本报讯 （记者毛艺融）近期，科创板公司半年度"成绩单"出炉，集成电路等新兴产业领域公司的业绩 表现亮眼，成为国内经济结构优化升级、科创动能日益蓬勃的鲜明体现。 目前，科创板集成电路上市公司达120家，占A股该行业公司总数的六成，已形成国内覆盖制造、设 计、封测等全环节、最完备的集成电路产业链。数据显示，120家集成电路公司上半年合计实现营收 1600.43亿元，同比增长24%；实现归母净利润131亿元，同比增长62%；第二季度营收、净利润环比增 速达到17%和72%。 随着AI算力需求大幅拉升以及自主可控持续推进，加之下游市场需求逐步回暖、国内半导体产业自主 创新能力稳步提升，产业链呈现"全链条增长"的积极发展态势。 AI算力芯片等公司业绩爆发 受AI算力拉动，服务器、CPU等通用芯片实现爆发式增长。随着人工智能技术突破，人工智能产业链与 商业化应用进入高速发展阶段，算力需求暴增，通用芯片公司实现高速增长。 科创板企业凭借独特技术，为国产AI产业发展提供了核心算力支撑。中科寒武纪科技股份有限公司从 上市时的连续多年亏损，到今年上半年实现营收28.81亿元，同比大幅增长43倍，第二季度营收、归母 净利润17.6 ...

基础化工 | 证券研究报告 — 行业周报 2025 年 9 月 1 日 强于大市 化工行业周报 20250831 国际油价、氢氟酸价格上涨， TDI 价格下跌 八月份建议关注：1、中报行情；2、"反内卷"对相关子行业供给端影响；3、自主可控日益关 键背景下的电子材料公司；4、分红派息政策稳健的能源企业等。 行业动态 投资建议 截至 8 月 31 日，SW 基础化工市盈率（TTM 剔除负值）为 25.77 倍，处在历史（2002 年至 今）82.14%分位数；市净率为 2.23 倍，处在历史 54.61%分位数。SW 石油石化市盈率（TTM 剔除负值）为 11.87 倍，处在历史（2002 年至今）28.30%分位数；市净率为 1.17 倍，处在 历史 23.58%分位数。今年以来，行业受关税相关政策、原油价格大幅波动等因素影响较大，八 月份建议关注：1、中报行情；2、"反内卷"对相关子行业供给端影响；3、自主可控日益关键背 景下的电子材料公司；4、分红派息政策稳健的能源企业等。中长期推荐投资主线：1、原油价格有 望延续中高位，油气开采板块高景气度持续，能源央企提质增效深入推进，分红派息政策稳健。油 气上游资本 ...

鼎龙股份 20250829.docx AceCamp AI 2025-08-30 摘要 鼎龙股份自 2012 年起布局半导体材料，已形成先发优势，并通过平台 化发展，横向扩展产品线，如集成电路材料和显示光电材料，增强了其 核心竞争力。 公司积极推进国产替代，在气体、试电化学品、硅片等领域取得进展， 并拓展全球市场，提升竞争力。2024 年半导体材料营收约 15 亿元，复 合年均增长率达 71%，预计 2025 年将超打印耗材成核心收入。 鼎龙股份 CMP 抛光垫是核心收入来源，2024 年营收约 7 亿元，占据国 内市场 50%份额。全球抛光垫和抛光液市场规模约 35 亿美元，受益于 先进制程工艺需求，未来有望加速增长。 公司在高端晶圆光刻胶领域已布局近 30 款产品，并取得良好发展势头。 同时，公司与安集科技形成互补，共同推动行业健康发展，不存在内卷 问题。 鼎龙股份已有超过 15 款产品送样验证，10 款进入加仑样测试阶段，多 款产品有望在今年下半年实现批量订单，尤其是在高端光胶产品方面表 现突出。 Q&A 鼎龙股份在半导体材料领域的优势和发展路径是什么？ 鼎龙股份在半导体材料领域展现出显著的优势和明确的 ...

AI 动能持续释放，半导体产业链如何投 20250826 摘要 半导体产业链受益于 AI 应用和国产替代双重驱动，晶圆代工领域国产化 率提升空间巨大，尤其是在上游设备材料方面，光刻机产业链进展显著。 国内晶圆厂扩产节奏预计在 2025 年下半年加快，将推动半导体设备订 单增量，加速市场放量，同时带动高端材料如光刻胶、抛光液等需求增 加。 集成电路作为半导体核心，占比超 80%且与 AI 紧密结合，封测环节亦 是产业链重要组成部分，上游设备和高端材料国产化率提升潜力巨大。 2025 年全球半导体销售额持续增长，6 月单月同比增速达 19.6%，预 示下半年增长显著，整体产业链维持高景气状态，AI 是主要驱动因素。 2025 年第三季度存储市场预计出现涨价趋势，DDR4 合约价可能大幅 上涨，消费电子新品发布也将影响产业链股价表现。 国内 GPU 市场规模预计达千亿人民币以上，受益于运营商和互联网大厂 的算力资本开支增长，以及国产算力芯片渗透率提升和政策支持。 国内 ETF 市场提供全市场布局和半导体设备 ETF 两种选择，前者覆盖设 计、制造、材料等，后者聚焦设备和材料，长期布局可关注半导体设备 ETF。 Q& ...

鼎龙股份 20250822 摘要 鼎龙股份在 2025 年上半年取得了哪些主要经营成果？ 2025 年上半年，鼎龙股份实现营业收入 17.32 亿元，同比增长 14%；归属于 上市公司的净利润为 3.11 亿元，同比增长 42%。若剔除股权激励的影响，净 利润为 3.34 亿元。此外，如果将尚处于孵化期并亏损的晶圆光刻胶和齐杰半 导体芯片业务的亏损 4,000 万元加回，公司盈利产品的实际净利润约为 3.8 亿 元。第二季度，公司实现营业收入 9.08 亿元，环比增长 10%，同比增长 12%；归属于上市公司的净利润为 1.7 亿元，环比增长 20%。 鼎龙股份在 2025 年上半年有哪些重要投入和其对未来业绩的影响？ 2025 年上半年，鼎龙股份在人才和产品验证测试方面进行了重要投入。公司 新入职了 90 多名高端研发和市场端人才，这些人才将助力未来市场扩展和研 发进展。此外，公司在抛光液、清洗液及柔性显示材料等多个品类进行了大量 公司预计 2025 年下半年半导体及柔性显示行业景气度提升，新产品销 售转化及现有重点产品放量将在三、四季度保持显著增长态势，有信心 完成全年归母净利润 7 亿元目标。 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.732 billion yuan in the first half of 2025, representing a year-on-year growth of 14.00%, and a net profit attributable to shareholders of 311 million yuan, up 42.78% year-on-year [1] - The semiconductor business, particularly CMP and display materials, is experiencing rapid growth, with CMP polishing pad revenue reaching 475 million yuan, a 59.6% increase year-on-year [2] - The company is expected to begin trial operations of its second-phase 300-ton capacity for high-end wafer photoresist in Q4 2025, with over 15 products already validated [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 908 million yuan, a year-on-year increase of 11.94% and a quarter-on-quarter increase of 10.17%, with a net profit of 170 million yuan, up 24.79% year-on-year and 20.61% quarter-on-quarter [1] - The gross margin improved by 4.0 percentage points to 49.2% in H1 2025, driven by high-value semiconductor material products [2] Business Segments - The CMP polishing pad segment has stabilized monthly sales above 30,000 pieces, further solidifying the company's leading position in the domestic market [2] - Display materials revenue reached 271 million yuan in H1 2025, a 61.9% increase year-on-year, with market share for YPI and PSPI continuing to rise [2] Future Outlook - The company has plans for high-end wafer photoresist products, with expectations to secure orders in the second half of 2025 [3] - The revenue forecasts for 2025-2027 have been adjusted upwards, with projected net profits of 709 million yuan, 961 million yuan, and 1.227 billion yuan respectively [3]

公司目前已布局近30 款高端晶圆光刻胶，超过15 款产品已送样验证，其中超过10 款进入加仑样测试阶 段，部分产品有望在25H2 获得客户订单。产线方面，公司潜江一期年产30 吨KrF/ArF 高端晶圆光刻胶 产线运行顺利，二期年产300吨产线主体设备基本安装完毕，计划于25Q4 进入全面试运行阶段。此外， 公司开发出光刻胶专用树脂及其高纯度单体、光致产酸剂等关键材料，推动关键材料到光刻胶成品的全 流程国产化。 盈利预测、估值与评级：2025H1，公司CMP 及显示材料等半导体材料产品快速放量，公司半导体业务 营收占比提升，整体毛利率进一步提升。考虑到公司半导体材料营收的快速增长，我们上调公司2025- 2026 年盈利预测，新增2027年盈利预测。预计2025-2027 年公司归母净利润分别为7.09（前值为6.62 亿 元）/9.61（前值为9.22 亿元）/12.27 亿元，维持公司"买入"评级。 风险提示：客户导入进度不及预期，下游需求不及预期，产品研发风险，产能建设风险。 事件：公司发布2025 年半年度报告。2025 年上半年，公司实现营收17.32 亿元，同比增长14.00%；实 现归母净利润3 ...

Semiconductor Industry Research Summary Industry Overview - The semiconductor industry exhibits a decreasing profitability trend across its value chain, with IC design being the most profitable, followed by wafer manufacturing, and equipment and materials being relatively lower in profitability [1][4] - The semiconductor manufacturing process is divided into front-end (80% value) and back-end processes (20% value), with front-end processes including diffusion, thin film deposition, lithography, and etching, while back-end processes involve wafer packaging [1][5] - The global semiconductor equipment market is approximately $100 billion, characterized by cyclical growth that fluctuates with semiconductor demand [1][10] Key Trends and Developments - The transition from 2D to 3D chip structures is increasing transistor density and complexity, driving capital expenditure [1][8] - Advanced processes significantly increase equipment demand, with capital expenditure density rising sharply; for instance, the capital expenditure for 7nm process is about $1.2 billion per 10,000 wafers, while for 5nm it reaches $8.3 billion per 5,000 wafers [9][11] - The semiconductor industry is highly concentrated, with the top five companies holding nearly 80% of the market share, including ASML, Applied Materials, Lam Research, Tokyo Electron, and KLA [13][15] Market Dynamics - The demand for semiconductor equipment is expected to remain robust, with China’s semiconductor equipment procurement projected to exceed $40 billion in 2025 and 2026 [3][18] - The domestic semiconductor equipment companies in China are benefiting from increased demand for self-sufficiency, with a low domestic production rate in lithography machines (below 5%) but higher rates in materials [3][19][16] - The semiconductor materials market is valued at over $60 billion, with wafer manufacturing materials accounting for approximately $42.9 billion and packaging materials around $24.6 billion [20] Investment Opportunities - The semiconductor materials sector offers advantages due to its continuous and cumulative demand, which is less affected by cyclical fluctuations compared to equipment manufacturing [21] - The current phase of expansion and increased self-sufficiency in the domestic semiconductor industry presents significant investment opportunities, particularly in advanced processes [22] - Despite some market segments being overheated, semiconductor equipment and materials remain undervalued, indicating a potential growth of about 30% from a valuation perspective [22]

Core Insights - The report highlights that the recent improvement in supply-demand policies is expected to partially reverse the current unfavorable economic situation, driven by increased domestic demand from projects like the Yaxia Hydropower Station and ongoing "anti-involution" policies [4][10] - The cyclical stocks have shown strong performance recently, with the market's expectations for price improvements rapidly increasing, indicating a potential continuation of market valuation support in the short term [4][10] - The report emphasizes that the current market environment is characterized by ample liquidity, which, combined with the low valuation levels of cyclical sectors, has contributed to the rapid upward movement of these stocks [4][10] Stock Recommendations - The August stock selection includes: SF Express (transportation), Satellite Chemical (chemicals), Anji Technology (chemicals), Heng Rui Medicine (pharmaceuticals), Bairen Medical (pharmaceuticals), Beijing Renli (services), Feiliwa (electronics), Industrial Fulian (electronics), Pengding Holdings (electronics), and Hehe Information (computers) [10][11] - The report notes that the July stock selection achieved an absolute return of 9.64%, outperforming the market benchmark (CSI 300) by 6.10 percentage points, with individual stocks like Jitu Express-W and Shenghong Technology yielding returns of 57.23% and 42.94%, respectively [6][10] Industry Analysis Transportation Sector - SF Express reported a steady growth in Q1 2025, with a net profit of 2.234 billion yuan, a year-on-year increase of 16.87%, driven by an improved product matrix and service competitiveness [12][13] Chemical Sector - Satellite Chemical achieved a record high net profit in Q4 2024, benefiting from stable raw material prices and increased sales margins, with a sales gross margin of 27.11% [14][15] - Anji Technology experienced rapid revenue growth in 2024, with a gross margin of 58.45%, attributed to market expansion and product diversification [17][18] Pharmaceutical Sector - Heng Rui Medicine's overseas licensing agreements have contributed to significant revenue growth, with Q4 2024 net profit increasing by 107.20% year-on-year [20][21] - Bairen Medical's revenue growth was driven by the successful launch of its first interventional valve product, which significantly boosted its performance in 2024 [22][23] Service Sector - Beijing Renli has a strong market presence in the human resources industry, with a broad service offering and a robust client base, positioning it for continued growth [25][26] Electronics Sector - Feiliwa is expanding its production capacity in quartz fiber cloth, targeting the growing demand in the PCB market, with a projected CAGR of 12% from 2024 to 2029 [27][28] - Industrial Fulian's cloud computing business has shown significant growth, with revenue from AI servers increasing by over 150% [31][32] - Pengding Holdings is expected to achieve steady revenue and profit growth in the first half of 2025, driven by cost control and product structure optimization [33][34]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the convertible bond market and its performance in the context of the broader equity market, particularly focusing on the Chinese market dynamics and external geopolitical factors [1][5][6]. Core Insights and Arguments - **Market Dynamics**: The convertible bond market is experiencing a structural shift due to favorable external conditions, such as easing geopolitical tensions and supportive domestic policies, which have led to a bullish outlook for July [1][5]. - **Convertible Bonds Performance**: Convertible bonds have shown better resilience and upside potential compared to common stocks, particularly in a low-interest-rate environment where funds are increasingly chasing yield [1][4][5]. - **Sector Focus**: Key sectors to watch include AI, military, semiconductors, humanoid robots, and new consumption areas like dairy and beverages, which are expected to have strong earnings visibility [1][6][11]. - **Banking Sector Trends**: There is a notable acceleration in the exit of bank convertible bonds, with significant amounts expected to flow back into the pure bond market or into new bottom-fishing opportunities [1][7]. Important but Overlooked Content - **Convertible Bond Ratings**: In the first half of the year, 37 convertible bonds had their ratings downgraded, but the impact was manageable, with most experiencing limited price declines [7]. - **Solar Industry Outlook**: The solar sector is currently facing increased competition but is expected to stabilize as leading companies reduce production and consolidate, making it a potential bottom-fishing opportunity [8]. - **Investment Strategies**: Strategies such as downshift speculation and YTM replacement are highlighted as viable approaches for investors, particularly in the pharmaceutical sector [3][27]. - **Company-Specific Insights**: - **Hua Zheng Co.**: The company has turned profitable with a focus on high-frequency substrates and advanced materials, indicating a positive short-term outlook [12]. - **Guo Li Co.**: Expected revenue growth of 50% to 100% due to strong demand in military and semiconductor sectors [13]. - **Shui Yang Co.**: The company is leveraging both proprietary and agency brands to drive growth in the high-end beauty market [14]. - **Hua You Co.**: Positioned well in the new energy vehicle sector, benefiting from strong demand and integrated supply chain advantages [15][17]. - **Jing Wang Electronics**: The company is gaining traction in the GPU supply chain, indicating a positive performance outlook despite industry pressures [18]. - **Anji Technology**: The company is seeing significant growth in semiconductor materials, bolstered by partnerships with major players like TSMC [19]. - **Hang Yu Co.**: The company is well-positioned in the military sector with a solid order book and improving margins [20]. Conclusion - The overall sentiment for the convertible bond market and specific sectors remains optimistic, driven by favorable macroeconomic conditions and sector-specific growth opportunities. Investors are encouraged to focus on high-growth areas with strong earnings visibility while being mindful of potential risks associated with credit and market volatility [1][5][11].