盘面上，光刻机、稀有金属、可控核聚变、酒店餐饮等板块涨幅居前，油气开采、通信工程、航天装 备、数字货币等板块跌幅居前。 | ▼指 | 代码 | 名称 | . | 张幅% | 规价 | 涨跌 | 北 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 920489 | 佳先股份 | R | 29.00 | 21.35 | 4.80 | 21.34 | | 2 | 300200 | 高盟新材 | | 20.03 | 14.56 | 2.43 | 14.56 | | 3 | 301256 | 华融化学 | R | 20.03 | 17.32 | 68'2 | 17.32 | | 4 | 300346 | 南大光电 | R | 20.00 | 55.19 | 9.20 | 55.19 | | 5 | 688727 | 但坤新材 | ાર | 19.99 | 62.06 | 10.34 | 62.06 | | 6 | 688125 | 安达智能 | K | 18.67 | 168.19 | 26.46 | 168.19 | | 7 | | 688019 安 ...

董秘： 您好，公司布局的高性能聚合物产品聚醚酰亚胺（PEI）材料下游主要应用于光纤连接器、航空 航天复合材料及型材等应用领域，该材料目前已实现销售，其年产能1,500吨的量产线已投入试生产， 未来有望随着量产线运行成熟及下游需求增长逐步达产。感谢关注！ 投资者： 近期国家发改委等部门提出的对标国内外最严格污染排放要求，是否有增加沸石分子筛的市 场需求。中石化向贵司采购的沸石项目进展如何？ 董秘： 您好，公司与股东中国石化集团资本有限公司关联方已有业务合作，并已产生收入，如果未来 产生收入金额达到关联交易披露标准，公司会及时按规定披露交易金额等情况。感谢关注！ 当日关注点 截至2025年12月30日收盘，万润股份(002643)报收于14.99元，下跌1.77%，换手率3.3%，成交量30.02万 手，成交额4.51亿元。 董秘最新回复 投资者： 董秘好，请问三月科技综合技术研发中心暨新型光电材料高端生产基地是否已投入生产，预 计何时达产，达产后预计销售额是多少？该基地主要生产什么类型的材料，下游客户是否有华为、小米 等企业？ 董秘： 您好，三月科技综合技术研发中心暨新型光电材料高端生产基地，项目总投资5.3亿 ...

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5] Core Insights - The global semiconductor sales are expected to continue growing in 2025, driven by demand from AI computing, data centers, and smart driving applications. The global semiconductor sales for January to October 2025 are projected to be approximately $612.1 billion, a year-on-year increase of 21.9%, with China's semiconductor sales at about $169.4 billion, up 12.5% [1][22] - The global semiconductor market size is forecasted to reach $700.9 billion in 2025, reflecting an 11.2% year-on-year growth, with the Asia-Pacific region's market size expected to be around $370.6 billion, growing by 9.8% [1][22] - The expansion of wafer production capacity is accelerating, particularly in advanced processes, with a projected compound annual growth rate (CAGR) of 7% from 2024 to 2028 for global 12-inch wafer monthly capacity, expected to reach 11.1 million pieces by 2028 [2][26] - The demand for high-bandwidth memory (HBM) is increasing due to data centers and AI processors, with the global semiconductor materials market expected to reach approximately $70 billion in 2025, a 6% increase year-on-year [3][30] - The advanced process requires higher performance parameters for electronic chemicals, leading to a concentration of industry competition towards leading suppliers capable of meeting these demands [4][32] Summary by Sections Semiconductor Market - AI demand is driving global semiconductor sales growth, with projections for 2025 indicating a significant increase in both global and Chinese markets [1][22] - The semiconductor market is expected to grow to $700.9 billion in 2025, with a further increase to $760.7 billion in 2026 [1][22] Wafer Production Capacity - The global semiconductor wafer production capacity is set to expand significantly, particularly in advanced processes, with a CAGR of 14% for 7nm and below processes from 2024 to 2028 [2][26] Semiconductor Materials - The global semiconductor materials market is projected to grow to $70 billion in 2025, with a notable increase in China's market size to approximately 174.1 billion yuan, reflecting a 21.1% year-on-year growth [3][30] Electronic Chemicals - The advanced semiconductor processes require higher purity and stability in electronic chemicals, leading to a competitive landscape favoring top suppliers with technological and scale advantages [4][32] Investment Recommendations - The report suggests focusing on leading companies in semiconductor materials, particularly those with strong technological capabilities and deep ties to downstream wafer manufacturers [34]

Core Viewpoint - The company, 雅克科技, is currently testing some of its semiconductor photoresist products with relevant clients, indicating ongoing product development and validation in the semiconductor sector [1] Group 1: Product Development - The company is engaged in testing its semiconductor photoresist products with clients [1] - The semiconductor precursor products are primarily supplied to domestic and international chip manufacturers [1] Group 2: Market Conditions - Recent sales prices of related products have remained relatively stable [1]

格隆汇12月16日｜雅克科技在互动平台表示，公司半导体光刻胶的部分产品目前正在相关客户端进行测 试验证。公司的半导体前驱体产品主要供应给国内外芯片制造商。近期相关产品的销售价格相对平稳。 ...

Core Viewpoint - The article highlights the launch of the Liu'an Xinyi Hua electronic materials production base and innovation center, focusing on the development and production of display and semiconductor photoresists, with a total investment of 1.2 billion yuan, aiming to meet local supply chain demands in China [1][2]. Group 1: Project Overview - The Liu'an project will produce 10,000 tons of display photoresist and 2,000 tons of semiconductor photoresist annually, catering to core sectors such as LCD/OLED display panels and integrated circuit manufacturing [1][2]. - The project aims to transition photoresist technology from laboratory settings to large-scale production, addressing the 8K ultra-high-definition panel production and covering process requirements from 90nm to 14nm [2]. Group 2: Innovation and Research - An innovation center has been established with a research team led by over 20 PhDs, focusing on high-resolution photoresist formulations and precision coating processes, with 15 patents already applied for [2]. - Some product performance metrics have reached international standards, indicating a significant advancement in domestic photoresist technology [2]. Group 3: Future Industry Expo - The 2026 Future Industries New Materials Expo will take place in Shanghai from June 10 to June 12, featuring over 800 exhibitors and expecting more than 100,000 professional visitors [5][6]. - The expo will cover an exhibition area of 50,000 square meters, with over 200 research institutions and 5,000 capital and terminal participants expected to attend [5].

Core Viewpoint - The announcement from Aisen Co., Ltd. regarding the postponement of the "Integrated Circuit Material Testing Center Project" indicates a revised expected operational date from December 2025 to December 2027, while other core project elements remain unchanged [2][3] Group 1: Project Details - The total amount raised from the initial public offering (IPO) in December 2023 was 617.59 million yuan, with a net amount of 544.5 million yuan allocated for the "Annual Production of 12,000 Tons of Semiconductor Materials Project," the "Integrated Circuit Material Testing Center Project," and to supplement working capital [2] - The "Integrated Circuit Material Testing Center Project" was originally planned with an investment of 450 million yuan, which was later adjusted to a final amount of 309.23 million yuan, primarily for the construction of the testing center building and the procurement of precision experimental testing equipment [2] - As of October 31, 2025, the project has utilized 191.8 million yuan of the raised funds, achieving a progress rate of 62.03% [2] Group 2: Project Implementation and Financial Status - The testing center building has been completed and is operational, with multiple product testing platforms successfully equipped and calibrated [2] - The decision to extend the project timeline is due to factors such as industry technological advancements, product development pace, and delays in the installation and debugging of precision equipment, influenced by international trade friction and tariff barriers [2] - The announcement clarifies that the project delay only affects the expected operational date, with no changes to the project entity, implementation method, investment purpose, or scale, ensuring no harm to shareholder interests or adverse effects on normal business operations [3] - As of October 31, 2025, the remaining balance of raised funds is 124.15 million yuan, with 90 million yuan allocated for idle funds in structured deposits and a special account balance of 34.15 million yuan [3]

Core Insights - The semiconductor photoresist industry is crucial for chip manufacturing, directly impacting chip resolution, yield, and cost, and is characterized by high technical barriers [1][2] - China is prioritizing the development of photoresists through multi-dimensional policy support, aiming for a market size of approximately $13.46 billion by 2024 [1][8] - Domestic companies are forming a multi-tiered industrial structure, with leading firms like Nanda Optoelectronics and Tongcheng New Materials achieving mass production and integration into supply chains [1][12] Industry Overview - Semiconductor photoresists, also known as photoresists, are materials that change solubility when exposed to radiation, playing a key role in accurately transferring circuit patterns onto wafers [2][3] - The market for semiconductor materials in China is projected to reach $13.46 billion in 2024, with a growth rate of approximately 2.85% [8][12] Policy Support - The Chinese government has established a comprehensive policy framework to support the semiconductor industry, including tax incentives and application demonstrations, to accelerate the development of photoresists [5][6] - Key policy documents include the "14th Five-Year Plan for the Development of Raw Materials Industry" and the "Action Plan for Stable Growth of Electronic Information Manufacturing Industry 2025-2026" [6][8] Industry Chain - The semiconductor photoresist industry chain in China is characterized by strong collaboration across upstream, midstream, and downstream sectors, with a clear path towards domestic production [6][8] - Domestic companies have achieved high self-sufficiency in mid-to-low-end raw materials, while high-end materials still require breakthroughs [6][10] Market Dynamics - The demand for high-end photoresists is increasing as chip manufacturing processes advance, with the market for photoresists expected to reach approximately 5.63 billion yuan in 2024 [12][14] - The domestic market is seeing a shift towards local alternatives, with KrF photoresists becoming the mainstay for mid-to-high-end applications and ArF photoresists achieving significant breakthroughs [12][14] Competitive Landscape - The global photoresist market is dominated by foreign giants, with Japanese and American companies holding about 87% of the market share [12][14] - Domestic companies are gradually increasing their market share in mature processes, with firms like Nanda Optoelectronics leading in ArF photoresists and Tongcheng New Materials dominating KrF photoresists [14][16] Future Trends - The semiconductor photoresist industry in China is expected to evolve along three main lines: technological breakthroughs, ecological collaboration, and competitive restructuring [15][16] - Future developments will focus on enhancing the performance of KrF and ArF photoresists, advancing EUV photoresist technology, and fostering vertical integration within the industry [15][16]

Core Points - The electronic chemicals industry is highly competitive and innovative, with China being the largest manufacturer of electronic products but heavily reliant on imports for high-end electronic chemicals [1] - A high-level conference on wet electronic chemicals and electronic gases is scheduled for November 20-22, 2025, in Fushun County, Sichuan Province, to enhance manufacturing capabilities and application areas [1] Conference Organization - The conference is organized by the China Chemical News Agency and the Fushun County People's Government, with support from various industry associations and local development agencies [1] - The theme of the conference is "Integrating Innovation to Win the Future" [1] Conference Agenda - The main forum will feature prominent speakers discussing the current state and trends of the electronic chemicals industry, innovations in key materials for integrated circuits, and the impact of AI on technological advancements [2] - Parallel sessions will focus on challenges and opportunities in wet electronic chemicals manufacturing and advancements in electronic gases technology [6] Participants - Attendees will include industry experts, production companies, and representatives from the electronic chemicals supply chain, electronic gas producers, packaging companies, and wafer manufacturers [5] Conference Fees - The registration fee is set at 2000 yuan per person, with a fee of 3000 yuan for supporting enterprises, covering meals, materials, and venue costs [7] - Accommodation will be arranged, with costs borne by the participants [7] Contact Information - For inquiries, contact details for the organizing team are provided, including phone numbers and email addresses [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][10]. Core Views - The company reported steady growth in performance, with a revenue of 2.52 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.1%. The net profit attributable to shareholders was 490 million yuan, up 12.7% year-on-year, and the net profit after deducting non-recurring gains and losses was 470 million yuan, an increase of 32.6% year-on-year [5][10]. - In Q3 alone, the company achieved a revenue of 870 million yuan, which is a 2.4% increase year-on-year and an 8.8% increase quarter-on-quarter. The net profit attributable to shareholders for Q3 was 140 million yuan, reflecting a year-on-year increase of 14.1% but a quarter-on-quarter decrease of 25.0% [5][10]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a total revenue of 2.52 billion yuan, with a net profit of 490 million yuan and a net profit after deducting non-recurring items of 470 million yuan. The average selling price of electronic chemicals increased by 19.5% year-on-year, indicating a rise in high-value product sales [5][10]. - The company’s electronic chemicals segment saw production of 14,000 tons and sales of 13,000 tons, with year-on-year changes of +11.8% and +8.1%, respectively [10]. Business Segments - The special rubber additives business remained stable, while the electronic chemicals segment continued to grow. The company’s electronic chemicals business includes semiconductor photoresists and related reagents, display photoresists, electronic resins, and CMP polishing pads [10]. - The company holds a 96.3% stake in semiconductor photoresist leader Beijing Kehua, which generated nearly 200 million yuan in revenue in the first half of 2025, marking a growth of over 50% year-on-year [10]. Market Position - The company is positioned as a leader in special rubber additives and photoresists in China, with a strong focus on enhancing core competitiveness in the automotive tire rubber chemicals sector. The sales volume of automotive tire rubber chemicals increased by over 1,000 tons in the first half of 2025, reflecting a year-on-year growth of 1.5% [10]. - The company aims to deepen strategic cooperation with leading domestic tire manufacturers and accelerate its global expansion, particularly in high-end markets in Europe and America [10]. Future Outlook - The company is expected to maintain a "Buy" rating, with projected net profits of 650 million yuan, 800 million yuan, and 970 million yuan for 2025, 2026, and 2027, respectively [10].