Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Photomasks are essential for the manufacturing of integrated circuits, serving as the critical graphic blueprint that connects IC design and manufacturing [6][10] - The global photomask market is expected to reach approximately $9.528 billion in 2023, representing a significant growth trajectory [28][31] - The photomask industry is characterized by high capital and technology intensity, with advanced process nodes driving continuous iterations and value increases [19][60] Summary by Sections Photomask: The Blueprint for Integrated Circuit Manufacturing - Photomasks are high-precision tools used in the manufacturing processes of LCDs and semiconductors, crucial for the mass production of electronic components [10][11] - The photomask industry is divided into various applications, including TFT-LCD, AMOLED, and semiconductor ICs [13] Blank Masks: The Core of Photomasks - Blank masks are critical materials in semiconductor photolithography, requiring high purity and low defect rates [39][55] - The evolution of blank masks has been driven by advancements in process nodes, with new types being introduced to meet the demands of smaller feature sizes [44][60] Major Companies in the Industry - Longtu Photomask is one of the few domestic manufacturers with independent design and manufacturing capabilities, focusing on semiconductor, display, and PCB applications [68] - Qingyi Optoelectronics is recognized as one of the largest photomask manufacturers in China, with a continuous increase in revenue and profitability [71]