智通财经APP获悉，兴业证券发布研报称，当前化工行业仍处底部区间：价格价差角度来看，当前多数 化工品价格、价差均仍在磨底;需求端，国家高度重视经济，静待政策加码巩固经济企稳回升态势，而 海外则在美国关税政策影响下存不确定性;供给端，海外现有产能开工率弹性有限，资本开支放缓且多 投向特种化学品;国内在建产能逐步释放，供给增速显著放缓。综合来看，行业底部运行，该行建议主 要聚焦于具有相对确定性的化工领域：1)具备核心竞争优势的龙头白马;2)需求刚性的农化，以及受益西 部开发的民爆行业;3)化工新材料的国产替代机会;4)价格见底后部分产品涨价机遇。 外部环境波动背景下，刚需/内需相关的化工子行业确定性凸显 兴业证券主要观点如下： (1)农化行业需求刚性，随粮食种植面积稳步增长，复合肥进入量、利修复通道，龙头集中度提升的中 长期逻辑持续兑现;海外农药库存去化，细分品类农药价格有望触底反弹。建议关注：新洋丰、史丹 利、扬农化工等。 坚守白马长期价值，化工核心资产有望迎来盈利与估值修复 (2)民爆行业由内需驱动，新疆、西藏等地增量需求旺盛，而供给端严约束集中度不断提升，行业龙头 有望充分受益。建议关注：广东宏大、易普力、 ...

重要会议： 2025势银（第五届）光刻材料产业大会（ 7月8日-10日，安徽·合肥） 点此报名 添加文末微信，加 光刻胶 群 光刻胶产业作为高技术材料领域的关键组成部分，其核心业务涵盖研发、生产及销售全链条。2025 年，全球光刻胶市场规模预计突破150亿美元，中国市场占比提升至35%。然而，在高端半导体光 刻胶领域（如ArF、EUV），日本JSR、东京应化等企业占据85%以上的市场份额，国内该领域的 国产化率不足5%，形成显著的技术与市场垄断格局。 目前光刻胶产业进步是围绕下游需求展开，一方面下游厂商制造工艺进步倒逼光刻胶与原材料配套 进行技术迭代，另一方面下游厂商国产替代与扩产规划同步带来光刻胶厂商替换与增量市场机会。 从产业链来看，光刻胶产业链上游为树脂、单体、光敏剂、溶剂等光刻胶原材料；中游为基于配方 的光刻胶生产合成，下游为印刷电路板、液晶显示屏和IC芯片，广泛应用于消费电子、家用电器、 汽车电子等行业。 | 九刻胶成刀 X 百天白里 | | 男 親 | | --- | --- | --- | | 光刻胶成分 | 含量品比 | 主要作用 | | 溶剂 | 50%-90% | 由于光引发剂和添加剂都是 ...

Core Insights - The overall performance of listed companies in 2024 showed resilience, with a total revenue of 1.71 trillion yuan, a year-on-year increase of 0.88%, and a net profit of 65.58 billion yuan [1] - Nearly half of the listed companies reported net profit growth, with over 20% achieving growth rates exceeding 50% [1] - The average debt financing cost for listed companies decreased from 4.24% to 3.99%, indicating a reduction in financing costs for small and medium-sized enterprises [2] Group 1: Company Performance - As of April 30, 2025, 5,844 listed companies disclosed their annual reports, with significant contributions from companies with net profits exceeding 50 million yuan, accounting for 60% of total profits [1] - In 2024, the average revenue growth rate for private enterprises was 3.15%, surpassing the market average [1] - In the first quarter of 2025, 78 listed companies reported a total revenue of 893.9 million yuan, with 45 companies experiencing revenue growth [1][2] Group 2: Industry Trends - The consumer goods, automotive, and entertainment sectors showed overall positive performance, with the automotive industry experiencing a net profit compound growth rate of 44% over the past two years [2] - The entertainment industry benefited from digital consumption transformation, achieving a net profit growth of 35.11% in 2024 [2] - The transportation sector saw a significant net profit increase of 67.15% in 2024, driven by enhanced consumer travel willingness [2] Group 3: R&D and Innovation - Total R&D investment by listed companies reached 61.016 billion yuan in 2024, maintaining growth for three consecutive years, with an average R&D intensity of 3.57% [4] - More than 30% of listed companies invested over 10 million yuan in R&D, and nearly 20% had an R&D intensity exceeding 10% [4] - The number of national-level specialized and innovative "little giant" enterprises on the New Third Board reached 1,119, accounting for 7.65% of the total [4] Group 4: Market Dynamics - The Beijing Stock Exchange has seen a continuous increase in the number of newly listed companies, with 1,058 added in the past three years [5] - Newly listed companies in 2024 had average revenues and net profits 2.15 times and 5.24 times higher than the overall market, respectively [5] - The total scale of mergers and acquisitions among listed companies reached 8.479 billion yuan in 2024, a year-on-year increase of 34.33% [5]

特朗普宣布对所有贸易伙伴征收10%的"基准关税"，该关税于美国东部时间4月5日凌晨0时01分生效。此外，特 朗普对与美国贸易逆差最大的国家和地区征收不同的、更高的"对等关税"，该关税于美国东部时间4月9日凌晨0 时01分生效。根据美国白宫在社交媒体上发布的税率表，新关税政策覆盖185个国家和地区。在主要贸易逆差国 家和地区中，中国大陆面临34%的新税率。 据环球时报报道，美国选择不多。政府试图获取其他关键矿产所采取的一些策略——这些做法无法营造出那种为 促成国际合作以找到中国供应替代品所需的友好氛围。在这种情形下，美政府的关税措施似乎特别适得其反。眼 下紧迫的问题是，在那之前该如何应对。考虑到当前的情况，对中国挑起贸易战、排除合作与共存的可能性，不 是一个明智之举。单从稀土和磁体这方面来说，就足以促使白宫缓和与中国的敌对关系，并立即开启对话。 这一次，中国通过稀土管制，可以抬高美国车企获取永磁电机的成本，削弱其电动车成本竞争力。据市场调研机 构Benchmark Mineral Intelligence测算，此举可能使美国电动车电池成本增加5-8%。通过管制，还可以倒逼海外 企业将稀土加工环节转移至中国境内， ...

[Table_Info1] 八亿时空(688181) 电子 [Table_Title] 证券研究报告 / 公司点评报告 Q1 业绩同环比显著改善，光刻胶树脂放量在即 --- 2024 年年报&2025 年一季报点评 [Table_Summary] 事件：据公司公告，2024 年公司实现营收 7.37 亿元，同比-7.77%，归母 净利润 0.77 亿元，同比-28.27%，扣非归母净利润 0.62 亿元，同比-32.29%。 2025Q1，公司实现营收 2.14 亿元，同比+19.21%，环比+13.39%，归母净 利润 0.24 亿元，同比+25.25%，环比+60.59%，扣非归母净利润 0.23 亿 元，同比+26.69%，环比+728.97%。 点评 2025 年全球面板行业有望稳步增长，公司 Q1 业绩同环比显著改善 2024 年全球面板行业呈现复苏回暖态势，在新产能释放与技术创新的双 重驱动下，预计 2025 年将延续稳步增长。出货方面，根据 CINNO Research 数据，2024 年全球面板出货面积同比增长 7.6%，预计 2025 年全球面板 出货面积将同比增长 4.2%。产能方面，根据 ...

Market Overview - The market is currently experiencing a rotational trend with daily fluctuations controlled within 20 points, indicating a stable yet cautious environment [1][3] - The index has entered a protective state, with a focus on maintaining stability as it approaches the holiday period [3] Investment Strategy - It is advised to maintain a position of 40-50% in the market, with a recommendation to reduce holdings to 30% for profitable positions before the holiday [1] - For stocks that have reached a suitable entry point, particularly in the semiconductor and equipment sectors, there is an opportunity to consider adding to positions, but caution is advised regarding the overall market index [2][3] Sector Focus - The semiconductor and photolithography sectors are highlighted as having performed well recently, although adjustments are still needed before significant investments can be made [2] - Equipment in the semiconductor sector is currently in a profitable state, suggesting a favorable risk-reward ratio for investments [2] Support Levels - The major support level for the market is identified at 3240-3250, with a warning that a breach below 3200 could lead to further declines [3] - The market is expected to remain stable until new external funds enter, which would require positive news or policy changes to stimulate activity [3]

Core Viewpoint - The company reported a revenue of 1.435 billion yuan for 2024, a year-on-year increase of 10.44%, but faced a significant net loss of 180 million yuan, a decline of 1,311.61% compared to the previous year. The company turned profitable in Q1 2025 with a revenue of 370 million yuan, a year-on-year increase of 12.17% and a net profit of 43.5 million yuan [1][2]. Group 1: Financial Performance - In 2024, the company's gross margin was 19.23%, down 4.39 percentage points year-on-year, and the net margin was -13.34%, down 14.12 percentage points year-on-year [2]. - The company incurred a goodwill impairment of 144 million yuan and other asset impairments totaling 24.93 million yuan, reducing profits by 169 million yuan [2]. - In Q1 2025, the gross margin improved to 23.05%, up 1.65 percentage points year-on-year, and the net margin was 14.29%, an increase of 18.35 percentage points year-on-year [2]. Group 2: Product Performance - The high-purity chemicals segment generated revenue of 778 million yuan in 2024, a year-on-year increase of 11.85%, with a sales volume of 252,400 tons, up 16.83% year-on-year [3]. - High-purity sulfuric acid and high-purity hydrogen peroxide achieved record sales volumes in 2024, with high-purity hydrogen peroxide revenue nearing 350 million yuan, a growth of nearly 15% [3]. - The company is one of the few globally that master the technology for G5 grade high-purity chemicals, supplying over 20 major semiconductor manufacturers domestically [3]. Group 3: Business Development - The company's photoresist segment achieved revenue of 198 million yuan in 2024, a year-on-year increase of 27.61%, with a sales volume of 1,388 tons, up 27.93% year-on-year [4]. - The lithium battery materials segment reported revenue of 260 million yuan, a decline of 5.28% year-on-year, despite a sales volume increase of 15.75% [4]. - The company is expanding its NMP production capacity with a new 60,000-ton production line under construction, which is expected to significantly enhance its output [4]. Group 4: Future Outlook - The company anticipates a gradual improvement in its high-purity chemical layout, maintaining a buy rating despite adjusting profit forecasts for 2025-2027, expecting net profits of 76 million, 112 million, and 155 million yuan respectively [5].

| 名标 | 大小 | | --- | --- | | 【中信证券】2025年投资全景图 | 5,363 KB | | 2024-2025年中国并购交易分析报告 | 2.730 KB | | 2024年半年体产业年生产品中 | 14,779 KB | | 2 2025民营企业家座谈会六位代表发言 | 158 KB | | 2 2025政府工作报告 | 715 KB | | 【大摩:中国正在走出迷雾 | 909 KB | | 大摩宏观闭门会议:上调中国GDP增速,中国经济复苏20250324 | 276 KB | | 12 富邦2025年产业投资展望-台湾股市 | 12.036 KB | | [A] 高盛:当下投资何处:全面布局投资(Flood the Zone) | 2.547 KB | | [A] 高盛:中国改变游戏规则【中】+20241005 | 3.795 KB | | [2] 高盛:中国投资机构对宏观经济的六大看法! | 197 KB | | [4] 花旗关税神文:如何赢得贸易战及对抗通胀之战(三篇合集)中英 | 4.165 KB | | 2] 全球半导体价值链中的复杂性与依赖性 | 3,124 KB ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 2025势银光刻材料产业大会 将于 7月8日-10日 在安徽·合肥举办。 添加文末微信，加 光刻胶 群 会议背景 步入 2025年 ， 光刻材料市场呈现出全球竞争日益白热化、技术创新 步伐 加速和技术 保护 壁 垒 攀升 等 特征 。随着全球科技竞争 态势 加剧，特别是半导体芯片产业对高性能、高精度制造 工艺的需求日益增长 。 势银（ TrendBank） 测算 ， 2023年中国大陆显示光刻胶市场达99.42亿元；半导体光刻胶市场 规模为 34.46亿元。同时在未来几年内，随着显示面板大尺寸化以及AI、HPC需求增长；预计中 国大陆光刻胶市场规模未来几年内将保持增长态势。 近年来， 艾森股份计划收购棓诺新材、完成对 INOFINE 80% 股权的收购，加速国际化进程。 产能来看： 威迈芯材位于合肥的量产工厂正式开业； 八亿时空 上海研发中心的KrF用树脂已达 百公斤级量产 ； 鼎龙股份二期 KrF/ArF 晶圆光刻胶量产线建设稳步推进。 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自semiengineering，谢谢。 在 EUV 光刻技术中，尤其是高数值孔径 EUV，平衡分辨率、灵敏度和线宽粗糙度之间的权衡变 得越来越困难。 使用极端紫外线曝光的光刻图案化依赖于抗蚀剂掩模，该掩模可以同时满足小特征分辨率、对 EUV 波长的高灵敏度以及可接受的线宽粗糙度的目标。不幸的是，光掩模和图案化晶圆之间的最 后一步也是最不可预测和最不为人所知的。 模拟可以准确预测给定的照明和光掩模组合将产生的区域图像。然而，一旦该区域图像遇到光刻 胶，情况就会变得更加复杂。光刻胶是许多不同成分的混合物，它们以不同的方式与 EUV 光子相 互作用。任何给定掩模特征的可打印性取决于其附近的光刻胶成分和 EUV 光子的分布。 化学放大光刻胶 评估光刻工艺的三个关键参数——分辨率、线宽粗糙度和灵敏度——定义了光刻师所谓的 RLS 三 角。在化学放大光刻胶 (CAR) 中，改善其中一个参数通常以牺牲其他两个参数为代价。在这些光 刻胶中，入射光子会产生光酸，进而使光刻胶聚合物脱保护。这使其可溶于显影剂。光刻胶聚合物 的尺寸和光酸扩散距离决定了光刻胶的最终分辨率。 同 ...