文章转自2025年12月15日太平洋 化工&新材料 团队报告，分析师： 王亮、 王海涛 报告 正文 投资要点 "据见》，结合近期几家龙头企业的收并购行为，行业集中集中度提升的势头愈加明显。 十，四行五业"收生官产在总即值，从主2015要发年展的目273标亿均元得增到长较到好2024 完成年，的龙416.95 头企业亿的元规，模年优均势增愈长加约明5%显。，根行据业行整业合"加十速四。五我"规国划民以爆及行《业加市快场推规进模民保用持爆平炸稳物较品快行增业长转。型根升据级中实爆施协意数 国属定动民爆行业需求。 资矿内产发投品展资（稳保以健持铜：增、矿长铝山，为开为例采疫）规情等模后民平我爆稳国行+雅经业鲁济主藏的要布稳下江增游项长应目提用、供领三了域峡重运水要行运的稳新支健通撑，道。有、雅利浙鲁于赣藏民粤布爆运江行河项业等目的项、需目三求拉峡持动水续+运向原新好材通。料道2023 价、格年浙下以赣降来粤。，运非水河金利等属、大矿公项产路目品水建（路设以、均磷铁有矿路同石等程、公度萤共的石基进为础展例设，）施有、望的金拉固 外需增长 升出力巨大。 海级步实伐施，意可江见期南》：化中"一工，带、均一易明路普确"力将 ...

以下文章来源于睿知睿见 ，作者睿知睿见 一个好的投资者，其能量一定的积极的，向上的，乐观的！ 别人看着他，就像看着太阳！ 他还能用朴实易懂的语言，传递正确的投资理念！ ↑点击上面图片 加雪球核心交流群 ↑ 睿知睿见 . 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：睿知睿见 来源：雪球 2026年开年 ， 我相信很多人感到了世界有些许不同 ！ 但又说不出是哪里不同 。 两件最典型的事件让2026年显得十分的特别 ， 一个是美国绑架了委内瑞拉总统 ， 另一件是中国日本启动了釜底抽薪的反制 。 中美两国都在清扫自家门户和周边 。 全球秩序重塑将在未来几年展开 ！ 秩序的改变 ， 也会使得资产的价格波动变得非常异常 ， 并且很难用传统经济学来解释 。 这里面就有机会 ， 也暗藏巨大风险 。 01 但现在这种思考框架可能就失效了 。 传统经济学失效 经济学理论是假设所有人都是理性人 。 后来有不少学者反驳 ， 人不可能是绝对理性的 。 然而 ， 当两个超级大国开始斗狠时 ， 经济学所定义的理性将让位 。 经济学的理性主要是基于对效率的理性考虑 。 比如 ， 以前哪里生产成 ...

李乐成说道，这个玻璃瓶能确保光刻胶在运输和保管储藏过程中不受污染、不受影响，结束了中国过去 光刻胶整个行业几乎100%依赖国外的历史，"现在这个产品已经在产线上试用了，反应很好。" 李乐成表示，今年要深入推进的工作包括一定要把高质量科技供给抓上来，要提升企业科技创新的主体 地位，实现科技成果的转化。工业增长要更多依靠"价值创造"和"以质取胜"。传统产业焕新，新兴产业 壮大，集成电路、新材料、航空航天、生物制造、具身智能、6G 等都是重点。 关于如何让科技创新和产业创新深度融合，李乐成表示，构建全国制造业中试服务网络，架好"实验 室"到"生产线"的桥梁。要推进科技成果"先使用后付费"等改革试点、高新技术成果产业化试点等；加 快"找场景"和"造场景"的结合，发挥重点应用场景"连接器"作用，促进创新链产业链无缝对接。 李部长说，虽然今年面临外部环境变化、新旧动能转换等挑战，但这些都是发展中的困难、转型中的问 题，只要我们坚定信心、迎难而上，用创新的思路、改革的办法，把优势条件用足用好，就完全能够推 动中国经济行稳致远、不断发展。 据央视新闻客户端报道，1月12日，工业和信息化部党组书记、部长李乐成在接受采访时称，中 ...

Core Viewpoint - Company currently does not have any products directly used in the photolithography field [1] Group 1 - Company is engaged in investor interactions regarding its product offerings [1]

Core Viewpoint - The article discusses Guangzhou's initiative to enhance the integrated circuit industry by implementing a set of policies aimed at high-quality development during the 14th Five-Year Plan period, focusing on filling gaps in the industry chain and fostering key manufacturing enterprises [1] Group 1: Policy Objectives - The policies aim to address shortcomings in the integrated circuit industry chain by promoting the development of manufacturing lines for materials such as photomasks, photoresists, electronic gases, high-purity targets, and large silicon wafers [1] - The initiative seeks to cultivate leading enterprises in manufacturing equipment for processes like photolithography, etching, ion implantation, deposition, cleaning, and testing [1]

Industry News - The "Lihong No. 1" spacecraft developed by China Aerospace Science and Technology Corporation successfully completed its suborbital flight test at the Jiuquan Satellite Launch Center, marking the first domestic commercial aerospace parachute recovery test at an altitude of 100 kilometers [70] - Following the implementation of the export tax rebate policy last Friday, the battery component production for January and February is expected to be supported, with downstream price increases planned. The expected production of polysilicon in January is 107,800 tons, but some companies may gradually halt production in mid-January, leading to lower production than previously anticipated [70] - E Fund announced that its E Fund Gold ETF will suspend subscriptions from January 16 and resume on January 19 to adjust the pricing for gold spot contracts for subscriptions and redemptions, aiming to protect investor interests and ensure smooth fund operations [70] - The Shandong Provincial Government issued an action plan to promote high-quality development of venture capital, aiming to include more technology companies that break through key core technologies into the national listing financing and merger and acquisition green channel [70] - A collaboration between Tianjin University and Tsinghua University has led to a breakthrough in flexible electronics and intelligent sensing through a new "thermal shrinkage preparation strategy" based on liquid metal circuits and thermoplastic films [70] - The Minister of Industry and Information Technology stated that glass bottles for packaging photoresist are a significant technological breakthrough, ensuring that photoresist remains uncontaminated during transport and storage, ending the industry's near-total reliance on foreign products [71] Company News - Zhite New Materials announced a cumulative increase of 199% in stock price from January 5 to January 12, leading to a suspension for verification [72] - Star Ring Technology stated that it does not engage in commercial aerospace business and is unrelated to Shanghai Star Ring Energy Technology Co., Ltd [73] - Brain-Computer Interface company Strong Brain Technology reportedly submitted a confidential IPO application in Hong Kong [74] - WuXi AppTec released a performance forecast indicating a 103% year-on-year increase in net profit for 2025 [75] - Hengwei Technology announced that it does not involve AI application-related businesses [76]

据央视新闻，工业和信息化部部长李乐成表示，这个装光刻胶的玻璃瓶也是重大的科技攻关内容之 一。它能确保光刻胶在运输和保管储藏过程中不受污染、不受影响，结束了我们过去光刻胶整个行 业几乎100%依赖国外的历史。 现在这个产品已经在产线上试用了，反应很好。 ...

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific materials such as PSPI, epoxy resin, and conductive adhesives are identified as key growth areas, with significant market sizes and growth rates anticipated [8]. Investment Opportunities - The article outlines various advanced packaging materials and their respective market sizes, including: - PSPI: $528 million in 2023, expected to grow significantly [8]. - Conductive adhesives: projected to reach $3 billion by 2026 [8]. - Chip bonding materials: expected to grow from approximately $485 million in 2023 to $684 million by 2029 [8]. - The investment landscape is characterized by a shift towards domestic production, with numerous Chinese companies emerging as competitors to established foreign firms [7][8]. Industry Trends - The article emphasizes the trend of domestic substitution in advanced materials, particularly in sectors heavily reliant on imports from countries like Japan [7][8]. - It highlights the importance of innovation and collaboration among domestic companies to enhance competitiveness in the global market [21]. Strategic Insights - Different investment stages in the new materials industry are discussed, with a focus on the varying risk levels and investment strategies appropriate for each stage, from seed funding to pre-IPO [10]. - The article suggests that the current market conditions present a favorable environment for investment in advanced materials, particularly for companies that can demonstrate strong growth potential and market positioning [10].

①2026年存储设备需求有望强劲增长！长鑫、长存扩产至少达一倍，这几家半导体设备厂商为可提供价值 量最高的刻蚀和薄膜沉积设备；②随着存储芯片结构日趋复杂、层数增加，使得检测设备的质量把控需求 也同步大幅增长，这两家企业为存储后道检测环节提供相关设备；③光刻胶、湿电子化学品等半导体材料 国产化率低，未来具备高国产化趋势，这家企业为国内光刻胶前驱体材料龙头，已成功导入多家海外巨头 客户。 前言 《金牌纪要库》是财联社VIP倾力打造的一款高端会议纪要类产品，结合财联社的媒体资源和行业圈层 优势，为投资者提供全面、深入的市场及行业洞察，以及专业分析和解读。 栏目专注于捕捉投资市场 的最新题材机会，通过一线记者的即时报道、资深编辑的专业整理，以及行业资深专家的深度访谈，为 投资者提供前瞻性、独家性、热门性及专业性的市场分析。 ...

关注半导体设备材料成长机遇 20260110 摘要 全球半导体市场受益于 AI 发展，存储需求扩大，DRAM 与 HBM 需求确 定性高，台积电制程升级推动行业增长，预示周期向上趋势。 Semi 预计全球半导体设备市场规模到 2028/2029 年将增长 40%- 50%，增速显著。A 股设备公司估值低于美股，但国内扩产弹性和国产 替代潜力巨大。 长鑫目前稼动率高，扩产需求明确，未来需新增设备订单，为相关设备 公司提供订单保障，其 IPO 将进一步增强市场信心。 半导体设备行业虽短期估值偏高，但长期处于超级大周期起点，未来订 单增速和增长确定性强，短期泡沫可被长期增长消化。 精测电子头部客户集中度高，受益于头部客户扩产，技术获认可，量检 测领域竞争格局良好，值得重点关注。 材料领域国产替代加速，美系公司虽占优势，但中国企业潜力巨大。日 本在高端材料领域如光刻胶、硅片等市场份额领先，国内企业对日替代 空间广阔。 国内光刻胶企业如鼎龙、上海新阳等取得进展，雅克科技作为存储核心 材料供应商，受益于全球存储大周期和先进制程扩展。 Q&A 近期半导体设备和材料行业表现如何？ 近期，半导体设备和材料行业在 TMT 板块中 ...