摘要 存算自主可控追赶加速，重视上游设备材料产业链 20250926 中芯国际和华虹在 7 纳米以下先进制程上持续扩产，以满足国产算力需 求，尤其华虹 8 厂扩产超预期，预计 2026 年将有新产线布局，但中芯 国际部分设备订单有所延后。 长鑫存储和长存两大存储厂商在 2026 年将迎来确定性的边际向上变化， 长存三期主体已成立，重点布局 300 多层产品，单万片设备投资额提升 约 30%，长鑫存储也在积极扩产，并预计 2026 年加速 IPO 进程。 国产 HBM 预计在 2026 年实现从 0 到 1 的产业化突破，长鑫存储上海 厂区规划 3D 封装及 HBM 生产线，可能带来新的扩产需求，头部设备公 司有望受益。 HBM 产业链扩产优先关注封测端，因涉及市值较小公司，弹性较大，相 关设备包括 CMP 设备、电镀设备、薄膜电镀设备和清洗设备，建议关注 精智达、芯源微和交城超声。 预计 2026 年半导体行业资本开支将保持两位数增长，受益于国产化率 提升和结构性变化，设备公司订单增速有望达 30%以上，甚至 40%- 50%，主要增长点集中在算力逻辑产线、长存和长鑫口径。 Q&A 近期自主可控板块表现如何？ ...

作为芯片制造的"地基"，12英寸硅片目前占据全球硅片出货面积的75%以上，且随着人工智能应用普及需求持续攀升。西安奕材专注于12英寸硅单晶抛光 片和外延片的研发、生产与销售，产品广泛应用于存储芯片、逻辑芯片、功率器件等领域，已供应智能手机、数据中心、新能源汽车等多个核心场景。截 至2024年末，公司月均出货量达52.12万片，产能稳居中国大陆第一、全球第六，在全球市场占比约6%-7%。 9月24日晚，西安奕斯伟材料科技股份有限公司（股票简称"西安奕材"，股票代码"688783.SH"）正式披露招股意向书，启动科创板IPO发行程序，标志着 这家国内12英寸硅片领军企业向资本市场迈出关键一步。 此次发行方案显示，西安奕材拟公开发行股票5.378亿股，占发行后总股本的13.32%，计划募资49亿元，全部投向西安奕斯伟硅产业基地二期项目。该项 目聚焦先进世代存储芯片用抛光片、更先进制程用外延片及功率器件用特色硅片的研发与生产，第二工厂已于2024年投产，预计2026年达产后，公司两厂 合计月产能将提升至120万片，可满足全球10%以上及中国大陆40%的12英寸硅片需求，有望跻身全球头部阵营。 技术实力与客户储备成为公 ...

Core Viewpoint - The company is strategically expanding from liquid crystal display materials to semiconductor materials, aiming for new revenue contributions in the context of domestic substitution trends and policy support [1][6][11]. Company Development and Financial Performance - In the first half of 2025, the company reported revenue of 415 million yuan, a year-on-year increase of 10.63%, but net profit declined due to increased R&D investment and depreciation from new projects [3][6]. - R&D investment increased by approximately 10 million yuan compared to the same period last year, while depreciation rose by about 13 million yuan [3][6]. - The company maintains a healthy cash flow from its liquid crystal business and emphasizes financial management to ensure safety [3][6]. Future Outlook and Strategic Focus - The company plans to continue increasing R&D investment, focusing on core technology breakthroughs to enhance product innovation and market competitiveness [4][6]. - It aims to solidify its domestic panel market presence while expanding its overseas OLED materials business and deepening cooperation with strategic clients like BOE [6][12]. Product Development and Market Expansion - The company has established a high-end semiconductor photoresist resin production line, with plans to achieve a production capacity of 200-300 tons annually within five years [1][7]. - The domestic demand for high-end photoresist is significant, with the resin accounting for about 50% of the cost, indicating potential revenue growth as domestic production increases [7][12]. - The company expects to achieve a revenue scale of over 100 million yuan from photoresist resin once production reaches full capacity [7][12]. Strategic Positioning and Industry Challenges - The company emphasizes the importance of strategic foresight and demand orientation in its development, highlighting the need for deep integration with downstream customers [13]. - It recognizes the challenges of long certification cycles and low customer stickiness in the photoresist resin sector, advocating for a focus on high-demand areas with significant supply chain risks [13][12].

项目建成后，公司将增强在关键工艺环节的装备保障能力，提升掩膜版产品的稳定性与交付能力，满足客户对纳米级精度与近乎零缺陷的质量要求。此外， 产能的前瞻性布局也有助于公司应对国内半导体产业链对高端掩膜版日益增长的需求。 冠石科技表示，本次募资还将优化公司财务结构，降低资产负债率，缓解因业务扩张带来的流动资金压力。近年来，随着业务规模扩大，公司应收账款与短 期借款持续增加，通过本次融资可有效提升资本实力与抗风险能力，支撑可持续发展。 掩膜版作为光刻工艺的核心耗材，直接决定芯片制造的精度与良率，被誉为半导体产业的"底片"。当前，国内掩膜版市场仍由国外企业主导，尤其在28nm 及以下先进制程领域进口依赖度较高。冠石科技在预案中指出，公司已实现55nm产品量产及40nm技术通线，并计划通过本次募投项目加快建设28nm掩膜版 产线，抢占成熟制程与先进制程之间的关键节点，推动高端掩膜版国产化进程。 市场观点认为，随着国内晶圆厂产能持续扩张以及成熟制程芯片需求攀升，掩膜版作为上游关键材料，国产替代空间广阔。冠石科技此次加码掩膜版产能与 技术升级，有望在半导体材料自主可控浪潮中抢占先机，增强行业竞争力。 9月26日，冠石科技发布 ...

Core Viewpoint - The acquisition of SKE's Blank Mask business by Juhe Materials represents a strategic move to enhance domestic capabilities in semiconductor core materials, particularly in the context of increasing demand and low domestic production rates [2][12][13]. Group 1: Blank Mask Overview - Blank Mask is a core material in semiconductor photolithography, essential for transferring circuit designs onto substrates or wafers, directly impacting the yield of downstream products [3][4]. - The domestic market for Blank Mask is currently dominated by Japanese and Korean companies, with significant market share held by firms like Hoya and S&S Tech [4][9]. Group 2: Market Potential and Growth - The semiconductor materials market is projected to reach approximately $67.5 billion in 2024, with China accounting for about $13.5 billion, representing around 20% of the total market [7]. - The revenue potential for the domestic photomask market is estimated at around 7.2 billion RMB in 2024, with Blank Mask expected to contribute approximately 1.4 to 1.5 billion RMB [9][11]. Group 3: Strategic Acquisition and Future Plans - Juhe Materials plans to stabilize its technology and operations by retaining key personnel from SKE and enhancing its R&D capabilities through knowledge transfer [14]. - The company aims to expand its production capacity in mainland China to meet growing market demands while also pursuing global market opportunities [14]. Group 4: Competitive Landscape - The global photomask market is highly concentrated, with major players like Photronics, Toppan, and DNP controlling over 80% of the market share [86]. - Domestic photomask manufacturers are in a phase of rapid development, focusing on improving their technological capabilities to catch up with international standards [87][89]. Group 5: Industry Challenges and Opportunities - The semiconductor industry is facing challenges due to trade tensions and supply chain disruptions, which have created opportunities for domestic manufacturers to increase their market share [4][66]. - The shift of semiconductor production capacity to China is expected to further boost the demand for domestic photomasks, as new fabs are established [64].

证券日报网讯民德电子（300656）9月26日在互动平台回答投资者提问时表示，晶睿电子已量产产品主 要有：4-8寸硅外延片、碳化硅外延片、特种传感器用双抛片、SOI(绝缘体上硅)等晶圆原材料，目前晶 睿电子各类主要产品产能在不断提升中，并大力发展应用于传感器市场的半导体材料，提升特色化和高 端化水平。 ...

Core Viewpoint - The stock of Shanghai Silicon Industry has experienced significant fluctuations, with a notable increase in price over the past months, reflecting strong market interest and activity in the semiconductor sector [1][2]. Company Overview - Shanghai Silicon Industry Group Co., Ltd. was established on December 9, 2015, and listed on April 20, 2020. The company specializes in the research, production, and sales of semiconductor silicon wafers and other materials [1]. - The main revenue sources for the company are semiconductor silicon wafers (94.92%), entrusted processing services (4.22%), and other services (0.86%) [1]. Financial Performance - For the first half of 2025, the company reported a revenue of 1.697 billion yuan, representing a year-on-year growth of 8.16%. However, the net profit attributable to shareholders was -367 million yuan, showing a year-on-year increase of 5.67% despite being negative [2]. - Since its A-share listing, the company has distributed a total of 110 million yuan in dividends [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Shanghai Silicon Industry was 61,300, a decrease of 5.37% from the previous period. The average number of circulating shares per person increased by 5.68% to 44,349 shares [2]. - The stock has seen a significant price increase of 34.96% year-to-date, with a 20.61% rise over the last five trading days, 22.47% over the last 20 days, and 39.03% over the last 60 days [1]. Institutional Holdings - Among the top ten circulating shareholders as of June 30, 2025, notable changes include a decrease in holdings by 华夏上证科创板50成份ETF and an increase in holdings by 易方达上证科创板50ETF. Additionally, 香港中央结算有限公司 entered the top ten as a new shareholder [3].

在前期基于超稀释前驱体溶液赋能化学液相沉积法制备aZIF薄膜策略的基础上，研究团队提出了制备 aZIF薄膜的新方法。经过系列实验和仿真，研究团队得到了薄膜沉积的本征速率，并揭示了薄膜沉积均 匀性的关键影响因素。 研究团队利用该化学液相沉积方法，制备了锌/2-甲基咪唑，锌/苯并咪唑、锌/4,5-二氯咪唑和钴/2-甲基 咪唑等多种aZIF薄膜，并对aZIF薄膜作为正型光刻胶和负型光刻胶的图案化性能进行了测试。他们还验 证了aZIF薄膜作为光刻胶在下一代光刻技术中应用的可行性。 中化新网讯 华东理工大学副教授庄黎伟、美国约翰霍普金斯大学教授迈克尔·萨帕希斯领衔的国际合作 团队，提出了一种间歇性旋涂化学液相沉积制备非晶态沸石咪唑酯骨架(aZIF)薄膜的方法，实现了薄膜 沉积速率和厚度的可控，并进行了电子束光刻和超越极紫外光刻验证。相关研究近日发表于《自然-化 学工程》。 据介绍，近年来，aZIF薄膜被用作先进光刻胶。实现aZIF薄膜的大面积、高精度可控制备，对相关领域 的先进光刻工艺具有重要意义。 ...

Core Viewpoint - The company holds a 10.54% stake in Weimai Materials, which has a planned annual production capacity of 100 tons of semiconductor photoresist raw materials, but this investment currently has a minimal impact on the company's overall performance [1] Group 1 - The main business of the company includes metal forming machine tools, laser processing equipment, and intelligent manufacturing solutions [1] - Weimai Materials produces various key products such as PAG photoacid for semiconductor ArF/KrF photoresists, resin, PI photoinitiators for panels and semiconductor packaging, and some core intermediates [1] - The production capacity of Weimai Materials is specifically aimed at the semiconductor industry, indicating a strategic focus on high-tech applications [1]

Core Insights - The article highlights the emergence of Jingzhou as a significant industrial hub in Central China, driven by a unique industrial ecosystem and strategic investments in high-tech sectors [1][12] - Key players such as XianDao Technology, MingShi High Purity Materials, and Henglong Automotive have established operations in Jingzhou, leveraging local resources and favorable conditions to enhance their competitive edge [1][12] Group 1: Company Developments - XianDao Technology has invested 20 billion yuan in a semiconductor materials project, marking it as the largest semiconductor core materials project in Jingzhou [1][3] - The company utilizes a "wet separation" technology that requires significant amounts of electronic-grade acids and bases, which are available at nearly half the cost compared to coastal cities, enhancing profit margins [3] - MingShi High Purity Materials focuses on producing high-purity quartz sand essential for semiconductor manufacturing, addressing a critical supply chain issue dominated by U.S. companies [4][6] - Henglong Automotive has transformed from a small workshop in 1993 to a leading supplier of steering systems, achieving sales of 8.2 million units and revenue of 6.5 billion yuan [7][9] Group 2: Industrial Ecosystem - Jingzhou's industrial ecosystem is characterized by a collaborative network of companies, including XianDao and MingShi, which collectively reduce costs and enhance production efficiency [6][12] - The region's geographical advantage allows for efficient logistics, with a central location facilitating access to major markets within approximately 1,000 kilometers [6][12] - The local government has played a crucial role in optimizing the business environment, offering incentives such as rent-free periods to support research and development [12] Group 3: Historical Context and Cultural Influence - The industrial history of Jingzhou is rooted in its long-standing manufacturing tradition, with a cultural emphasis on resilience and dedication reflected in the workforce of companies like Henglong [10][12] - Henglong's strategic shift towards product upgrades and international markets has been supported by a strong local industrial base, with nearly 90 companies in the automotive supply chain [10][12]