Core Insights - Silicon carbide (SiC) is gaining attention as a next-generation power semiconductor material that can replace silicon (Si) for high-temperature and high-pressure applications [1] - The upcoming International Conference on Silicon Carbide and Related Materials (ICSCRM 2025) is expected to highlight trends in SiC development and global competition, particularly involving Japan [1] Group 1: Challenges in SiC Production - Device manufacturers face significant challenges in improving the yield of 8-inch production lines, necessitating the establishment of high-yield processes compatible with multiple suppliers [2] - Wafer manufacturers are tasked with reducing the costs of 12-inch wafers and developing evaluation technologies that have not kept pace with the rapid commercialization of these wafers [2] Group 2: China's Advancements in SiC - Chinese manufacturers have made remarkable progress in reducing the price and improving the quality of SiC wafers, with quality now comparable to high-reliability components [3] - The rapid rise of Chinese manufacturers is attributed to unconventional manufacturing methods and significant government support, alongside lower electricity costs compared to Japan [3] Group 3: Weaknesses in China's SiC Ecosystem - Despite high-quality wafers, China's lack of coordination across the supply chain may hinder its ability to dominate the entire SiC ecosystem, as many companies focus on specific segments [4] - The unclear demand from device manufacturers raises concerns about the final quality of devices made from Chinese wafers, which may exhibit slight crystal misalignment affecting yield [5] Group 4: Japan's Position in SiC - Japan maintains a high level of research and technology in SiC, with significant contributions expected at ICSCRM 2025, although its commercial influence has declined [6] - The Japanese industry faces challenges related to generational turnover and a shortage of young talent, impacting the research environment for SiC [6] - Japan's strength lies in its comprehensive capabilities, leveraging expertise from silicon to SiC applications, particularly in high-voltage applications and data center power supplies [6]

Core Insights - The article emphasizes the strategic importance of new materials in the context of global technological competition and industrial chain restructuring, highlighting the need for domestic innovation to reduce reliance on foreign technologies [2][4]. Semiconductor Wafer Manufacturing Materials - The global photoresist market is projected to reach approximately $15 billion by 2030, with a current domestic market size of about 12 billion RMB, indicating significant growth potential [7]. - The domestic photoresist localization rate is around 10%, with high-end products heavily reliant on imports [7]. - Major foreign players in the photoresist market include Tokyo Ohka Kogyo, Dow Chemical, and Sumitomo Chemical, which dominate the market shares [8]. - Domestic companies such as Beijing Kehua and Suzhou Ruihong are making strides in production, but high-end products still face challenges [9]. Advanced Packaging Materials - The global market for high-performance epoxy encapsulants is expected to grow to $3.5 billion by 2030, with a current domestic market size of 4 billion RMB [39]. - The localization rate for epoxy encapsulants is around 30%, with high-end products still dependent on imports [39]. - Key foreign companies include Sumitomo Bakelite and Henkel, while domestic players include Hengshuo Huawai and Jiangsu Zhongpeng New Materials [40]. Semiconductor Components - The global market for electrostatic chucks is projected to reach $2.5 billion by 2030, with a current domestic market size of 2 billion RMB [56]. - The localization rate for electrostatic chucks is approximately 10%, with high-end products largely dominated by foreign manufacturers [56]. - Major foreign companies include Applied Materials and Lam Research, while domestic companies are beginning to emerge [57]. Display Materials - The global OLED materials market is expected to exceed $10 billion by 2030, with a current domestic market size of about 8 billion RMB [64]. - The localization rate for OLED materials is around 20%, with high-end materials still reliant on foreign sources [65].

Core Viewpoint - Dinglong Co., Ltd. is positioned as a leading platform enterprise in key innovative materials within the semiconductor manufacturing sector, focusing on CMP process materials, wafer photoresists, semiconductor display materials, and advanced packaging materials, while not currently engaging in the development of PCB substrates and copper-clad laminates related to NVIDIA's M9 materials [2] Company Focus - The company emphasizes its commitment to its core business areas and will continue to monitor technological advancements and market opportunities in the semiconductor materials industry [2] - Dinglong Co., Ltd. plans to explore potential expansions into related fields in the future, leveraging its technological reserves and R&D capabilities [2] Long-term Value Creation - The company aims to create long-term value for its investors by aligning its strategic focus with industry developments and opportunities [2]

Core Insights - Dinglong Co., Ltd. has successfully validated two high-end wafer photoresists with major domestic wafer manufacturers and has received orders for them [1] - The first phase of the Qianjiang production line has a capacity of 30 tons for KrF/ArF high-end wafer photoresists and is capable of mass production to meet current client orders [1] - By the third quarter of 2025, the company plans to have nearly 30 high-end wafer photoresists, with over 15 samples validated and more than 10 entering gallon sample testing [1] Production Capacity - The Qianjiang photoresist production base's first phase is running smoothly with an annual production capacity of 30 tons for KrF/ArF high-end wafer photoresists [1] - The second phase, which will have an annual production capacity of 300 tons for KrF/ArF high-end wafer photoresists, is nearing completion with successful equipment debugging [1] Market Strategy - The company aims to continuously enhance the production capacity of photoresist lines and validate products to accelerate the commercialization process of high-end wafer photoresists [1] - The goal is to further increase the market share of the photoresist business [1]

Core Viewpoint - The company has successfully validated two high-end wafer photoresist products with major domestic wafer manufacturers and has received orders, indicating a positive trend towards mass production and commercialization of its photoresist products [1]. Group 1: Product Development and Production Capacity - The company has established a production line capable of producing 30 tons of KrF/ArF high-end wafer photoresist annually, which is currently operational and meets client order demands [1]. - As of the third quarter of 2025, the company has nearly 30 high-end wafer photoresist products in development, with over 15 products undergoing sample validation and more than 10 products in gallon sample testing [1]. Group 2: Future Plans and Market Strategy - The second phase of the photoresist production base is nearing completion, with a planned annual production capacity of 300 tons of KrF/ArF high-end wafer photoresist, and equipment debugging is progressing smoothly [1]. - The company aims to continue enhancing production capacity and product validation to accelerate the commercialization process of high-end wafer photoresist, thereby increasing its market share in the photoresist business [1].

PART 0 1 产品定义及统计范围 半导体底部填充胶（ Underfill ）是一种用于半导体封装过程中的关键材料，通常用于填充芯片和封装基板之间的空隙。它的主要作用是提高芯 片的可靠性，尤其是在热循环和机械应力的作用下，防止芯片在封装过程中发生机械破损或变形。 在具体应用中，半导体底部填充胶的作用包括： 热管理：填充胶有助于在芯片和基板之间传导热量，从而避免过热引发的故障。 增强结构强度：在芯片与基板之间提供支撑，避免焊点由于热膨胀差异而发生破裂。 提高封装的机械性能：有效减少因温度变化、震动等因素引起的应力对封装的影响。 底部填充胶通常使用环氧树脂、硅树脂等高性能材料，这些材料具备优良的粘附性、热稳定性和电绝缘性。 国产化突破（ 2020s- 至今）：国内企业（如汉思新材料、德邦科技）逐步实现中高端产品替代，打破外资垄断。 PART 03 半导体底部填充胶行业目前现状分析 半导体底部填充胶（ Underfill ）作为半导体封装技术中的关键材料之一，扮演着增强封装可靠性、提高抗机械应力与热稳定性的角色。随 着电子产品的不断小型化与高性能化，底部填充胶行业经历了从基础材料到高端应用的不断发展。 | 发展现 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [7]. Core Insights - The new materials sector underperformed the CSI 300 index in November 2025, with a decline of 4.03% compared to the CSI 300's decline of 2.70%, resulting in a 1.33 percentage point lag [7][11]. - The sector's trading volume was 22,734.18 billion yuan, reflecting a 6.55% decrease from the previous month [7]. - The semiconductor materials segment continues to show growth, with global semiconductor sales reaching $69.47 billion in September 2025, marking a 25.1% year-on-year increase [42][43]. - The report highlights significant growth in the export volume and value of industrial diamonds in October, with exports amounting to 1.39 million tons and a value of $19.7 million, representing a 16.91% year-on-year increase [51]. Summary by Sections 1. Industry Performance Review - The new materials index's performance in November was weaker than the CSI 300, with a decline of 4.03% [11]. - Most stocks in the new materials sector experienced declines, with 113 out of 170 stocks falling [18]. - The sector's valuation decreased, with the new materials index's PE ratio at 28.96, down 6.81% from the previous month [22]. 2. Key Industry Data Tracking - In October, the CPI turned from decline to growth, increasing by 0.2% year-on-year, while the PPI's decline narrowed to 2.1% [30][31]. - Basic metal prices showed mixed results in November, with copper down 0.81% and tin up 3.54% [37]. - The global semiconductor market continues to grow, with a 25.1% year-on-year increase in sales [42]. - The export of superhard materials showed a significant increase in October, with a notable rise in export value [51]. 3. Industry Dynamics - The report notes the issuance of an action plan for the upgrade of the non-ferrous metal industry in Henan Province [1]. - The establishment of a diamond wafer factory by Diamond Foundry is highlighted as a significant development in the new materials sector [1].

Group 1 - The core viewpoint is that glass is transitioning from a niche material to a strategic material in the semiconductor industry, with applications expected to grow nearly threefold by 2030 [1][2][5] - Glass is becoming a core material for both temporary and permanent functions in semiconductor manufacturing, with carrier wafers being the largest revenue source [2][5] - The demand for glass is projected to grow at a compound annual growth rate (CAGR) of 10.2% from 2025 to 2030, driven by the increasing complexity of packaging processes transitioning from 2D to 3D [2][5] Group 2 - By 2030, glass material revenue is expected to grow at a CAGR of 9.8%, solidifying its position as a mainstream semiconductor processing platform [5] - The most dynamic sector for glass is the CIS field, which is anticipated to account for two-thirds of total glass revenue by 2025, driven by high demand in smartphone and automotive imaging applications [5] - The memory segment is projected to have the highest growth potential, with a CAGR of 33% from 2025 to 2030, particularly in HBM applications [5][6] Group 3 - The glass supply chain is expected to evolve similarly to the IC substrate industry by 2030, characterized by regional redundancy and detailed specification requirements [9] - Major companies like AGC, PlanOptik, Corning, and Schott are projected to account for about 90% of global revenue by 2025, indicating high market concentration [9] - The transition in the glass supply chain will provide competitive advantages to companies that master capacity and reuse strategies [9] Group 4 - Glass substrates are being developed to replace traditional PCB materials, enhancing power efficiency and thermal resistance, with significant advantages in reducing warpage [10] - South Korean companies, including Samsung, SK, and LG, are actively pursuing the commercialization of glass substrates to expand their market presence in next-generation semiconductor applications [10]

继今年7月，东丽宣布全球首创STF-2000光敏聚酰亚胺后，又一高性能聚酰亚胺材料突破来了！ 详见：东丽突破，旭化成扩产，国内龙头也加码 【DT新材料】 获悉，11月27日， 东丽株式会社 （Toray Industries, Inc.）宣布，已成功开发出一款半导体后端工艺关键材料: 高耐热性树脂聚酰亚胺 临时键合材料 ，适用于制造厚度 30 微米及以下的半导体晶圆。目前，东丽已启动该材料的样品供货，计划利用现有量产设施，于 2028 年实现规模化 生产。 据悉，该材料 不含全氟和多氟烷基物质、N - 甲基吡咯烷酮等 受严格监管的有害成分，兼顾技术与环保要求；弹性模量达传统产品的 2.5 倍，晶圆总 厚度偏差≤1.0 微米，解决了 背部研磨过程中的变形与压力不均问题 ；应用方面覆盖 AI 半导体用 HBM、NAND 闪存、功率半导体 三大核心领域，适 配下一代半导体垂直堆叠技术需求。 随着摩尔定律的物理扩展接近极限，半导体产业正加速向 三维集成、异构集成等先进制造技术 转型。在这一背景下，晶圆厚度不断减薄成为必然趋 势， 先进封装技术如 2.5D/3D 封装、扇出型封装、芯片堆叠以及硅通孔（TSV）等普遍要求 ...

证券日报网讯 TCL科技11月27日在互动平台回答投资者提问时表示，公司聚焦以半导体显示、新能源 光伏和半导体材料为核心的先进制造业，锚定领先战略，强化经营韧性，追求可持续的高质量发展。公 司坚持以科技为引领，以创新为驱动，助力企业核心竞争力提升和产业的转型升级。公司高度重视前瞻 性技术投入及应用，以关键战略技术、材料技术、装备技术和器件工艺技术为支撑，驱动企业更快发 展。目前公司各业务经营稳健，具体业务情况请参阅公司在指定信息披露媒体发布的定期报告及临时公 告。 （编辑 姚尧） ...