编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨 境投行连接东西，用财富管理服务民生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国 际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出海'进行时"栏目，全景展现中资 券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变 为"规则制定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第十一篇，敬请垂注！ 深耕阻燃剂行业二十载后，雅克科技以半导体材料领域后起之秀的全新身份，重塑市场想象空间。 自2016年起，在华泰联合证券的助力下，雅克科技通过三阶段跨境并购顺利切入半导体材料赛道，成长为破 解国内战略新兴材料自主供应难题的平台型企业，就此开启全新增长曲线。 "过去10年，我们为众多行业头部企业提供跨市场、一体化综合服务，陪伴企业在境内外资本市场实现高质量 发展，稳步迈出国际化布局步伐。" 华泰联合证券相关人士向证券时报记者表示。 从药明康德到顺丰控股，从两地上市到跨境并购，华泰联合证券正凭借一系列具有标杆意义的经典案例，书写 助力中资企业扬帆出 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券时报记者 王蕊 深耕阻燃剂行业二十载后，雅克科技以半导体材料领域后起之秀的全新身份，重塑市场想象空间。 自2016年起，在华泰联合证券的助力下，雅克科技通过三阶段跨境并购顺利切入半导体材料赛道，成长为破解国 内战略新兴材料自主供应难题的平台型企业，就此开启全新增长曲线。 "过去10年，我们为众多行业头部企业提供跨市场、一体化综合服务，陪伴企业在境内外资本市场实现高质量发 展，稳步迈出国际化布局步伐。" 华泰联合证券相关人士向证券时报记者表示。 从药明康德到顺丰控股，从两地上市到跨境并购，华泰联合证券正凭借一系列具有标杆意义的经典案例，书写助 力中资企业扬帆出海的新篇章。 跨境并购闯进战新产业 雅克科技成立于1997年，公司早期以阻燃剂为主要经营业务。然而，在2018年之前，这家曾经的阻燃剂龙头企业 的年度归母净利润始终不超过1亿元，总市值也不及百亿元。 为突破行业规模、市场占有率等限制，雅克科技自2015年起前瞻布局战略性新兴材料赛道。2024 年，公司归母净 利润已攀升至8.72亿元；2025年前三季度，归母净利润达7.96亿元， ...

格隆汇12月16日丨雅克科技(002409.SZ)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 Insights - The storage chip prices have seen a significant increase in Q3 2025, with various categories experiencing notable price hikes, particularly in DRAM and NAND segments [1][2] Price Trends - DDR4 memory prices surged from under 300 yuan to over 500 yuan, marking a rise of over 66% within six months [1] - HBM2e prices increased from $25 per GB in Q3 2024 to $45 per GB in Q2 2025, an 80% increase, while HBM3e prices exceeded $100 per GB [1] - Consumer SSD prices rose by 40% in just one and a half months, with a 1TB SSD increasing from 350 yuan to 550 yuan [1] - Enterprise SSD prices for high-capacity drives surged over 50%, with a 16TB SSD price rising from 2500 yuan to 3800 yuan, a 52% increase [1] Supply and Demand Dynamics - The core reason for the price surge is the supply-demand imbalance, driven by exponential growth in demand from AI servers and data centers [2] - Major cloud providers are expected to increase capital expenditures by over 50% year-on-year in 2025, intensifying the competition for storage chips [2] - Storage manufacturers are reallocating over 70% of their capacity towards HBM and DDR5, leading to a sharp reduction in traditional DRAM and NAND supply [2] Domestic Replacement Progress - The domestic market for storage chips is currently dominated by foreign manufacturers, with a mere 8% domestic replacement rate, indicating significant potential for growth [2] - Major players like Yangtze Memory Technologies (YMTC) and Changxin Memory Technologies (CXMT) are emerging as key drivers in the domestic storage chip industry [8][10] Key Companies in the Industry - Yangtze Memory Technologies is a global leader in 3D NAND, achieving a storage density of 15.03 Gb/mm², surpassing competitors [8] - CXMT is positioned as a pioneer in DRAM domestic replacement, with an 80% yield rate for DDR5 and plans to deliver HBM3 samples to Huawei by September 2025 [10] - Both companies are expanding their production capacities significantly, with YMTC aiming for a 15% global market share by 2026 [12] Equipment and Supply Chain - Key suppliers like Zhongwei Company and Tuojing Technology are crucial in the supply chain for 3D NAND production, providing essential equipment and materials [13][18] - Zhongwei's plasma etching equipment holds over 40% market share in YMTC's supply chain, while Tuojing's deposition equipment accounts for over 25% [13][18] - The domestic equipment market is seeing increased localization, with Zhongwei and Tuojing successfully replacing foreign equipment in production lines [15][22] Material Supply and Growth - Yake Technology provides high-purity semiconductor precursors essential for advanced manufacturing processes, significantly enhancing storage density for YMTC and CXMT [23] - The demand for Yake's precursors is expected to grow in tandem with the production capacity expansions of domestic storage manufacturers, indicating a positive feedback loop [24]

Group 1: Strategy Overview - The core strategy is a continuation of the bull market, focusing on core technology assets as A-shares strengthen under the leadership of these assets [2][3] - The market outlook remains positive due to economic recovery expectations, continuous capital inflow, and policy benefits, with a mid-term slow bull logic still intact [3] - Short-term market may face technical adjustment pressure due to crowded trading in some popular sectors, but a new round of valuation-driven market space is expected to open up starting in Q3 [3] Group 2: September Stock Picks - The September stock picks include: Beijing-Shanghai High-Speed Railway (Transportation), Tongkun Co., Ltd. (Chemicals), Yake Technology (Chemicals), CATL (Electricity), Heng Rui Medicine (Pharmaceuticals), Sanyou Medical (Pharmaceuticals), Beijing Renli (Social Services), Feiliwa (Electronics), Zhaoyi Innovation (Electronics), and Pengding Holdings (Electronics) [8][10] Group 3: Industry Insights Transportation Industry: Beijing-Shanghai High-Speed Railway - The company is a landmark project in China's high-speed rail, with expected net profit exceeding 12.7 billion yuan in 2024 [10] - The business model relies on entrusted transportation management, with revenue primarily from passenger transport and network service income [10] - Key factors supporting growth include a favorable pricing mechanism, strong travel demand along the route, network effects from an expanding high-speed rail network, and technological advancements in train efficiency [11] Chemical Industry: Tongkun Co., Ltd. - The company achieved significant sales growth in polyester filament, with a total sales volume of 9.4587 million tons in the first three quarters of 2024, a year-on-year increase of 29.60% [12] - Despite a decline in selling prices due to fluctuating oil prices and weak downstream demand, the company expects profitability to improve with demand recovery [12] Chemical Industry: Yake Technology - The company reported steady growth, with a gross margin of 31.59% in 2024 [14] - The electronic materials segment is expanding, with significant revenue growth in precursor materials and photoresists [15] Electric Industry: CATL - The company achieved a net profit of 50.745 billion yuan in 2024, a year-on-year increase of 15.01% [17] - CATL maintains a leading position in the global battery market, with a 37.9% market share in power batteries and 36.5% in energy storage [18] Pharmaceutical Industry: Heng Rui Medicine - The company reported a 12.53% year-on-year increase in revenue for Q2 2024, with innovative drugs accounting for over 60% of total revenue [20] - Multiple new products were launched in the first half of 2024, contributing to growth [21] Pharmaceutical Industry: Sanyou Medical - The company faced pressure from centralized procurement but is innovating therapies to enhance market share [24] - The acquisition of Waterwood Tianpeng is expected to strengthen the product matrix and enhance competitiveness [25] Social Services Industry: Beijing Renli - The company has a broad service coverage and a strong client base, with growth potential in flexible employment and outsourcing [27] - Digitalization and AI applications are expected to enhance operational efficiency and revenue growth [28] Electronics Industry: Feiliwa - The company reported a revenue of 908 million yuan in H1 2025, with a gross margin of 49.2% [29] - New business lines are beginning to contribute to performance, particularly in semiconductor and aerospace sectors [30] Electronics Industry: Zhaoyi Innovation - The company achieved a revenue of 7.356 billion yuan in 2024, with a significant increase in net profit [32] - The company is actively expanding its market share in various sectors, including storage and MCU products [33] Electronics Industry: Pengding Holdings - The company reported a revenue of 16.375 billion yuan in H1 2025, with a net profit increase of 57.22% [35] - The company is capitalizing on market opportunities across various product lines, including communication and consumer electronics [36]

美中贸易全国委员会会长谭森（Sean Stein）对此表示，半导体制造设备等价值数十亿美元的出口许可 毫无进展，恐让中企有时间转向中国本土或其他国家供应商，「延迟越久，美企流失的市占越大」。 除了对中国的AI芯片与半导体设备之外，美国业者也回报向拉丁美洲及其他地区出口的感测器、雷达 与声纳设备的许可，也遭到长时间卡关。 贸易顾问公司Compliance Assurance表示，先前部分提交数月的申请刚在近日收到零星的驳回通知，包 括4件对中国出口半导体设备的申请。 报导称，批评人士指出，BIS自今年3月由凯斯勒（Jeffrey Kessler）接任商务部副部长后，内部管理混 乱加剧。据称凯斯勒要求员工减少与业界接触，并须将所有会议列入监控表格，造成沟通效率低落。 （来源：半导体前沿） 中美在历经6月伦敦会谈后，美国松绑英伟达特供版H20芯片得以销往中国。但据8月1日消息，美国商 务部主管出口许可的工业与安全局（BIS）因人手短缺等因素陷入运作混乱，几乎处于瘫痪状态。有两 名知情人士透露，迄今，既有数千份来自美国公司的向全球出口商品和技术（包括向中国出口）的许可 申请被搁置，其中包括英伟达拟对华出口的大批H20 ...

Core Viewpoint - The localization of key materials in China is accelerating, driven by national policies and significant R&D investments, positioning leading chemical companies for growth opportunities [1][3][4]. Group 1: Progress in Localization - China has made significant progress in the localization of key materials, particularly in high-performance fibers, engineering plastics, and semiconductor materials [3][9]. - Achievements in high-performance fibers include advancements in carbon fibers and aramid fibers, reaching international standards [3][9]. - In engineering plastics, major types such as nylon and polycarbonate have been fully localized, with significant strides in specialized engineering plastics [3][9]. - The semiconductor materials sector has seen notable advancements, with domestic companies achieving substantial market shares in chemical mechanical polishing liquids and silicon carbide substrates [3][9]. Group 2: Factors Supporting Acceleration - Three favorable factors are driving the acceleration of localization: strategic national policies, increased R&D investment, and China's dominance in advanced application scenarios [4][10][12]. - National policies have been established to support the development of strategic emerging industries, including new materials, with specific goals for self-sufficiency by 2025 [10]. - R&D expenditures in the chemical industry have surged from 7.7 billion yuan in 2013 to 85.2 billion yuan in 2024, marking an elevenfold increase [12]. - China's leadership in sectors like new energy vehicles and photovoltaics creates favorable conditions for the localization of key materials [12]. Group 3: Urgent Localization Needs - There are five critical fields with 26 key materials urgently needing localization, including semiconductor materials, advanced packaging materials, display materials, advanced electronic materials, and other advanced materials [5][17]. - Key materials with global market sizes exceeding $2 billion include photoresists and electronic specialty gases, while others fall within the $1-2 billion range [18][19]. - The semiconductor materials sector is particularly highlighted, with a focus on photoresists and precursor materials, which are essential for advanced manufacturing processes [20][31]. Group 4: Market Dynamics - The semiconductor photoresist market in mainland China is projected to reach $770 million in 2024, making it the largest globally [21]. - The growth of the advanced semiconductor photoresist market is driven by continuous upgrades in technology nodes and increased wafer production capacity [22]. - Domestic companies are making significant progress in developing advanced photoresists, with increasing demand from wafer manufacturers for localized solutions [30].

Group 1: Financial Performance - The company expects a significant increase in profit, with a projected growth of approximately 51% in 2024 compared to the previous year [29] - The semiconductor precursor business is anticipated to generate revenue of 1.95 billion CNY in 2024, with over 50% of this revenue coming from domestic clients [3][6] - The company's overall revenue growth in the semiconductor materials sector is expected to exceed the industry average [33] Group 2: Market Position and Competition - The company holds a leading position in the domestic market for semiconductor precursors, with substantial room for import substitution [3][6] - The company has established a strong presence in the domestic semiconductor manufacturing sector, covering all major domestic chip manufacturers [5][6] - The company is actively pursuing new product development and customer acquisition to enhance its market competitiveness [32] Group 3: Product Development and Innovation - The company is focusing on the development of semiconductor photoresists and has made progress in the validation of High-K precursors for advanced processes below 28nm [8][10] - The company is committed to continuous innovation and product line expansion in response to market demands [40] - The company is exploring potential acquisitions to strengthen its competitive barriers in the semiconductor materials sector [20][26] Group 4: Strategic Planning and Investor Relations - The company plans to implement a market value management system and increase investor communication to improve market perception [41][42] - The company acknowledges the need for proactive market management to enhance institutional investor participation [21][22] - The company is considering share buyback or major shareholder increase plans to boost investor confidence [2][5]