中银证券表示，AI等领域快速发展带动材料需求提升，关键材料自主可控重要性日益增强。预计2029 年全球半导体材料市场规模有望超过870亿美元，2024-2029年CAGR为4.5%。在CMP抛光材料、光刻 胶、前驱体、电子特气、先进封装材料等多种关键半导体材料方面，我国企业稳健布局产能与技术研 发，未来有望逐步实现规模增长与技术迭代，半导体材料国产化率有望持续提升。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 1月7日，A股三大指数冲高回落，上证指数微涨录得14连阳。板块上，光刻胶强势拉涨，佳先股份涨超 25%领涨，高盟新材、华融化学、南大光电、安达智能、芯源微、恒坤新材均20cm涨停，普利特斩获 三连板。 ...

2026年1月7日早盘，A股存储芯片板块开盘领涨，普冉股份20cm涨停，股价创历史新高，恒烁股份、聚 辰股份、江波龙、香农芯创、联芸科技等涨超10%。 海外动态方面，AMD在CES展会上发布了公司的MI455 GPU芯片，称基于该芯片的系统在性能指标上 实现了巨大飞跃。SK海力士在CES上首次展示了容量为48GB的16层HBM4，这是其新一代高带宽内存 （HBM）产品。该芯片是容量为36GB的12层HBM4的下一代产品，目前正根据客户的进度表进行同步 开发。此外，今年将主导市场的容量为36GB的12层HBM3E也同步在展会上亮相。 半导体设备ETF广发(560780)：紧密跟踪中证半导体材料设备主题指数，根据申万三级行业分类，指数 重仓半导设备超60%、半导体材料超20%，合计权重超80%。涵盖中微公司、北方华创、拓荆科技等设 备龙头公司。场外联接(A：020639；C：020640)。 此外，半导体材料国产化进程正在加速推进，尤其是在高性能计算和先进封装驱动下，对CMP抛光材 料、光刻胶、前驱体等关键材料的需求不断提升。中银证券指出，尽管中国半导体材料整体国产化率仍 较低——晶圆制造材料不足15%、封装材料 ...

印尼政府计划 2026 年大幅减少镍矿石产量，预计将导致镍供应收紧， 支撑镍价上涨，利好伟明环保高冰镍业务。 伟明环保新材料业务稳步推进，高冰镍项目预计 2026 年二季度完全投 产，届时 4 万吨产能释放，叠加电解镍和前驱体业务，新材料板块盈利 能力有望显著提升。 2025 年前三季度电解镍业务贡献投资收益约 1.1 亿元，上半年销售量 3,500 吨，单吨净利约 1.1 万元，第三季度利润进一步提升至 7,000 万 元左右。 伟明环保积极拓展印尼固废处理市场，预计印尼垃圾焚烧市场潜力巨大， 公司有望占据 10%-20%的市场份额，实现固废处理能力翻倍。 印尼垃圾焚烧项目单吨收入远高于国内，且投资回报率更优，伟明环保 凭借设备自制能力和运营优势，有望在印尼市场获得更高经济效益。 2025 年前三季度新增设备订单 45 亿，同比增长 66%，订单储备充足， 为未来增长奠定基础，预计 2026 年设备销售收入可达 40 亿。 预计伟明环保 2025 年全年利润为 28 亿人民币，2026 年利润预期为 34 亿，同比增长 22%左右，多重业务驱动下，公司有望保持 20%以上 的复合增长率。 Q&A 文明环保在 ...

电解液： 磷酸铁锂SMM3.475万/吨，+0.05万/吨，+1.5% 三元动力SMM3.65万/吨，+0.05万/吨，+1.4% 添加剂： SMM电池级FEC7.4万/吨，+0.10万/吨，+1.4% SMM电池级VC18.1万/吨，+0.10万/吨，+0.6% 前驱体： 氧化钴SMM31万/吨，+0.25万/吨，+0.8% 六氟磷酸锂： SMM17.3万/吨，+0.05万/吨，+0.3% 氢氧化锂： 国产SMM8.193万/吨，-0.02万/吨，-0.2% 正极： 磷酸铁锂-动力SMM3.9095万/吨，-0.01万/吨，-0.3% 碳酸锂： 工业级SMM9.035万/吨，-0.04万/吨，-0.5% 电池级SMM9.275万/吨，-0.05万/吨，-0.5% 期推荐 往 加入社群 主机厂电芯采购：兼顾性能和成本 比亚迪出海：发力东南亚 CATL ：储能市场增长高于动力 添加半仙微信，备注"进群"，邀请你加入锂电行业社群，获得行业最新动态、行业干货报告和精准人脉。 本公众号基于分享的目的转载，转载文章的版权归原作者或原公众号所有，如有涉及侵权请及时告知，我们将予以核实并删除。 ...

助力恒坤新材成功上市，是中泰证券践行"以客户为中心"、追求"美美与共"核心价值观的又一经典案 例。近年来，中泰证券以服务新质生产力为抓手，聚焦"硬科技"领域持续发力，在战略性新兴产业试点 建立了多个行业组，联合财富、研究、投行等多业务条线开展"金融赋能 上市启航"专项行动，为科技 创新企业提供全生命周期综合金融服务。 恒坤新材是一家致力于光刻材料、前驱体等集成电路关键材料研发、生产和销售的创新企业，是境内少 数具备12英寸集成电路晶圆制造关键材料研发和量产能力的创新企业之一，在先进制程材料领域构建起 了难以复制的技术"护城河"。 2025年以来，中泰证券相继完成海博思创、恒坤新材2单科创板IPO项目，承销规模合计11.51亿元，科 创板IPO承销单数和规模均排名行业第3位，细分领域优势地位日益巩固。未来，中泰证券将一如既往 地坚守金融服务实体经济的初心，不断提升投行专业能力和执业质量，致力于为企业提供全链条、一站 式的综合金融服务。 □记者 都亚男 报道 恒坤新材IPO项目是资本市场的明星项目，从IPO受理到上市，仅用不到11个月的时间。在服务过程 中，中泰证券团队以高效的执行和全方位的综合金融服务，深度参与 ...

Core Insights - Xiamen Hengkang New Materials Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, raising 1.01 billion yuan [1][3] - The company specializes in the research, production, and sales of key materials for integrated circuits, particularly in photolithography materials and precursors, and is one of the few domestic firms capable of developing and mass-producing 12-inch integrated circuit wafer manufacturing materials [3] - The IPO project was completed in less than 11 months, showcasing the efficiency of the underwriting process led by Zhongtai Securities [3][4] Company Overview - Hengkang New Materials is recognized for its innovative capabilities in the advanced process materials sector, establishing a strong technological "moat" [3] - The company has contributed significantly to the domestic integrated circuit industry by addressing critical material challenges through participation in national science and technology projects [3] Underwriting and Market Position - Zhongtai Securities played a crucial role in the IPO process, emphasizing its commitment to client-centered service and its core values [3][4] - Since 2025, Zhongtai Securities has completed two IPO projects on the Sci-Tech Innovation Board, with a total underwriting scale of 1.151 billion yuan, ranking third in the industry for both the number and scale of IPOs [4] - The firm aims to enhance its investment banking capabilities and provide comprehensive financial services to support the high-quality development of the real economy [4]

Report Overview - Report Title: Nonferrous Metals Weekly - Nickel and Stainless Steel [1] - Date: November 18, 2025 [3] - Analyst: Wu Jinheng [4] Investment Ratings - Nickel: Hold a wait - and - see stance, with an expected price range of 110,000 - 125,000 yuan/ton [5][99] - Stainless Steel: Hold short positions, with an expected price range of 11,800 - 12,800 yuan/ton [6][125] Core Views - Nickel: Under macro - level pressure, the supply - demand fundamentals are loose and inventory is rising, so nickel prices are expected to fluctuate weakly [5][99] - Stainless Steel: Weak demand, loose fundamentals, and weakening costs will keep stainless steel prices running weakly [6][125] Summary by Directory 1.1 Nickel Market Review - Last week, SHFE nickel declined by 2.16% weekly, with trading volume dropping to 450,600 lots (- 95,900) and open interest falling to 112,200 lots (- 9,700). LME nickel fell 1.20% weekly, with trading volume rising to 41,100 lots (+ 3,600) [11] - The basis premium was 1,950 yuan/ton [13] 1.2 Supply Side Nickel Ore - Last week, the prices of 0.9%, 1.5%, and 1.8% nickel ores remained flat, and the shipping price from the Philippines to China was unchanged [21] - In September, the Philippines' nickel ore exports decreased. China's nickel ore imports reached 6.11 million tons, a 3.7% month - on - month decrease and a 33.9% year - on - year increase [26] - Last week, the nickel ore arrival volume decreased by 90,200 tons week - on - week, and port inventory decreased by 50,000 wet tons [28] Nickel Pig Iron - The price of 8 - 12% high - nickel pig iron dropped by 12 yuan/nickel point, while the price of 1.5 - 1.7% nickel pig iron remained flat. The negative premium of nickel pig iron to electrolytic nickel narrowed, and the premium to scrap stainless steel widened [34] - In September, China's nickel pig iron imports were 1.085 million tons, a 24.2% month - on - month increase and a 47.2% year - on - year increase. Imports are expected to decline in October [39] - In November, domestic nickel pig iron production and capacity utilization declined, while those in Indonesia increased. Nickel pig iron inventory accumulated [47][49] Electrolytic Nickel - In November, the production and capacity utilization of refined nickel declined, and the import loss of electrolytic nickel widened [53][57] - In September, electrolytic nickel imports increased and exports decreased [61] 1.3 Demand Side Stainless Steel - In November, stainless steel production decreased, mainly due to the reduction of 200 - series production, while 300 - series production remained basically flat [66][114] - In September, stainless steel exports decreased by 6.6% month - on - month and 8.7% year - on - year, while imports increased by 2.7% month - on - month and 0.4% year - on - year. Exports and imports in October are expected to be similar to those in September [70][117] New Energy - The premium of battery - grade nickel sulfate to pure nickel widened, and the proportion of pure nickel used to produce nickel sulfate was extremely low [75] - In November, the production of ternary precursors decreased by 0.1% month - on - month but increased by 20.4% year - on - year, while the production of ternary materials increased by 1.4% month - on - month and 39.8% year - on - year [79] - In November, the production of nickel sulfate increased by 4.8% month - on - month and 23.4% year - on - year [81] - In October, the production of new energy vehicles was 1.772 million units, a 9.6% month - on - month increase and a 21.1% year - on - year increase; sales were 1.715 million units, a 6.9% month - on - month increase and a 19.9% year - on - year increase [87] 1.4 Inventory Side - Last week, SHFE nickel inventory and LME nickel inventory both increased. Shanghai bonded - area pure nickel inventory remained flat, and the six - region social inventory increased by 3,981 tons [88][93] 1.5 Cost and Outlook - The cost of producing electrowon nickel from externally purchased nickel sulfate, nickel matte, and MHP decreased. MHP - integrated production of electrowon nickel has a significant cost advantage over nickel matte - integrated production [98] - Nickel prices are expected to fluctuate weakly due to macro - level pressure, loose fundamentals, and rising inventory [99] 2.1 Stainless Steel Market Review - Last week, stainless steel futures declined by 1.51% weekly, with the basis widening to 1,080 yuan/ton. Trading volume was 490,300 lots (unchanged), and open interest increased to 167,700 lots (+ 110,600) [102] 2.2 Cost and Profit - The prices of high - nickel pig iron and high - carbon ferrochrome decreased, weakening cost support [105] - The profitability of 200 - series stainless steel improved, the losses of 300 - series widened, and 400 - series turned from loss to profit [110] 2.3 Fundamental Analysis - In November, stainless steel production decreased, mainly due to the reduction of 200 - series production, while 300 - series production remained basically flat [114] - In September, stainless steel exports decreased, and imports increased. Exports and imports in October are expected to be similar to those in September [117] 2.4 Inventory Side - Domestic stainless steel social inventory increased, with inventory of all series (200, 300, and 400) rising [123] 2.5 Outlook - Due to weak demand, loose fundamentals, and weakening costs, stainless steel prices are expected to continue to run weakly [125]

Core Viewpoint - Fangyuan Co., Ltd. experienced a significant stock price increase of 20.02%, reaching 10.79 CNY per share, with a market capitalization of 5.505 billion CNY following the release of its research report [1] Production Capacity - The company has achieved an overall production capacity of 34,000 tons of precursor, 24,000 tons of lithium carbonate, 45,600 tons of nickel-cobalt salt intermediates, and 1,800 tons of ball nickel after technical upgrades [1] - The main equipment in the hydrometallurgical production line consists of general equipment such as extraction tanks and reaction kettles, allowing for flexible adjustments in production capacity based on actual conditions [1] Strategic Partnerships - In September, the company signed a cooperation agreement with a Japanese enterprise, planning to develop and produce a specific precursor in Japan through technology transfer and equity participation [1] - The company will provide technology and processes to the target company and will receive a total service fee of 4.8 billion JPY in batches according to the project implementation stages [1]

Core Viewpoint - The demand for precursors is expected to increase by over 25% due to the expansion of major storage manufacturers, while the domestic production rate remains below 20. The company, Yake Technology, has confirmed collaborations with these storage manufacturers [2]. Group 1 - Major storage manufacturers such as Changxin, Yangtze Memory, Samsung Xi'an, and SK Hynix Wuxi are expanding production [2]. - The growth in precursor demand is projected to exceed 25% as a result of this expansion [2]. - Yake Technology has established partnerships with the aforementioned storage companies [2].

Core Viewpoint - Huayou Cobalt achieved revenue and profit growth in the first three quarters of 2025, indicating strong operational performance and effective business strategies [2] Financial Performance - The company reported a cumulative operating revenue of 58.941 billion yuan, representing a year-on-year increase of 29.57% [2] - The cumulative net profit attributable to shareholders reached 4.216 billion yuan, reflecting a year-on-year growth of 39.59% [2] - In the third quarter alone, the company achieved an operating revenue of 21.744 billion yuan, with a quarter-on-quarter increase of 12.35% [2] - The net profit for the third quarter was 1.505 billion yuan, showing a quarter-on-quarter growth of 3.18% [2] Business Operations - The company's precursor business for cobalt and nickel raw materials is fully self-sufficient [2] - The Pomalaa project in Indonesia is expected to be completed and commence production by the end of next year [2]