2025年初，韩国三星电子、SK海力士等半导体巨头收到了一份令人咋舌的涨价通知。 来自日本、韩国的几家主要供应商宣布，从明年开始，用于芯片制造 的关键气体六氟化钨，供应价格将最高上调90%。 这意味着，生产一颗高端芯片的成本将大幅增加。 更让巨头们头疼的是，他们似乎没有太多讨价还价的余地，只能被动接受。 一场由原材料引发的风暴， 正悄然席卷全球半导体产业链。 这一切的源头，指向了一种古老的金属，钨。 截至2025年9月初，中国国内的钨矿价格比年初暴涨约95%，达到每吨28万元人民币。 作为六氟化钨直接原料的APT价格，涨幅也超过90%。 这种在五个月 内价格就翻倍的疯狂走势，在矿业史上也属罕见。 你手机、电脑里最核心的芯片，正面临一场突如其來的"粮食危机"。 这场危机的导火索，是一种你可能从未听说过的化学物质，六氟化钨。 | 厦门钨业 | 35.15 | 1.80% | 546.212 | | --- | --- | --- | --- | | SH.600549 | | | | | 章源钨业 | 13.33 | 1.76% | 159.3亿 | | SZ.002378 | | | | | 广晟有色 | 55 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 44.03 CNY, maintaining the rating [5][10]. Core Insights - The company reported a revenue of 2.698 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 11.23%. The net profit attributable to shareholders was 519 million CNY, up 38.02% year-on-year [1]. - The semiconductor business has shown strong growth, with revenue increasing by 41% to 1.534 billion CNY, accounting for 57% of total revenue [2]. - CMP polishing pads achieved record revenue of 795 million CNY for the first three quarters, a 52% increase year-on-year [3]. - The company is progressing well in the industrialization of photoresists, with a production line expected to begin trial operations in Q4 2025 [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 967 million CNY, a year-on-year increase of 6.57%, and a net profit of 208 million CNY, up 31.48% year-on-year [1]. - The overall gross margin for the reporting period was 50.82%, an increase of 4.37 percentage points year-on-year [2]. Business Segments - CMP polishing pads generated revenue of 3.2 billion CNY in Q3, a 25% increase quarter-on-quarter and a 42% increase year-on-year [3]. - The semiconductor display materials segment reported revenue of 413 million CNY for the first three quarters, a 47% increase year-on-year [4]. Future Projections - Revenue projections for 2025-2027 are 3.965 billion CNY, 4.734 billion CNY, and 5.624 billion CNY, respectively, with net profits expected to be 731 million CNY, 1 billion CNY, and 1.227 billion CNY [10][11].

格隆汇10月29日丨立昂微(605358.SH)公布2025年第三季度报告，营业收入为9.74亿元，同比上升 19.09%；归属于上市公司股东的净利润为1906.47万元，同比上升52.34%；归属于上市公司股东的扣除 非经常性损益的净利润为-1494.93万元。 ...

格隆汇10月29日丨立昂微(605358.SH)公布2025年第三季度报告，营业收入为9.74亿元，同比上升 19.09%；归属于上市公司股东的净利润为1906.47万元，同比上升52.34%；归属于上市公司股东的扣除 非经常性损益的净利润为-1494.93万元。 ...

立昂微公告，第三季度营收为9.74亿元，同比增长19.09%；净利润为1906.47万元，同比增长52.34%。 前三季度营收为26.4亿元，同比增长15.94%；净利润亏损1.08亿元。 ...

10月29日晚，万业企业(600641)发布2025年第三季度报告。报告显示，2025年前三季度，公司实现营业 收入10.69亿元，同比增长247.43%；其中第三季度单季营收3.7亿元，同比增长246.8%，延续上半年高 速增长态势。 值得注意的是，万业企业已完成中文全称工商变更登记，正式更名为"上海先导基电科技股份有限公 司"，证券简称将按程序向上海证券交易所申请变更为"先导基电"，具体以交易所审批及公司公告为 准。此次更名背后，是在半导体产业变革与自主可控战略深入推进的背景下，公司持续深化"半导体装 备+新材料+零部件"多轮驱动发展定位，全力投身国家战略性新兴产业主战场。 2025年起，万业企业材料与设备领域的协同效应持续释放，合计收入占比近九成，已成为营收增长的核 心动力。其中，铋材料业务实现跨越式发展，上半年已贡献收入5.25亿元，占公司整体营收比重达 75.14%，该板块第三季度继续保持高速增长。依托控股股东先导科技集团在铋、铟等金属提纯技术的 领先优势，公司旗下安徽万导在铋化合物材料研发生产的关键工艺上构建起核心竞争力，形成从原材料 到高端应用材料的多元产品矩阵，产品广泛应用于MicroTEC制 ...

Core Insights - Lithography technology is a key driver for the continuous miniaturization of integrated circuit chip manufacturing processes [1] - A research team led by Professor Peng Hailin from Peking University has utilized cryo-electron tomography to analyze the microscopic three-dimensional structure and entanglement behavior of photoresist molecules in a liquid phase, leading to a significant reduction in lithography defects [1] - The findings were published in the journal Nature Communications, highlighting the importance of this research in advancing semiconductor manufacturing [1] Summary by Sections - **Lithography Process**: The development of photoresist is crucial for the lithography process, where the developer dissolves the exposed areas of the photoresist to accurately transfer circuit patterns onto silicon wafers [1] - **Challenges in the Industry**: The microscopic behavior of photoresist in the developer has been a "black box," limiting process optimization to trial and error, which has been a bottleneck for improving yield in advanced processes below 7nm [1] - **Innovative Techniques**: The research team introduced cryo-electron tomography to the semiconductor field, achieving a three-dimensional "panoramic photo" with a resolution better than 5nm, overcoming traditional observational limitations [1] - **Implications for Semiconductor Manufacturing**: Understanding the structure and microscopic behavior of polymers in liquid can enhance defect control and yield improvement in critical processes such as lithography, etching, and wet cleaning [1]

格隆汇10月29日丨中泰股份(300435.SZ)在投资者互动平台表示，公司参股公司会向相关半导体公司提 供电子特气，客户由参股公司开拓并发展。 ...

Group 1 - The core viewpoint is that the chemical industry is expected to experience a recovery in profitability due to macroeconomic improvements and supply-side policy advancements, with a focus on sectors like phosphate chemicals, potassium fertilizers, pesticides, MDI, titanium dioxide, and lithium battery materials [1] - The macroeconomic environment has shown steady recovery since 2025, with expectations for CPI to return to positive territory by Q4 2025 and a gradual narrowing of PPI's year-on-year decline, indicating a bottoming out phase for the chemical industry [1] - The chemical industry's capital expenditure is currently contracting, and the pace of new capacity additions is slowing, which is beneficial for improving supply-demand relationships [1] Group 2 - The chemical industry's PB valuation is at historical lows, suggesting significant upside potential, while PE valuation reflects market pricing in future recovery [2] - The agricultural chemicals sector is performing relatively well, with high prices for phosphate and potassium fertilizers, and the pesticide industry entering a recovery phase [2] - The lithium battery materials sector is seeing improved profitability trends due to strong end-demand and orderly expansion by leading companies [2] Group 3 - Emerging applications in AI, OLED, and robotics are driving strong growth in the chemical new materials sector, with significant demand for key materials like photoresists and electronic chemicals [3] - The OLED market is experiencing rapid growth, with domestic panel manufacturers increasing their market share and the scale of organic materials expanding [3] - The robotics industry is creating new demand for high-performance materials such as PEEK and MXD6, which are characterized by lightweight, high strength, and high-temperature resistance [3]

10月29日，据国泰海通证券旗下私募股权投资平台"国泰海通私募股权投资"消息，近日，安徽禾臣新材 料有限公司完成过亿元B轮融资，由国泰君安创新投资与中车国创基金联合领投，金圆资本、派维投资 等产业方共同投资，资金将主要用于8.6代空白掩模版（Blank Mask，光掩模版基板）与半导体先进制 程抛光垫产能扩充，同时加大与战略客户研发配套投入，以满足市场需求。 ...