体业务销售规模的增加，本期非经常性损益主要为投资收益，对公司利润影响不 大。 格隆汇1月23日丨上海新阳(300236.SZ)公布，预计2025年归属于上市公司股东的净利润26,500万 元-32,000万元，比上年同期增长50.82%-82.12%，扣除非经常性损益后的净利润23,000万元-29,000万 元，比上年同期增长43.07%-80.39%。 （原标题：上海新阳(300236.SZ)：预计2025年净利润同比增长50.82%-82.12%） ...

盛美上海公告称，2025年营收预计66.80 - 68.80亿元，同比增长18.91% - 22.47%。主要因全球半导体行 业发展活跃，公司技术、产品和市场三方面优势促进业绩增长。公司预计2026年营收82.00 - 88.00亿 元。控股股东ACMResearch已披露其2025及2026业绩预测，数据因准则等差异与公司不可直接对比。公 司提醒，2025业绩未审计，2026预测有不确定性，投资者应注意风险。 ...

人民财讯1月22日电，盛美上海(688082)1月22日公告，公司预计2025年营业收入为66.8亿元—68.8亿 元，比上年同期增长18.91%—22.47%。2025年全球半导体行业发展活跃，延续增长态势。公司凭借技 术差异化优势，成功把握市场机遇，积累了充足订单储备。公司销售交货及调试验收工作持续高效推 进，有效保障了经营业绩的稳步增长。 ...

Nvidia stock was modestly higher on Friday, extending gains from the previous session as strong earnings from key supplier Taiwan Semiconductor Manufacturing Co. reinforced confidence in sustained dem... ...

Core Viewpoint - TSMC's strong Q4 earnings report and optimistic outlook have led to a surge in semiconductor stocks in the A-share market, with several companies experiencing significant gains [1] Group 1: TSMC Performance - TSMC reported a robust Q4 financial performance, exceeding market expectations, which contributed to its stock price reaching an all-time high [1] - TSMC's Chairman and CEO, C.C. Wei, announced a capital expenditure plan for 2026 that could reach up to $56 billion, representing a 37% increase from the actual spending of $40.9 billion in 2025, marking the highest in the company's history [1] Group 2: A-share Market Reaction - Following TSMC's performance, several semiconductor stocks in the A-share market saw significant increases, with Tianyue Advanced rising over 12%, Hengkun New Materials and Xingchen Technology both increasing over 8%, and others like Zhenlei Technology and Shanghai Hejing rising nearly 8% [1] - The overall positive sentiment in the semiconductor sector is reflected in the year-to-date performance of these stocks, with some companies like Hengkun New Materials and Zhenfu Technology showing year-to-date increases of 45.28% and 60.56%, respectively [2]

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [40] Core Insights - The support policies for controllable nuclear fusion are being issued continuously, which is expected to accelerate the industrialization process. The global fusion power generation is projected to increase from 2 TWh in 2035 to 375 TWh in 2050, and nearly 25,000 TWh by 2100. The share of fusion in the global power structure is expected to reach 15% by 2075 and 27% by 2100 [3][11] - The global nuclear fusion industry value is expected to grow to $843.5 billion by 2040, indicating a vast market potential. The industry has been included in several national planning documents, such as the "2030 Carbon Peak Action Plan" and the "14th Five-Year Plan for Modern Energy System" [3][17] - The recent promulgation of the "Atomic Energy Law" in September 2025 provides legal support for the development of controllable nuclear fusion, reducing regulatory uncertainties and promoting the long-term sustainable development of fusion energy in China [6][8] Summary by Sections Industry Dynamics - The semiconductor industry index rose by 10.61% this week, outperforming the CSI 300 index by 7.82 percentage points. Since the beginning of 2025, the semiconductor industry index has increased by 61.48%, outperforming the CSI 300 index by 40.54 percentage points [31] - The controllable nuclear fusion has been recognized as a key low-carbon frontier technology in national policies, with various supportive measures being implemented [8][6] Market Forecast - According to ITEA, fusion power generation is expected to reach 375 TWh by 2050 and nearly 25,000 TWh by 2100, with a significant increase in its share of the global power structure [11] - Precedence Research forecasts that the global nuclear fusion market value will reach $4.72 trillion by 2030 and $843.5 billion by 2040, with a CAGR of 6% from 2030 to 2040 [17]

Core Viewpoint - The semiconductor wet electronic chemicals market is projected to reach $2.81 billion by 2031, with a compound annual growth rate (CAGR) of 7.4% in the coming years [2]. Market Overview - The global production of semiconductor wet electronic chemicals is expected to reach 1.2 million tons in 2024, with an average price of $1,300 per ton and a gross margin of approximately 30% [4]. - The top ten manufacturers are estimated to hold about 66.0% of the market share in 2024 [4]. Market Drivers and Opportunities - The rapid growth of the semiconductor industry is a key driver for the wet chemical market, fueled by the increasing demand for high-performance semiconductor chips due to the proliferation of electronic products like smartphones and computers [9]. - Technological advancements and innovations in semiconductor manufacturing processes are critical growth drivers, especially as device sizes shrink below 10 nanometers, necessitating ultra-pure chemicals and specialized formulations [9]. - Government policies supporting the domestic wet chemical industry, such as financial subsidies and tax incentives, positively impact market growth [9]. Market Trends - There is a rising demand for higher purity levels in wet chemicals as semiconductor nodes shrink to 7 nanometers and below, leading to the development of specialized formulations and purification processes [11]. - Approximately 70% of semiconductor manufacturers have adopted advanced cleaning steps using specialized wet chemicals like hydrogen peroxide to ensure the quality and performance of semiconductor chips [11]. - The use of AI-controlled quantitative feeding systems is increasing, with about 45% of semiconductor manufacturers implementing these systems to enhance accuracy and efficiency in chemical feeding [11].

Core Insights - STM is a significant player in the semiconductor industry, known for its innovative electronic solutions and global operations [1] Financial Performance - STM reported earnings per share (EPS) of $0.26, exceeding the estimated $0.22, indicating strong profitability with a net income of $237 million for Q3 [2][6] - The company achieved revenue of approximately $3.19 billion, surpassing the estimated $3.17 billion, with a gross margin of 33.2% [3][6] - Despite $37 million in impairment and restructuring charges, STM's operating income reached $180 million, demonstrating effective cost management [3] Future Outlook - STM projects net revenues of $3.28 billion for Q4, with a gross margin of 35.0%, reflecting confidence in sustaining growth [4][6] - Financial metrics such as a P/E ratio of 40.06 and a price-to-sales ratio of 2.32 indicate strong investor confidence and market position [4] Financial Health - The company maintains a low debt-to-equity ratio of 0.17, suggesting prudent financial management [5] - With a current ratio of 2.74, STM is well-positioned to meet its short-term obligations, underscoring its robust financial standing [5]