Core Viewpoint - The Guangzhou Development Zone and Huangpu District have introduced policies to support the high-quality development of the integrated circuit industry, focusing on the localization of key equipment and components [1] Group 1: Policy Measures - The newly released policy encourages the development of high-end semiconductor and sensor manufacturing materials, including photomasks, electronic gases, photoresists, polishing materials, and high-purity targets [1] - The policy aims to steadily enhance the supply capacity of key basic materials by actively attracting domestic key basic material enterprises [1] Group 2: Support for Localization - Continuous research and technological breakthroughs will be conducted around key components and system integration for integrated circuit manufacturing, supporting the localization of equipment such as photolithography, cleaning, etching, ion implantation, and deposition [1] - For newly introduced industrial projects with fixed asset investments exceeding 10 million yuan, companies achieving small-scale upgrades during the policy's validity period will receive support of up to 15% of their equipment and tool investment, with a maximum of 10 million yuan [1]

Industry Overview - The global and domestic wafer production lines have been expanding, creating significant growth opportunities for the semiconductor mask industry [2] - The semiconductor photomask market is highly monopolized by companies from the US and Japan, with self-owned mask factories of wafer manufacturers holding 66% of the market share in 2022 [2] - Key materials required for mask production, such as substrates, photoresists, and optical films, are also dominated by foreign companies [2] Domestic Market Dynamics - In the context of international trade tensions and the reverse globalization of the semiconductor industry, accelerating domestic substitution has become a national strategic priority [3] - Domestic manufacturers have made progress in the mid-to-low-end product market of photomasks and need to enhance R&D capabilities to catch up with overseas competitors [4] Photomask Functionality and Types - Photomasks play a crucial role in microelectronics manufacturing by transferring circuit designs onto substrates or wafers, directly impacting the yield of downstream products [5] - Photomasks can be categorized into quartz masks, soda masks, and other types, with quartz masks widely used in flat panel display and semiconductor manufacturing [5] Industry Chain Analysis - The photomask industry chain consists of upstream supply, midstream manufacturing, and downstream applications, with a wide range of end-use sectors including consumer electronics, home appliances, automotive electronics, and IoT [6] Market Prospects - The photomask manufacturing industry has high entry barriers due to its capital and technology intensity, with equipment prices ranging from tens of millions to over a hundred million [8] - The global photomask market has been growing steadily, reaching $5.2 billion in 2022, while the Chinese market is also expanding, with a projected market size of 12.436 billion yuan in 2023 [8] Domestic Substitution Potential - There is significant potential for domestic substitution in the semiconductor materials sector, with the import value of integrated circuit products in China reaching $154.61 billion in the first half of 2020 [11] - The domestic photomask market is expected to approach 10 billion yuan in the flat panel sector over the next 3-5 years, with a current domestic substitution rate of about 20% [11] Listed Companies in Photomask Sector - Qingyi Optoelectronics (688138) is one of the earliest and largest domestic photomask manufacturers, focusing on R&D, design, production, and sales [12] - Luvi Optoelectronics (688401) has developed into the only domestic photomask company capable of covering all generations from G2.5 to G11, providing comprehensive services for flat panel manufacturers [15] - Longtu Photomask (688721) is a rare independent third-party semiconductor photomask manufacturer, focusing on technology development and product iteration for specialty process semiconductors [17]

Core Insights - The article discusses the critical challenges faced by photomasks in the development of lithography technology, particularly as the industry transitions to EUV (Extreme Ultraviolet) and beyond, highlighting the high costs associated with photomask manufacturing and maintenance [1][2][3]. Group 1: EUV and Non-EUV Challenges - The primary challenge for EUV is the high cost of manufacturing, maintaining, and replacing masks, which significantly impacts the overall production costs [1][3]. - Non-EUV applications are also facing similar challenges, as companies aim to stay competitive while managing costs associated with advanced photomask technologies [2][3]. - The lifespan of EUV photomasks is notably shorter compared to DUV (Deep Ultraviolet) masks, leading to increased cleaning frequency and the need for backup masks, which further escalates costs [3][4]. Group 2: Multi-Exposure Techniques - Multi-exposure techniques are deemed necessary for the future of EUV lithography, as they will enhance resolution and pattern fidelity [6][7]. - Companies are actively researching multi-exposure methods to extend the lifespan of EUV technology, with Intel planning to use high-NA EUV for its 14A node due to single-exposure limitations [7][8]. - The industry is exploring various techniques to optimize multi-exposure applications, although challenges remain in terms of cost and complexity [8][9]. Group 3: Photomask Materials and Process Control - The evolution of photomask materials is crucial for supporting finer nodes, with advancements in binary reflective masks and low-refractive-index reflective masks improving image contrast [10][11]. - The introduction of metal oxide resists is highlighted as a significant advancement, offering higher contrast and better etch resistance compared to traditional resists [11][12]. - Customization of mask blank properties presents opportunities for enhancing wafer process margins, although the market for new resist materials remains niche and underdeveloped [11][12]. Group 4: EUV Membrane Challenges - EUV membranes face challenges related to transmission rates and durability, with current membranes requiring frequent replacements that increase costs and downtime [14][15]. - The complexity of EUV membranes compared to 193i membranes complicates the cleaning and replacement processes, impacting throughput and efficiency [15][16]. - Ongoing research into alternative membrane materials, such as carbon nanotube-based versions, shows promise but faces reliability and performance challenges [15][16].

Key Insights - The report highlights the overall upward trend in various industries, including oil and petrochemicals, building materials, electronics, textiles, automotive, non-bank financials, and environmental protection, while sectors like electric equipment, machinery, food and beverage, pharmaceuticals, home appliances, banking, real estate, public utilities, and retail are experiencing a downward trend [2][3][5] Industry Overview - The semiconductor photomask market is dominated by US and Japanese companies, with a strong demand for domestic alternatives due to low domestic production rates [3] - The global photomask market reached USD 5.2 billion by 2022, showing consistent growth from 2012 to 2020 [3] - The CDMO sector is projected to generate revenue of CNY 83.191 billion in 2024, a decrease of 2.92% year-on-year, while the first quarter of 2025 shows a recovery with a revenue increase of 11.35% year-on-year [5] - The CRO sector is expected to face challenges in 2024 due to high base effects, but a significant recovery is anticipated in Q1 2025, with a net profit increase of 104.57% year-on-year [5] Company Performance - The report indicates that the company achieved a revenue of CNY 67.46 billion in 2024, reflecting a year-on-year growth of 13.24%, with a net profit of CNY 9.40 billion, up 2.86% year-on-year [11] - In Q1 2025, the company reported a revenue of CNY 16.66 billion, a slight increase of 1.41% year-on-year, and a net profit of CNY 2.57 billion, which is a 10.94% increase year-on-year [11] - The company has successfully launched its 500,000th five-in-one electric drive shell, enhancing its production capacity for products over 3000T [11] - The company is expected to achieve net profits of CNY 12.63 billion, 15.22 billion, and 17.99 billion from 2025 to 2027, with corresponding P/E ratios of 13.0, 10.8, and 9.1 [11] Market Trends - The report notes a significant increase in the demand for AI and robotics, with companies in these sectors expected to see a recovery in their stock prices following recent adjustments [10] - The report emphasizes the importance of domestic companies enhancing their R&D capabilities through acquisitions and talent acquisition to catch up with foreign competitors in the photomask industry [3] - The report also highlights the increasing importance of the AI industry, with Meta's Q1 2025 revenue reaching USD 42.3 billion, a 16% year-on-year increase, and a significant rise in AI-related advertising effectiveness [20]

Core Viewpoint - The article discusses the current state and future prospects of the photomask industry, highlighting the challenges faced by domestic companies in China and the potential for growth driven by increasing demand in downstream applications such as semiconductors and flat panel displays [2][3][4]. Group 1: Photomask Industry Overview - Photomasks are critical materials in microelectronics manufacturing, serving as templates for transferring circuit designs onto substrates or wafers [2][5]. - The global photomask market has been growing steadily, reaching a size of $5.2 billion by 2022 [2]. - The domestic photomask industry in China is currently lagging, with reliance on foreign imports for upstream equipment and materials [3][35]. Group 2: Market Dynamics - The demand for photomasks is driven by the growth of downstream industries, particularly in consumer electronics and semiconductor manufacturing [35][48]. - The photomask industry exhibits a counter-cyclical property, where sales can increase during downturns in the panel industry as manufacturers invest in new product development [3][48]. - The semiconductor photomask market is dominated by companies from the US and Japan, with a significant portion of the market share held by firms like Intel, Samsung, and TSMC [3][4]. Group 3: Domestic Companies and Development - Domestic companies such as Qingyi Optoelectronics and Luwei Optoelectronics are making strides in the photomask sector, with advancements in technology and market share [4][30]. - The article emphasizes the importance of mergers and acquisitions for domestic firms to enhance their technical capabilities and compete with established international players [4][30]. - The shift of panel and semiconductor production capacity to mainland China presents an opportunity for local photomask manufacturers to grow [4][65]. Group 4: Technological and Market Trends - The photomask production process involves several complex steps, requiring high precision and advanced technology [17][21]. - The industry is witnessing a trend towards larger and more sophisticated display panels, which in turn increases the demand for advanced photomasks [52][65]. - The market for photomasks is expected to continue growing, with projections indicating a rise in the domestic market size from 7.412 billion yuan in 2019 to 12.436 billion yuan in 2023 [48][49].

Group 1 - The A-share market experienced narrow fluctuations with mixed performance among major indices, while sectors such as real estate, comprehensive, environmental protection, defense, and social services showed notable gains [1] - The semiconductor sector, particularly the domestic semiconductor photomask market, is witnessing strong demand for domestic alternatives due to the current market being dominated by American and Japanese companies [1] - Tianfeng Securities identified key characteristics of leading overseas companies in the photomask industry, including long-term industry experience, strategic acquisitions to enhance technical capabilities, and establishing operations in Asia and mainland China in the early 21st century [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials and Equipment Theme Index, encompassing hard-tech companies in the semiconductor equipment and materials sectors [2] - The semiconductor equipment and materials industry is a crucial area for domestic substitution, characterized by low domestic substitution rates and high potential for domestic replacement, benefiting significantly from the expansion of semiconductor demand driven by the artificial intelligence revolution [2]

Core Viewpoint - The domestic photomask industry is currently lagging behind, but downstream demand growth is driving the development of the photomask sector [1][2]. Industry Overview - Photomasks are critical materials in the microelectronics manufacturing process, used to transfer circuit designs onto substrates or wafers through exposure [2]. - The global photomask market has been growing steadily, reaching a size of $5.2 billion by 2022 [2]. - The photomask industry exhibits a counter-cyclical property to the panel industry, with photomask companies experiencing revenue growth during panel downturns due to increased new product development efforts by panel manufacturers [3]. Market Dynamics - The semiconductor photomask market is dominated by American and Japanese companies, with Intel, Samsung, and TSMC accounting for 65% of the market share in 2019 [3]. - Domestic photomask companies face challenges due to reliance on foreign imports for upstream equipment and materials, and limited market share in the midstream manufacturing sector [2][3]. Strategic Recommendations - Long-term development for domestic photomask companies requires acquisitions, talent acquisition, and strengthening R&D capabilities to catch up with overseas competitors [4]. - The shift of panel and semiconductor production capacity to mainland China presents a geographical advantage for domestic companies [4]. Notable Companies - Qingyi Optoelectronics (688138.SH): One of the largest domestic photomask suppliers, achieving breakthroughs in customer expansion [5]. - Luvi Optoelectronics (688401.SH): Leading in G11 panel lines, possessing core photomask manufacturing technology [6]. - Longtu Photomask (688721.SH): A leading semiconductor photomask manufacturer, covering mainstream process nodes [7]. - Wuxi Disi: A photomask manufacturing enterprise under China Resources Microelectronics, with leading technology [8]. - Haoya Optical: Jointly established a photomask subsidiary with BOE, with growth potential [9].

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 thelec 。 光掩模根据光源的波长分为几种类型。 i-line使用波长为365nm，用于制作简单结构电路。氟化 氪（KrF，248nm）用于中等分辨率的一般半导体加工。氟化氩（ArF，193 nm）是一种高分辨 率光源，可以实现更精确的图案并用于更精细的工艺。极紫外 (EUV，13.5 nm) 是实现超精细图 案的最新技术，对于最精细的先进工艺至关重要。 据悉，三星电子计划将通过此次i线和KrF级光掩模外包获得的内部资源集中用于ArF和EUV光掩 模的生产。采取这一措施似乎是因为更精细工艺中使用的ArF和尖端EUV光掩模与半导体技术竞 争力直接相关。 由于半导体工艺的微型化，使用的光掩模数量不断增加。对于逻辑半导体，随着技术从10nm缩 小到1.75nm，使用的掩模数量从67个增加到78个。DRAM使用的掩模数量也从过去的30到40个 大幅增加到最近的60多个。这是因为随着多重图案技术的普及，对掩模的需求也随之增加。 业界估计，去年韩国光掩模市场规模约为7000亿韩元左右。韩国光掩模生产企业产能已饱和90% 以上。随着中国无晶圆厂需求持续增加， ...

Core Viewpoint - The article discusses advancements in lithography, mask, and Optical Proximity Correction (OPC) technologies, emphasizing their critical role in improving power-performance-area-cost (PPAC) metrics for advanced logic chips. It highlights the shift from 2-D Manhattan layouts to 1-D designs and the introduction of curvilinear shapes to enhance manufacturing efficiency and reduce costs [1][2][6]. Summary by Sections Lithography and Design Advances - The evolution of lithography techniques, including immersion lithography and extreme ultraviolet (EUV) lithography, has significantly improved resolution, which is essential for meeting the demands of advanced logic chip design [2][4]. - The transition from 2-D to 1-D Manhattan layouts allows for denser representations but introduces challenges such as increased costs and longer current paths due to additional vias [2][10]. Curvilinear Design Concepts - The introduction of curvilinear shapes in mask writing aims to reduce errors during the transfer from design to wafer, addressing the inherent distortions caused by current lithography methods [6][7]. - imec proposes integrating curvilinear geometries at the design stage, which could lower manufacturing costs while enhancing electrical performance, representing a significant innovation in the semiconductor industry [7][10]. Use Cases for Curvilinear Design - **Use Case 1**: Curvilinear design can simplify middle-of-line (MOL) and back-end-of-line (BEOL) layers, potentially reducing wafer costs by 7% and improving performance by approximately 5% by eliminating unnecessary vias [10][12]. - **Use Case 2**: In CMOS devices, curvilinear designs can connect source/drain contacts and gates without additional metal layers, leading to a 20% reduction in area for standard cells [12][13]. - **Use Case 3**: Curvilinear geometries in layout routing are expected to have the most significant impact, requiring substantial industry investment but promising to enhance power-performance-area-cost (PPAC) metrics across future logic technology nodes [13][14]. Challenges and Future Directions - Implementing curvilinear designs poses challenges, including the need for specialized design rules and verification methods to manage increased data volumes in the manufacturing ecosystem [14][17]. - The potential of curvilinear designs to optimize high numerical aperture EUV lithography could benefit various applications, including image sensors and automotive chips, by reducing manufacturing costs [17].