Core Viewpoint - The development and demand for precursor materials in the integrated circuit manufacturing sector are rapidly increasing, driven by advancements in technology and the expansion of wafer production capacity [3][4][5]. Group 1: Overview of Precursor Materials - Precursor materials are crucial in the manufacturing of integrated circuits, particularly in thin film deposition processes [3]. - The market for precursor materials in China grew from 2.42 billion yuan in 2019 to 5.44 billion yuan in 2023, with a compound annual growth rate (CAGR) of 22.4%, projected to reach 17.99 billion yuan by 2028, reflecting a CAGR of 27.0% [4]. - Silicon-based precursors are expected to grow from 2.56 billion yuan in 2023 to 7.26 billion yuan by 2028, with a CAGR of 23.2%, while metal-based precursors are projected to increase from approximately 2.69 billion yuan to about 10.34 billion yuan, with a CAGR of 30.9% [4]. Group 2: Applications in Logic and Memory Chips - Logic chips are utilizing advanced technologies such as multi-patterning and FinFET, which increase the demand for various precursor materials [5]. - In memory chips, DRAM and 3D NAND technologies are also driving the need for higher quality precursor materials, particularly High-K precursors, to enhance performance and reduce defects [6][8]. - The use of High-K precursor materials can reduce leakage current density by approximately tenfold, significantly improving power consumption and performance [8]. Group 3: Market Trends and Future Projections - The demand for precursor materials is expected to continue growing as integrated circuit technology nodes shrink, leading to more complex structures and increased material requirements [3][6]. - The market for High-K precursor materials is anticipated to expand as they provide better performance metrics compared to traditional materials, particularly in advanced semiconductor processes [8].

Core Insights - C Hengkun (688727) experienced a significant increase of 310.61% on its first trading day, with a turnover rate of 81.36% and a transaction volume of 2.27 billion yuan [2] - The stock attracted a net inflow of 899 million yuan from major funds on its debut, with large orders contributing 645 million yuan and big orders adding 255 million yuan [3] Company Overview - The company specializes in the research, production, and sales of photolithography materials and precursor materials [3] Financing and Trading Details - On its first trading day, the stock had a financing purchase amount of 157 million yuan, accounting for 6.93% of the total trading volume, with a latest financing balance of 139 million yuan, representing 4.50% of the circulating market value [2][3] - The stock's first-day financing balance was 139.14 million yuan, with no short selling balance recorded [3]

Group 1 - N Hengkun (688727) was listed today, opening with a rise of 286.92%, and closing with an increase of 310.61%, with a total trading volume of 40.88 million shares and a turnover of 2.27 billion yuan, resulting in a turnover rate of 81.36% [1][2] - The company specializes in the research, production, and sales of photolithography materials and precursor materials [2] - The total issuance amount for the company was 67.40 million shares, with an online issuance volume of 16.19 million shares, an issuance price of 14.99 yuan per share, and an issuance price-to-earnings ratio of 71.42, compared to the industry average of 60.47 [2] Group 2 - The final online subscription rate for the company's shares was 0.02873717% [2] - The first-day performance of newly listed stocks included N Hengkun with a closing price of 61.55 yuan, N Beikuan with a closing price of 26.50 yuan, and N Nanguan with a closing price of 18.48 yuan, with respective closing increases of 310.61%, 295.52%, and 224.78% [2]