Core Viewpoint - The successful delivery of the world's first 12-inch single-wafer silicon carbide (SiC) epitaxy equipment by Jing Sheng Electromechanical marks a significant breakthrough in SiC epitaxy technology, enhancing production efficiency and reliability in the industry [1] Group 1: Company Developments - Jing Sheng Electromechanical delivered the first 12-inch single-wafer SiC epitaxy equipment to leading industry player Hantian Tiancheng on December 24, 2025 [1] - The new equipment features a unique vertical airflow intake design, improving precise temperature control and gas distribution during the epitaxy process [1] - The equipment includes automated loading/unloading modules and one-click automatic PM assistance, significantly enhancing particle control and maintenance efficiency [1] Group 2: Industry Impact - Hantian Tiancheng has launched the world's first 12-inch high-quality SiC epitaxy wafer, which improves production efficiency for downstream power devices and reduces unit manufacturing costs for SiC chips [1] - The introduction of 12-inch wafers allows for a significant increase in the number of chips per wafer, with 12-inch wafers accommodating 4.4 times the number of chips compared to 6-inch wafers and 2.3 times compared to 8-inch wafers under the same production process [1]

Core Viewpoint - Shenzhen Stock Exchange's ChiNext Market has issued an inquiry letter to Zhejiang Sunflower Health Technology Co., Ltd. regarding its asset acquisition plan, particularly focusing on the operational status of its target company, Xipu Materials Technology Co., Ltd. [1] Group 1: Inquiry Areas - The inquiry letter addresses the actual production capacity and status of Xipu Materials, which claims to be a core supplier for semiconductor manufacturers but has been reported to lack actual production capacity at its facilities [1][2] - It requests detailed financial information regarding Xipu Materials' product revenues, costs, and gross margins for 2023 and 2024, as well as specifics on its procurement of electronic fluorinated liquids [2] - The letter seeks clarification on whether the acquisition will introduce new competition or related party transactions that could adversely affect the company's independence [2] - It also inquires about the legal issues faced by Xipu Materials' actual controller, Chen Chaoqi, and their potential impact on the company's operations and asset transfer [2][3] Group 2: Compliance and Responsibilities - The independent financial advisor of Sunflower Health is required to verify the information and provide clear opinions on the matters raised [3] - The company is reminded of its obligation to disclose information accurately and completely, with all board members held accountable for any misrepresentation or omissions [3]

Core Viewpoint - The article highlights the discrepancies between the claims made by Xipu Materials regarding its production capabilities and the actual status of its facilities, raising concerns about the company's asset quality and the motivations behind its rapid restructuring efforts [1][3][22]. Group 1: Company Operations and Facilities - Xipu Materials has announced plans to become a core supplier for many wafer fabs, relying on its factories in Zhangzhou and Lanzhou, despite these facilities not being operational yet [1][19]. - The Zhangzhou factory is still under construction, with no production signs, and the Lanzhou factory is merely rented without a signed lease agreement [4][15]. - The company claims to have a production capacity of 4,500 tons of electronic medical-grade specialty gas materials, but there is no evidence of operational readiness or necessary permits for production [7][9][19]. Group 2: Financial and Business Model - Xipu Materials reported projected revenues of 38.54 million yuan and 98.54 million yuan for 2023 and 2024, respectively, with net profits of 40,800 yuan and 1.376 million yuan [24]. - The company operates as a middleman, purchasing products from suppliers and selling them to downstream customers, which raises questions about the sustainability of its revenue model [25][27]. - Contracts indicate significant transactions involving electronic fluorinated liquids, suggesting a reliance on trading rather than manufacturing [26][28]. Group 3: Management and Legal Issues - Chen Chaoqi, the actual controller of Xipu Materials, has faced legal issues, including a lawsuit for 16.8 million yuan related to business disputes [3][29]. - The company has previously attempted to inject another entity, Nantong Zhanding, into a listed company, which was halted by regulatory scrutiny [30][32]. - There are concerns about potential conflicts of interest and competition among Chen's various companies, including Jiangxi Zhanding and Gansu Zhanding, which operate in similar sectors [49][50].

江丰电子（300666.SZ）12月25日在投资者互动平台表示，目前韩国江丰靶材基地正在按计划积极推进 建设中，尚未运营投产，具体进展情况请以公司后续披露的公告为准。 每经AI快讯，有投资者在投资者互动平台提问：请问截至2025年12月，韩国牙山基地的产能爬坡率约 为多少？月度靶材交付量大概有多少件？当前主要供应SK海力士的订单占比如何？预计何时能达到满 产状态（年产1.23万件）？ （文章来源：每日经济新闻） ...

Core Insights - The global market for photosensitive polyimide (PSPI) is projected to grow from approximately $677 million in 2024 to $856 million in 2025, with a compound annual growth rate (CAGR) of 22.6%, potentially reaching $2.905 billion by 2031 [3]. Market Overview - Photosensitive polyimide is a photopolymer composite material used in the final stages of semiconductor manufacturing, providing electrical insulation and protection against physical and chemical conditions [1]. - The average global price for PSPI is estimated at $291 per kilogram in 2024, with a total production volume of around 2,325 tons [1]. Key Drivers - Rapid growth in high-end semiconductor packaging demand, particularly for advanced packaging technologies such as RDL and fan-out packaging, driven by AI and 5G applications [7]. - Japan's leading position in the PSPI supply chain, with companies like Asahi Kasei supplying high-end PSPI products globally [7]. - Increasing demand for high-performance PSPI in flexible electronics and foldable devices, particularly in flexible OLEDs and wearable technology [7]. - PSPI's ability to enhance line density and miniaturization processes, with high-resolution patterning capabilities below 10 μm [7]. - The demand for high-precision coating processes and manufacturing automation in Japan, which enhances production efficiency and yield [7]. Market Opportunities - Continuous expansion in demand, with the advanced semiconductor interlayer dielectric market expected to grow at an annual rate of approximately 8% until around 2030 [8]. - The surge in demand driven by generative AI and computational competition, leading to high-volume orders for Japanese PSPI suppliers [8]. - Ongoing technological advancements by Japanese companies, such as Toray's development of new PSPI for high aspect ratio processing, creating new applications in MEMS sensors [8]. Constraints on Expansion - Capacity bottlenecks and supply chain pressures, with new PSPI production capacity expected to come online only by 2028, potentially leading to supply-demand imbalances [9]. - Long certification cycles for downstream applications, which can take 2-3 years, limiting the speed of market entry for new players and complicating product changes [9]. - Potential vulnerabilities in the supply chain for upstream raw materials, with reliance on certain high-end monomers or specialty chemicals that could impact PSPI production capacity [9].

12月25日，江丰电子盘中上涨2.02%，截至09:45，报98.71元/股，成交2.74亿元，换手率1.27%，总市值 261.90亿元。 江丰电子今年以来股价涨42.76%，近5个交易日涨8.00%，近20日涨17.71%，近60日跌0.11%。 今年以来江丰电子已经1次登上龙虎榜，最近一次登上龙虎榜为9月24日，当日龙虎榜净买入237.06万 元；买入总计6.64亿元 ，占总成交额比17.65%；卖出总计6.61亿元 ，占总成交额比17.59%。 资料显示，宁波江丰电子材料股份有限公司位于浙江省余姚市经济开发区名邦科技工业园区安山路，成 立日期2005年4月14日，上市日期2017年6月15日，公司主营业务涉及高纯溅射靶材的研发、生产和销售 业务。金属材料制造。主营业务收入构成为：超高纯靶材63.26%，精密零部件21.90%，其他14.84%。 江丰电子所属申万行业为：电子-半导体-半导体材料。所属概念板块包括：中芯国际概念、电子化学 品、OLED、碳纤维、第三代半导体等。 截至12月10日，江丰电子股东户数5.90万，较上期增加0.50%；人均流通股3746股，较上期减少0.50%。 2025年1月 ...

Core Insights - The company emphasizes a long-term development strategy, focusing on steady progress rather than short-term market fluctuations [2][9] - The semiconductor materials industry requires strategic determination and deep technical accumulation over decades, rather than being driven by temporary market trends [2][9] Company Strategy - The company has set an ambitious growth target of "ten times in ten years," driven by the vast growth potential within the domestic semiconductor industry [4] - The company believes that the push for self-sufficiency in the supply chain will lead to a rapid growth phase in the next five to ten years, supported by ongoing breakthroughs in key technologies [4] - The company has maintained a stable median growth rate of around 20% despite fluctuations in recent years [4] Location and Talent - The company has strategically chosen to establish its operations in Kunshan due to its proximity to a dense semiconductor customer base and manageable operational costs [4] - Kunshan's appeal lies in its ability to attract and retain talent, providing a balance between operational costs and quality of life for employees [4] Business Segments - The company has evolved from a follower to a leader in the semiconductor electroplating sector, achieving international standards in product performance [6] - The company has expanded into the photoresist market, becoming a key player in advanced packaging, with a goal to lead the industry [6][8] - Currently, electroplating accounts for 70% of total revenue, while photoresist contributes approximately 25%, with expectations for balanced growth in the future [6] Competitive Position - The company is one of the few in China capable of providing a complete material solution for advanced packaging, integrating both electroplating and photoresist [7] - The company has achieved significant differentiation in the market, particularly in the photoresist sector, where it competes effectively with international giants [8] Research and Development - The company invests heavily in R&D, with nearly 40% of its workforce dedicated to this area, which is typical for semiconductor material firms [8] - The company has filled domestic technological gaps, such as in the PSPI (photo-sensitive polyimide) sector, establishing a first-mover advantage [9]

证券日报网讯 12月24日，上海合晶在互动平台回答投资者提问时表示，大股东减持信息敬请关注公司 相关进展公告。股价的波动受宏观经济环境、行业发展趋势、资本市场环境等多方面因素影响，公司推 动高质量发展，聚焦经营主业，加速拓展大尺寸12英寸产能建设，为股东创造价值。 （文章来源：证券日报） ...

裵埈範（BAE JUNBOM）先生与公司签有保密及竞业限制相关协议，不存在涉及职务成果、知识产权 等事项的纠纷或潜在纠纷，本次核心技术人员变动不会影响公司知识产权权属的完整性。 截至本公告披露日，裵埈範（BAE JUNBOM）先生正在办理相关工作交接，在此期间公司生产经营、 技术研发等工作均有序推进。本次核心技术人员变动不会对公司的核心竞争力和持续经营能力产生重大 影响。 格隆汇12月24日丨久日新材(688199.SH)公布，公司于2025年12月23日收到公司核心技术人员裵埈範 （BAE JUNBOM）先生递交的辞呈，裵埈範（BAE JUNBOM）先生因个人原因，申请于2025年12月31 日辞去公司半导体化学材料事业部光刻胶品管总监职务。辞去前述职务后，裵埈範（BAE JUNBOM） 先生不再担任公司及子公司任何职务，因此公司不再认定其为公司核心技术人员。 ...

Core Insights - The demand for high bandwidth memory (HBM) driven by AI data centers and processors is continuously boosting the global semiconductor materials market size [1] - HBM requires higher complexity in processing, stacking layers, and packaging technology, leading to a significant increase in semiconductor material consumption [1] - According to TECHCET, the global semiconductor materials market is projected to reach $70 billion by 2025, with a year-on-year growth of 6%, and is expected to exceed $87 billion by 2029 [1] - In mainland China, the semiconductor key materials market is expected to reach 174.08 billion yuan by 2025, with a year-on-year growth of 21.1% [1] - Advanced processes demand higher purity, stability, and consistency of electronic chemicals, indicating a trend towards market concentration among leading companies [1] Industry Overview - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which selects listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials [1] - This index reflects the overall performance of listed companies related to new materials, focusing on sectors with high technological content and growth potential [1] - The industry allocation emphasizes new materials related fields such as chemicals and non-ferrous metals [1]