9月30日，格林达盘中上涨2.07%，截至10:04，报29.65元/股，成交4355.65万元，换手率0.74%，总市值 59.17亿元。 资金流向方面，主力资金净流入34.20万元，大单买入555.36万元，占比12.75%，卖出521.17万元，占比 11.97%。 格林达今年以来股价涨29.08%，近5个交易日涨6.89%，近20日涨12.18%，近60日涨14.08%。 今年以来格林达已经1次登上龙虎榜，最近一次登上龙虎榜为3月5日。 资料显示，杭州格林达电子材料股份有限公司位于浙江省萧山区杭州萧山临江工业园区红十五路9936 号，成立日期2001年10月17日，上市日期2020年8月19日，公司主营业务涉及从事超净高纯湿电子化学 品的研发、生产和销售业务。主营业务收入构成为：湿电子化学品98.16%，副产品1.66%，其他 0.18%。 格林达所属申万行业为：电子-电子化学品Ⅱ-电子化学品Ⅲ。所属概念板块包括：光刻胶、电子化学 品、半导体、集成电路、芯片概念等。 截至6月30日，格林达股东户数1.46万，较上期增加22.20%；人均流通股13631股，较上期减少18.17%。 2025年1月-6月 ...

Industry Overview - The semiconductor materials sector is becoming a core focus in the capital market, with electronic chemicals playing a crucial role in the semiconductor manufacturing process, accounting for 10%-20% of total chip costs but directly influencing chip performance and yield [1] - The Chinese semiconductor market showed significant growth, reaching a scale of $113.5 billion from January to July 2025, representing an 11.1% year-on-year increase, indicating an expansion phase for upstream materials [1][2] - The global semiconductor materials market is projected to reach $70 billion by 2025, with China's key electronic materials market expected to reach 174.08 billion yuan, a 21.1% year-on-year growth [2] Core Logic - The investment value in the electronic chemicals industry is driven by its unique consumable nature and vast domestic substitution potential, ensuring stable demand as long as wafer fabs are in operation [3] - Major companies in the electronic chemicals sector, such as Anji Technology and Shanghai Xinyang, reported significant revenue growth of 43.17% and 35.67% respectively in the first half of 2025, with net profit growth rates of 60.53% and 126.31% [3] - The domestic substitution potential varies across different segments, with the photolithography sector having the largest substitution space due to long-standing foreign monopolies [3][4] Key Company Analysis - Anji Technology (688019) is a leading player in the CMP polishing liquid market, increasing its market share from 5% in 2021 to 8% in 2023, and holding a 30.8% share in the domestic market [5] - Jianghua Micro (603078) specializes in wet electronic chemicals, with a market share of approximately 4.58% and a total revenue starting at 1.03 billion yuan in 2023, indicating significant growth potential [6] - Nanda Optoelectronics (300346) is a pioneer in the photolithography sector, with over 40% market share in MO source supply and ongoing development of ArF photolithography products [7] - Huate Gas (688268) leads the electronic specialty gases market, achieving over 60% market share in domestic photolithography gases and successfully replacing imports with its products [8] - Yake Technology (002409) has a comprehensive layout in semiconductor materials, particularly in advanced precursor materials, enhancing customer stickiness through a complete product line [9][10]

Core Insights - The semiconductor industry in China is experiencing a significant growth phase, particularly in the electronic chemicals sector, which is crucial for chip manufacturing and performance [1][2][10] - The Chinese government has initiated policies to support the development of key products in the electronic chemicals field, marking the beginning of a "breakthrough battle" in the industry [1][10] Group 1: Market Growth and Demand - The demand for AI computing, data centers, and smart driving is driving the growth of the semiconductor market, with a projected market size of approximately $113.5 billion in China for the first half of 2025, reflecting an 11.1% year-on-year increase [2] - The global semiconductor materials market is expected to reach $70 billion in 2025, with a 6% year-on-year growth, while China's key electronic materials market is projected to grow by 21.1% to approximately 174.08 billion yuan [2][4] Group 2: Production Capacity Expansion - The expansion of wafer manufacturing capacity is accelerating, with a forecasted monthly capacity of 11.1 million 12-inch wafers by 2028, representing a compound annual growth rate (CAGR) of about 7% from 2024 to 2028 [4] - Advanced process nodes of 7nm and below are expected to see monthly production capacity increase from 850,000 wafers in 2024 to 1.4 million in 2028, with a CAGR of 14% [4] Group 3: Key Segments in Electronic Chemicals - The electronic chemicals market is divided into three main segments: photoresists, wet electronic chemicals, and electronic specialty gases, each with unique technological barriers and domestic substitution potential [5] - The photoresist market in China is projected to reach 6.802 billion yuan in 2025, with a growth rate of 4.49%, indicating significant potential for domestic substitution due to historical foreign monopolization [6] Group 4: Consumption Patterns and Business Models - Electronic chemicals are considered core consumables in semiconductor manufacturing, providing a more stable and sustainable business model compared to semiconductor equipment, which is subject to cyclical demand fluctuations [8][9] - Companies like Anji Technology and Shanghai Xinyang are expected to see revenue growth of 43.17% and 35.67% respectively in the first half of 2025, highlighting the resilience of the consumables business [8] Group 5: Policy and Technological Drivers - The rapid development of China's electronic chemicals sector is driven by a combination of policy support and technological advancements, aiming to transition from "catching up" to "leading" in the industry [10][11] - The Ministry of Industry and Information Technology has outlined plans to enhance high-end supply and support key product breakthroughs in electronic chemicals, which is expected to accelerate the transition from laboratory research to large-scale production [10][11] Group 6: Investment Opportunities - Investors are encouraged to focus on companies that have achieved breakthroughs in high-end fields, maintain continuous R&D investment, and have forward-looking capacity planning, as these firms are positioned to benefit from the industry's growth [12]

晶圆制造环节数百道工艺，每一层都离不开电子化学品的精准作用，电子化学品虽仅占芯片总成本10%-20%，但直接影响芯片性能与良率，是中国半导体突 破技术封锁的核心环节。 近期工业和信息化部等七部门印发《石化化工行业稳增长工作方案（2025-2026年）》，明确提出聚焦集成电路等重点产业链需求，支持电子化学品等领域 的关键产品攻关，行业"突围战"已悄然打响。 01 国产电子化学品迎"爆发式增长窗口" 02 三大赛道引领产业增长，高端领域是关键 电子化学品涵盖领域广，光刻胶、湿电子化学品、电子特气三大赛道，算是产业增长的"主力军"。每个赛道都有独特的技术门槛，也对应着不同的国产替代 空间。 2025年上半年，AI算力、数据中心、智能驾驶等终端需求不断增强，推动全球半导体行业在2024年复苏基础上继续增长。美国半导体协会（SIA）数据显 示，2025年1-7月中国大陆半导体市场规模约为1135亿美元，同比增长11.1%。 在需求的带动下，上游材料市场也迎来扩张期。TECHCET预测，2025年全球半导体材料市场规模将达700亿美元，同比增长6%，并将在2029年突破870亿美 元。中国市场表现尤为抢眼，中商产业研究院 ...

晶圆制造环节数百道工艺，每一层都离不开电子化学品的精准作用，电子化学品虽仅占芯片总 成本 10%-20%， 但 直接影响芯片性能与良率，是中国半导体突破技术封锁的核心环节。 近期工业和信息化部等七部门印发《石化化工行业稳增长工作方案（ 2025-2026年）》，明 确提出 聚焦集成电路等重点产业链需求，支持电子化学品等领域的关键产品攻关 ， 行业 "突 围战"已悄然打响。 01 国产 电子化学品迎 "爆发式增长窗口" 2025年上半年，AI算力、数据中心、智能驾驶等终端需求不断增强，推动全球半导体行业在 2024年复苏基础上继续增长。美国半导体协会（SIA）数据显示，2025年1-7月中国大陆半 导体市场规模约为1135亿美元，同比增长11.1%。 格隆汇研究院在 2024年初发布的半导体材料系列 策略 中明确指出：中国晶圆产能的快速扩 张将带动电子化学品需求呈现倍数级增长。我们当时提示， 2025-2027年将是中国电子化学 品企业实现技术突破和客户导入的黄金窗口期，这一判断正在被当前产业数据所验证 。 02 三大 赛道引领产业增长 ， 高端领域是关键 电子化学品涵盖领域广，光刻胶、湿电子化学品、电子特气三 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor materials sector [6] Core Viewpoints - Terminal demand is expanding, with the global semiconductor industry continuing to improve. In the first half of 2025, demand from AI computing, data centers, and intelligent driving is expected to drive growth, following a recovery in 2024. The industry chain remains robust [1] - Global semiconductor sales are projected to reach approximately $405 billion in the first seven months of 2025, marking a year-on-year increase of 20.4%. The Chinese market is expected to grow to about $113.5 billion, with a year-on-year increase of 11.1% [1] - The semiconductor materials market is set to grow significantly, with a forecasted global market size of $70 billion in 2025, reflecting a 6% year-on-year increase. The Chinese market for key materials is expected to reach approximately 174.08 billion yuan, growing by 21.1% [2][4] Summary by Sections Semiconductor Industry Overview - The global semiconductor market is projected to reach $700.9 billion in 2025, with a year-on-year growth of 11.2%. The Asia-Pacific region is expected to account for about $370.6 billion, growing by 9.8% [1] - By 2026, the global semiconductor market is anticipated to further increase to $760.7 billion, with an 8.5% year-on-year growth [1] Capacity Expansion and Material Demand - The expansion of wafer production capacity is accelerating, particularly in advanced processes. By 2028, global monthly capacity for 12-inch wafers is expected to reach 11.1 million pieces, with a CAGR of approximately 7% from 2024 to 2028 [2] - The demand for semiconductor materials is expected to rise significantly, driven by increased wafer production capacity [2] Domestic Technological Advancements - Significant progress has been made in domestic semiconductor equipment, with Shanghai Microelectronics showcasing EUV lithography machine parameters, marking a breakthrough in high-end lithography technology [3] Market Growth in Specific Segments - The market for photolithography resists, wet electronic chemicals, and electronic specialty gases is steadily growing. The demand for wet electronic chemicals is projected to reach 4.685 million tons in 2025, with a year-on-year increase of 3.9% [4] - The global market for electronic specialty gases is expected to reach $6.4 billion in 2025, growing by 6.7% year-on-year, while the Chinese market is projected to reach 27.9 billion yuan, with a growth of 6.3% [4] Investment Recommendations - The report suggests focusing on leading companies in core material sectors such as photolithography resists, wet electronic chemicals, and electronic specialty gases, which possess technological advantages and customer validation [5]

格隆汇9月26日丨联盛化学(301212.SZ)在投资者互动平台表示，公司的GBL、NMP、IPA等产品属于湿 电子化学品的范畴，应用领域触及显示面板、半导体、太阳能电池等产品的显影、蚀刻、清洗等制造工 艺。公司的产品暂时没有直接与终端光伏储能客户合作，具体下游客户是否有相关应用，建议关注下游 环节的披露信息。 ...

Core Viewpoint - The company is focusing on the semiconductor sector, particularly in wet electronic chemicals and key materials, and has made progress in developing a core material for the display field [1] Group 1: Company Developments - The company has successfully developed a core material for the display sector and is currently advancing the construction of a pilot production line and client validation [1] - The electronic-grade hydrogen peroxide product has stable control over key metal impurity content, meeting the stringent requirements of display panels and mature semiconductor processes [1] - The company is committed to optimizing production processes and expanding horizontally into high-purity chemicals such as electronic-grade potassium hydroxide and sulfuric acid [1] Group 2: Industry Positioning - The company aims to build a complete high-purity chemical product system to cover the basic cleaning and etching needs in the broader semiconductor field [1]

证券日报网讯怡达股份（300721）9月24日在互动平台回答投资者提问时表示，公司主要产品为醇醚及 醇醚酯系列产品、环氧丙烷、双氧水等。公司部分湿电子化学品可作为清洗剂、剥离液、刻蚀液用于光 刻胶的基材。 ...

格隆汇9月24日丨怡达股份(300721.SZ)在投资者互动平台表示，公司主要产品为醇醚及醇醚酯系列产 品、环氧丙烷、双氧水等。公司部分湿电子化学品可作为清洗剂、剥离液、刻蚀液用于光刻胶的基材。 ...