由于AI产业进入规模扩张阶段，以及相应基础设施的扩容，全球半导体销售额进一步增长，半导体行业景 气持续提升。根据SIA数据，2025年全球半导体销售额约为7678亿美元，同比增长24.3%；中国大陆半导 体销售额约为2112亿美元，同比增长15.4%。与此同时，伴随着全球晶圆产能的持续扩张以及先进制程产 能占比的提升，半导体材料的消耗量及品质要求也同步提高。根据CEMIA测算，2025年中国大陆集成电路 领域湿电子化学品需求量将达154.3万吨，同比增长23.1%。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 深耕湿电子化学品领域，国产替代加速的行业领先者 兴福电子成立于2008年11月，并于2025年1月于上交所科创板上市。经过十余年的持续投入、技术积累和 市场开拓， ...

2026 年 3 月 6 日 公司研究 ——兴福电子（688545.SH）投资价值分析报告 要点 深耕湿电子化学品领域，国产替代加速的行业领先者。兴福电子成立于 2008 年 11 月，并于 2025 年 1 月于上交所科创板上市。经过十余年的持续投入、技术 积累和市场开拓，公司成功开发和量产了 SEMI C36-1121 最高等级 G3 等级的电 子级磷酸、SEMI 通用标准最高等级 G5 等级的电子级硫酸和电子级双氧水以及 蚀刻液、清洗剂、显影液、剥膜液、再生剂 5 大类功能湿电子化学品产品。公司 相关产品可应用于 28 nm 及以下先进制程，并已经通过中芯国际、长江存储、 长鑫存储、华虹集团、台积电、SK 海力士等境内外知名集成电路厂商认证。 AI 产业驱动半导体景气复苏，材料需求提升有利于国产化推进。由于 AI 产业进 入规模扩张阶段，以及相应基础设施的扩容，全球半导体销售额进一步增长，半 导体行业景气持续提升。根据 SIA 数据，2025 年全球半导体销售额约为 7678 亿美元，同比增长 24.3%；中国大陆半导体销售额约为 2112 亿美元，同比增长 15.4%。与此同时，伴随着全球晶圆产能的持 ...

Core Viewpoint - The acquisition of proprietary technology for photoinitiators by Hubei Xingfu Electronics marks a significant step in overcoming a critical technological bottleneck in the semiconductor industry, facilitating the transition from laboratory innovations to market applications [1][2][3] Group 1: Technological Breakthroughs - Hubei Xingfu Electronics acquired the proprietary technology for photoinitiators for 46.2678 million yuan, addressing a long-standing dependency on foreign suppliers in the semiconductor manufacturing sector [1][2] - The breakthrough in photoinitiators is expected to enhance China's autonomy and security in mature process chips, display manufacturing, and the electric vehicle sector [3] - A related innovation in black phosphorus has transformed the value of phosphorus resources, increasing the price from approximately 800 yuan per ton to about 5000 yuan per gram [3] Group 2: Innovation Ecosystem - Yichang is building a "tropical rainforest" innovation ecosystem, leveraging leading enterprises to foster a collaborative environment among businesses of all sizes [4] - The establishment of a closed-loop recycling industry park by Bangpu Recycling Technology Co., Ltd. exemplifies the effective clustering of industries, enhancing the efficiency of the new energy battery materials sector [4] - The new energy materials industrial park developed by Yihua Group aims to integrate various chemical elements and raw materials, promoting a transition to high-end, intelligent, and green chemical industries [5] Group 3: Industrial Transformation - The transformation of traditional industries is evident, with Xingfa Group investing over 10 billion yuan in fine phosphorus chemicals, shifting focus towards high-value, high-tech materials [7] - Yichang is strategically positioning itself as a hub for big data and computing power, aiming to become a significant player in the digital economy [7] - The city is advancing new industrialization, with a focus on green chemicals, new energy, and health industries, leading to a substantial increase in the contribution of fine chemicals to the GDP [6][7] Group 4: Government Support - The local government plays a crucial role in fostering innovation by assembling task forces to support key research and development projects, facilitating the introduction of essential talent and resources [5] - Yichang's commitment to high-quality development emphasizes enhancing productivity and expanding domestic demand while integrating existing industries with new technological advancements [8]

Core Viewpoint - The acquisition of proprietary technology for the preparation of photoinitiators used in photoresists by Hubei Xingfu Electronics marks a significant step towards overcoming a critical technological bottleneck in the semiconductor industry, facilitating the transition from laboratory innovations to market applications [1][2][3]. Group 1: Technology Breakthroughs - Hubei Xingfu Electronics acquired the proprietary technology for photoinitiators for 46.27 million yuan, addressing a long-standing dependency on foreign suppliers in the semiconductor manufacturing sector [1][2]. - The project led by Hubei Sanxia Laboratory achieved key performance metrics equivalent to those of foreign manufacturers, with a successful transfer of technology to Hubei Xingfu Electronics [2]. - The laboratory is also working on a black phosphorus project that transforms 800 yuan per ton of phosphorus ore into black phosphorus crystals valued at approximately 5,000 yuan per gram, showcasing significant advancements in material value [3]. Group 2: Innovation Ecosystem - Yichang is building a "tropical rainforest" innovation ecosystem, leveraging leading enterprises to foster a collaborative environment among businesses of various sizes [4][5]. - The establishment of a closed-loop recycling industry park by Bangpu Recycling Technology Co., Ltd. exemplifies the effective clustering of industries, enhancing the overall efficiency of the new energy battery materials sector [4]. - The government plays a crucial role in supporting this ecosystem by facilitating the introduction of key personnel and resources to accelerate technological advancements and industrial growth [5]. Group 3: Industrial Transformation - Traditional industries are undergoing significant transformations, with companies like Xingfa Group investing over 10 billion yuan to enhance their value chains and pivot towards high-tech, green chemical materials [6]. - Yichang is strategically positioning itself in the data economy and computing power sectors, aiming to become a prominent hub for artificial intelligence and related industries [6]. - The city is witnessing a substantial increase in high-tech enterprises, with the number of high-tech companies projected to reach 2,000 and technology-based SMEs to 4,000 by the end of the 14th Five-Year Plan [5][6]. Group 4: Future Development Strategies - Yichang's leadership emphasizes the importance of high-quality development, focusing on enhancing productivity and expanding domestic demand while integrating new technologies into existing industries [7]. - The city aims to achieve seamless integration of technological innovation with industrial upgrades, ensuring a competitive edge in future high-quality development [7].

Core Viewpoint - The acquisition of proprietary technology for photoinitiators by Hubei Xingfu Electronics marks a significant step in overcoming a critical technological bottleneck in the semiconductor industry, facilitating the transition from laboratory innovations to market applications [1][2][3] Group 1: Technology Breakthroughs - Hubei Xingfu Electronics acquired the proprietary technology for photoinitiators for 46.27 million yuan, addressing a long-standing dependency on foreign suppliers in the semiconductor manufacturing sector [1][2] - The project led by Hubei Sanxia Laboratory achieved key performance metrics equivalent to those of foreign manufacturers, with a successful transfer of technology to Hubei Xingfu Electronics [2] - Another innovation from the same laboratory involves converting one ton of phosphorus ore, valued at approximately 800 yuan, into black phosphorus crystals worth about 5,000 yuan per gram, showcasing significant advancements in material value [3] Group 2: Innovation Ecosystem - Yichang is building a "tropical rainforest" innovation ecosystem, leveraging leading enterprises to foster a collaborative environment among businesses of various sizes [4][5] - The establishment of a closed-loop recycling industry park by Bangpu Recycling Technology Co., Ltd. exemplifies the effective integration of supply chains from raw materials to battery recycling, enhancing the local industrial cluster [4] - The government plays a supportive role in this ecosystem, facilitating the introduction of key personnel and resources to accelerate technological advancements and industrial growth [5] Group 3: Industrial Transformation - Traditional industries in Yichang are undergoing significant transformation, with companies like Xingfa Group investing over 10 billion yuan to enhance their value chains and pivot towards high-tech materials [6] - Yichang is strategically positioning itself as a hub for data and computing industries, aiming to become a "computing power capital" to support future technological developments [6] - The city is focused on promoting new industrialization, with a notable increase in the contribution of fine chemicals to the economy, rising from 18.6% to 47.8% of the industrial output [6] Group 4: Future Development Strategies - Yichang's leadership emphasizes high-quality development, aiming to enhance productivity and optimize supply chains while integrating new technologies into existing industries [7] - The city’s journey from addressing critical technological challenges to establishing a robust industrial ecosystem illustrates the importance of aligning technological innovation with industrial upgrades for sustainable growth [7]

Core Viewpoint - The acquisition of proprietary technology for the preparation of photoinitiators used in photoresists by Hubei Xingfu Electronics for 46.2678 million yuan marks a significant advancement in domestic chip manufacturing capabilities, reducing reliance on imports and potentially lowering production costs by 30% [1][1][1] Group 1: Acquisition Details - Hubei Xingfu Electronics has acquired the proprietary technology and experimental equipment for photoinitiators used in G/I line photoresists from Hubei Three Gorges Laboratory for 46.2678 million yuan [1] - The technology is crucial for determining the sensitivity and resolution of photoresists, which are essential in the chip manufacturing process [1][1] Group 2: Industry Context - The domestic production of photoinitiators has faced challenges due to import restrictions and supply shortages, impacting several local photoresist manufacturers [1] - The project has been in development for three years and is now ready for industrialization, indicating a successful transition from research to practical application [1][1] Group 3: Future Implications - The technology is aimed at serving the domestic mature process, chip manufacturing, and panel manufacturing industries, particularly in the rapidly growing electric vehicle sector [1] - The highest localization rate of the product's formula in the domestic market is highlighted, which is expected to enhance competitiveness and reduce costs for local manufacturers [1][1]

Core Viewpoint - Yichang has successfully transformed its chemical industry by completing the "close, transform, move, and shift" initiative for 134 chemical enterprises along the Yangtze River, addressing the "chemical encirclement of the river" issue and achieving industrial upgrading [1][3]. Group 1: Environmental Protection and Industrial Transformation - Yichang, located at the junction of the upper and middle reaches of the Yangtze River, faced challenges due to its proximity to the river and a concentration of chemical enterprises, leading to environmental concerns [3]. - The city has adopted the principle of "coordinated major protection, not major development," leading to the closure and transformation of chemical enterprises to mitigate environmental impacts [3][5]. - The economic growth rate of Yichang had previously ranked at the bottom among cities in Hubei province during the transition period [3]. Group 2: Strategic Development and Innovation - Since 2016, Yichang has shifted its chemical industry focus towards high-end, refined, circular, and green development, moving from "scale expansion" to "structural upgrading" and from "factor-driven" to "innovation-driven" growth [5]. - Companies like Xingfa Group and San Ning Chemical have closed production lines near the Yangtze River and implemented technological innovations, advancing into new energy, optoelectronic information, and new materials sectors [5]. - Major scientific research platforms such as the Hubei Three Gorges Laboratory and Hubei Science and Technology Innovation College have achieved globally leading and domestically pioneering research results, playing a crucial role in the industrial transformation [5]. Group 3: Economic Performance and Future Projections - By 2025, the proportion of fine chemicals in Yichang's chemical industry is expected to reach 47.8%, with a complete industrial chain for new energy batteries established [7]. - Yichang has developed new leading industries in modern chemical new materials, life health, new energy, high-end equipment, and big data, with a projected GDP of over 619.1 billion yuan in 2024 and an expected growth rate of around 6.5% in 2025 [7].

Market Performance - The Shanghai Composite Index rose by 1.09% to close at 4165.29 points, while the Shenzhen Component Index increased by 1.75% to 14366.91 points, and the ChiNext Index gained 1.82% to 3388.34 points [1] - The overnight performance of U.S. markets showed the Dow Jones Industrial Average up by 0.17%, the Nasdaq Composite up by 0.26%, and the S&P 500 up by 0.16% [1] - The Philadelphia Semiconductor Index increased by 0.47%, with mixed performances from individual semiconductor stocks such as NXP Semiconductors down by 1.17% and Micron Technology up by 0.23% [1] Industry Insights - Hubei Sanxia Laboratory's significant technological achievement in the preparation of photoinitiators for photoresists was acquired by Hubei Xingfu Electronics for 46.27 million yuan, which is expected to alleviate a critical issue in China's chip manufacturing sector [2] - Micron's VP Christopher Moore indicated that the current storage shortage is unlikely to ease before 2028 due to the complexities of wafer fab expansions and certification processes [2] - A report from brokerages highlighted that the semiconductor industry is experiencing a strong recovery driven by AI computing power, with the A-share electronics sector up by 33.5% year-to-date, ranking fifth among Shenwan's primary industries [2] - The semiconductor industry saw revenue and net profit growth rates of 14.0% and 49.2% year-on-year, respectively, in the first three quarters of 2025, solidifying the foundation for recovery [2] - Looking ahead to 2026, the industry is expected to benefit from the deepening of domestic substitution and the penetration of AI into end-user scenarios, presenting structural opportunities in AI computing power, terminal innovation, and semiconductor equipment materials [2] Related ETFs - The Sci-Tech Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (60%) and materials (25%) [3] - The Semiconductor Equipment ETF Huaxia (562590) also emphasizes semiconductor equipment (63%) and materials (24%), benefiting from the domestic substitution trend and advancements in photolithography technology [3]

Group 1 - Hubei Xingfu Electronics acquired proprietary technology and experimental equipment for the preparation of photoinitiators used in G/I line photoresists for 46.27 million yuan, aiming to break the long-standing foreign monopoly in the semiconductor field [1] - The photoinitiator technology is crucial for chip and display manufacturing, with over 95% of the domestic demand currently relying on imports from the US, Japan, and South Korea [1] - The project was initiated in response to market demand, with Hubei Sanxia Laboratory focusing on research in microelectronic materials, addressing the supply chain pressures faced by domestic semiconductor manufacturers [1][2] Group 2 - Hubei Xingfu Electronics aims to enter the photoinitiator industry but faces significant R&D risks, prompting collaboration with Hubei Sanxia Laboratory to develop the necessary technology [2] - After three years of R&D, the technology has reached a level comparable to foreign imports, with initial samples passing verification from multiple photoresist companies [2] - The project is in the early stages of industrialization and will establish Hubei's first production line for photoinitiators, contributing positively to the domestic photoresist industry [2][3] Group 3 - The industrialization project will create a complete supply chain from upstream materials to downstream chip manufacturing, enhancing the application of research outcomes [3] - Once operational, the domestic market share of G/I line photoresists is expected to reach over 50%, supporting the development of a trillion-level optoelectronic information industry cluster in Hubei [3]

Core Insights - Hubei Xingfu Electronics has acquired the proprietary technology and experimental equipment for the preparation of photoinitiators used in photoresists from Hubei Three Gorges Laboratory for 46.2678 million yuan, aiming to break the long-standing foreign monopoly in this semiconductor material market [1] - The key technology transferred is crucial for chip and display fields, as photoinitiators significantly affect the sensitivity and resolution of photoresists, which are essential in chip manufacturing [1] - The project was driven by market demand, with domestic semiconductor clients facing supply pressures due to import restrictions on photoinitiators, prompting the laboratory to focus on this critical technology [1] Industry Development - After three years of R&D, a leading photoresist company in Shanghai confirmed that the samples from the Three Gorges Laboratory met the same standards as foreign imports, indicating readiness for industrialization [2] - The technology has entered the pre-industrialization phase, and once production begins, it will establish the first production line for photoinitiators used in photoresists in Hubei, positively impacting China's photoresist industry development [2]