光大证券指出，基础化工、化学制品行业当前处于周期底部回升阶段，化工品价格指数有望止跌企 稳，行业整体进入底部蓄势期。在库存低位叠加需求逐步修复的背景下，下游企业补库将推动行业盈利 能力触底回升。化工行业PE估值历史分位数较高，PB估值接近2019年和2024年底部水平，显示行业仍 具较大上行空间。新兴应用领域如AI、OLED、机器人等终端市场的高景气度成为行业新增长引擎，半 导体材料受算力需求拉动持续扩张，光刻胶、湿电子化学品等核心材料处于"需求扩张+国产替代加 速"共振阶段。石油化工方面，"三桶油"在油价下行期盈利韧性凸显；基础化工子行业龙头凭借规模和 技术优势，有望在产能结构性优化中持续提升市占率。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 化工龙头ETF（516220）跟踪的是细分化工指数（000813），该指数从中国化工行业中精选涉及基 础化学品、特种材料等多个子领域的优质上市公司证券作为指 ...

截至2026年1月6日13:05，中证细分化工产业主题指数强势上涨3.78%，成分股恒力石化上涨9.72%，鲁 西化工上涨8.79%，桐昆股份上涨8.24%，君正集团，万华化学等个股跟涨。 消息方面，万华化学自2025年12月起连续上调MDI/TDI等核心产品全球售价，与巴斯夫、陶氏等国际巨 头同步调价，行业集中检修及原料成本上涨推动聚氨酯价格走强；同期中国硫酸工业协会联合磷复肥协 会召开保供稳价会议，明确硫酸资源优先保障磷肥生产，以稳定春耕农资供应。 化工ETF嘉实(159129)紧密跟踪中证细分化工产业主题指数，聚焦行业"反内卷"背景下新一轮景气周 期。 场外投资者还可以通过化工ETF联接基金（013527）关注化工板块投资机遇。 光大证券指出，基础化工、化学制品行业当前处于周期底部回升阶段，化工品价格指数有望止跌企稳， 行业整体进入底部蓄势期。在库存低位叠加需求逐步修复的背景下，下游企业补库将推动行业盈利能力 触底回升。化工行业PE估值历史分位数较高，PB估值接近2019年和2024年底部水平，显示行业仍具较 大上行空间。新兴应用领域如AI、OLED、机器人等终端市场的高景气度成为行业新增长引擎，半导体 ...

格隆汇12月30日丨怡达股份(300721.SZ)在互动平台表示，公司主要产品有醇醚及醇醚酯系列产品、湿 电子化学品、环氧丙烷、双氧水、蒽醌、四丁基脲、活性氧化铝、汽车制动液等，未有废电路板相关业 务。 ...

晶圆制造与代工板块：中芯国际全资收购中芯北方，直接强化了其在12英寸成熟制程晶圆代工领域的资 产完整性与控制力。此举预计将提升公司整体产能规划与运营效率，增强在成熟工艺市场的竞争力与盈 利能力。对于产业链而言，龙头企业的资本开支与整合动作，往往预示着对上游设备、材料需求的稳定 或增长预期，同时也为下游芯片设计公司提供了更可靠的产能保障，增强了国内半导体制造环节的自主 可控能力。 半导体设备与材料板块：晶圆制造产能的整合与潜在扩张，直接拉动了对光刻机、刻蚀机、薄膜沉积、 量测等前道制造设备的需求。同时，制造过程中所需的硅片、电子特气、光刻胶、湿电子化学品等关键 材料的消耗量也将随之增加。在国内持续推进供应链安全与自主替代的背景下，具备技术突破和产品验 证能力的国产设备与材料供应商，有望率先受益于下游制造厂的产能建设与国产化采购需求。 交易所数据显示，芯片产业链午后表现活跃，算力芯片、晶圆代工方向领涨。 中芯国际于2025年12月29日晚间发布公告，拟向国家集成电路基金等五方股东发行股份，收购其持有的 中芯北方集成电路制造（北京）有限公司49%的股权，交易总价约406.01亿元。根据公告披露的《资产 评估报告》， ...

Group 1 - The core viewpoint of the article highlights that the basic chemical sector is expected to show significant growth, with a year-to-date increase of +41.4% as of December 26, 2025, ranking it fifth among all industries [3] - The basic chemical industry experienced a cyclical pattern in 2025, characterized by weak performance in the first half, a rebound driven by improved expectations in the middle, and active structural trends in the latter part of the year [3] - The performance of the basic chemical sector varied significantly across sub-industries, with lithium battery materials and phosphate chemicals benefiting from better-than-expected production and supply-demand improvements, leading to substantial price increases [3] Group 2 - The macroeconomic environment is gradually recovering, establishing a bottoming trend for the chemical industry, with downstream companies in a replenishment phase, which is expected to improve profitability [4] - The agricultural chemicals sector performed relatively well, with high prices for phosphate and potash fertilizers, while the pesticide industry is entering an initial recovery phase [4] - The lithium battery materials sector is seeing a significant recovery in profitability due to strong terminal demand and orderly expansion by leading companies [4] Group 3 - Emerging application areas such as AI, OLED, and robotics are becoming new growth engines for the basic chemical industry, driving strong demand for new materials [5] - The semiconductor industry is expanding due to increased AI computing power and data center construction, which in turn boosts demand for key materials like photoresists and electronic chemicals [5] - The rapid development of the humanoid robot industry is creating new demand for high-performance materials, with specific materials like PEEK and MXD6 showing high application potential due to their lightweight and high-strength characteristics [5]

Core Viewpoint - The article emphasizes the importance of electronic materials in various high-tech industries, highlighting the need for innovation and domestic production capabilities to enhance China's competitiveness in the global market [7][9]. Group 1: Industry Overview - Electronic materials are crucial for manufacturing electronic devices, integrated circuits (ICs), and optoelectronic devices, directly impacting product functionality and efficiency [7]. - The global semiconductor industry is projected to reach a total sales of $526.8 billion in 2023, with IC electronic materials accounting for approximately 12.7% of this market [7]. - The demand for electronic materials is increasing in sectors such as ICs, display technology, photovoltaic energy, and high-end capacitors/resistors, driven by advancements in information technology and communication [7][9]. Group 2: Key Electronic Materials - **Semiconductor Materials**: Silicon (Si) is the primary material used in over 95% of semiconductor devices, with a market dominated by companies like Shin-Etsu Chemical and Sumco, holding over 90% market share in 8-12 inch wafers [11][15]. - **Electronic Specialty Gases**: The market for electronic specialty gases is highly concentrated, with major players like Air Products and Linde holding over 80% market share. The largest category, NF3, has a market size of $8.8 billion [16][18]. - **Photoresists**: The photoresist market is critical for IC manufacturing, with costs accounting for about 35% of total chip manufacturing costs. The development of EUV photoresists is essential for advanced nodes below 7nm [19][21]. - **Wet Electronic Chemicals**: The global market for wet electronic chemicals was valued at 639.1 billion yuan in 2022, with a projected growth rate of 8.9% annually [25]. - **CMP Materials**: Chemical Mechanical Polishing (CMP) materials are vital for achieving high precision in wafer manufacturing, with the global market for CMP pads and slurries growing significantly from 2016 to 2021 [28][29]. - **Third-Generation Semiconductor Materials**: Materials like SiC and GaN are gaining traction due to their superior properties for high-frequency and high-power applications, with China's market for these materials reaching approximately 85.4 billion yuan in 2023 [30][31]. Group 3: Market Dynamics and Trends - The electronic materials industry is characterized by a high degree of international competition, with the U.S., Europe, Japan, South Korea, and China being the main players [8]. - The ongoing technological revolution and industrial transformation present both challenges and opportunities for the electronic materials sector, necessitating advancements in material performance to meet the demands of emerging technologies like 6G and quantum computing [8][9]. - The article highlights the need for China to enhance its domestic production capabilities and innovation in electronic materials to ensure supply chain security and reduce reliance on foreign imports [9].

中化新网讯12月11日，四川自贡沿滩区举行2025年第四季度重点项目集中签约仪式。 沿滩区相关领导表示，沿滩区作为自贡新材料产业的主战场，持续推动"一主两辅"特色园区打造，加快 构建"盐-氯碱化工（600618）-氟硅新材料"全产业链条。接下来，沿滩区将继续发挥好主战场作用，强 化招商引资重大项目全生命周期服务管理机制，全力做好要素保障，加强推动项目落地转化，为自贡推 动产业转型打下坚实基础。 此次签约的西南湿电子化学品生产基地项目、年产10万吨新型碳纳米管浆料项目、年产2000吨硅碳负极 材料项目等5个项目均落户自贡川南新材料化工园区，总投资48.32亿元，涵盖新能源导电材料、湿电子 化学品、硅碳负极材料、高性能复合材料等关键领域。项目全面达产后，预计可实现年产值82.79亿 元，年税收6.82亿元。 ...

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]

新材料50ETF（159761）跟踪的是新材料指数（H30597），该指数主要选取从事新型材料研发、生产和 销售的上市公司证券作为指数样本，成分股具有高技术含量和创新性强的特征，广泛应用于新能源、电 子信息、生物医药等领域。指数行业配置侧重于化工新材料、金属新材料及非金属新材料等细分领域， 以反映新材料相关上市公司证券的整体表现。 （文章来源：每日经济新闻） 光大证券指出，2025年中央经济工作会议强调坚持创新驱动，加紧培育壮大新动能，新兴应用领域的高 景气度成为新材料行业增长引擎。AI算力与数据中心扩建、智能驾驶渗透提升拉动半导体材料需求， 光刻胶、湿电子化学品与电子特气等核心材料处于"需求扩张+国产替代加速"共振阶段。OLED领域保 持高增速，有机材料市场规模及国产化率快速提升。人形机器人产业链发展带来PEEK与MXD6等高性 能材料新增需求，其轻量化、高强度特性在机器人领域应用潜力显著。此外，AI浪潮推动高频高速树 脂与液冷材料需求增长。新材料行业整体受益于技术创新与国产替代双重驱动，细分赛道成长性突出。 ...

Core Insights - The new materials industry is a crucial support for advancing new industrialization in China, with China National Building Material Group (CNBM) focusing on the integration of technological and industrial innovation to contribute to the construction of a strong materials and manufacturing nation [1][3] Investment and Fund Performance - CNBM's New Materials Fund has a total scale of 20 billion yuan, with an initial scale of 15 billion yuan, focusing on investments in inorganic non-metallic materials, organic polymer materials, composite materials, special metals, and other new materials [1] - As of now, the New Materials Fund has completed investments in 48 projects, with a total delivery scale of 12.14 billion yuan, indicating stable operational performance in the new materials sector [1] Semiconductor Materials Focus - The New Materials Fund is paying close attention to the semiconductor materials sector, including large silicon wafers, photoresists, electronic specialty gases, target materials, wet electronic chemicals, storage devices, and third-generation semiconductors, forming a comprehensive semiconductor materials industry cluster [2] Central-Local Cooperation - CNBM is building a second growth curve centered on the new materials industry, focusing on cultivating industries with scales of 1 billion, 5 billion, and 10 billion yuan, aiming for a revenue of 100 billion yuan and a profit of 10 billion yuan in the new industry group [3] - The cooperation between CNBM and local governments, such as Jiangsu and Anhui provinces, is injecting capital into the new materials industry, promoting high-quality development [4] Technological and Investment Synergy - CNBM emphasizes the integration of technology and investment in driving the development of the new materials industry, highlighting the need for investment to catalyze technological innovation across various stages of development [6][7] - The company aims to leverage its investment strategies to discover new growth points and enhance existing business strengths through its funds [6] AI and New Materials - The integration of artificial intelligence (AI) with new materials is seen as a transformative force, with AI reshaping productivity and driving advancements in various sectors, including integrated circuits, which are foundational to AI capabilities [7]