Core Viewpoint - The semiconductor materials sector in A-shares has shown strong performance driven by a combination of policy support, surging demand from AI, and technological advancements, leading to significant investment opportunities in the industry [1][3][21]. Group 1: Demand Explosion - The AI computing revolution is expected to significantly increase demand, with global AI server shipments projected to exceed 3 million units by 2026, leading to a doubling of material usage per wafer due to new technologies [4][5]. - The global expansion of wafer fabs is set to add certainty to capacity growth, with 48 new fabs expected to come online in 2024, primarily in advanced 12-inch processes, further driving material demand [5]. Group 2: Technological Breakthroughs - Domestic companies have made substantial progress in achieving self-sufficiency in mature process materials, with over 40% localization rates for products like 8-inch silicon wafers and polishing liquids [6]. - The emergence of third-generation semiconductor materials, such as silicon carbide (SiC) and gallium nitride (GaN), is creating new growth avenues, particularly in electric vehicles and 5G applications, with a compound annual growth rate exceeding 25% [6][7]. Group 3: Policy Support - The anti-dumping investigation into imported dichlorodihydrosilane from Japan is seen as a timely opportunity for domestic semiconductor materials, potentially increasing local market share if dumping is confirmed [8]. - Continuous domestic policy support, including significant funding from the National Integrated Circuit Investment Fund, is expected to accelerate breakthroughs in domestic materials [9][10]. Group 4: Market Dynamics - The semiconductor materials market is characterized by a high concentration of foreign firms, particularly in high-end segments like silicon wafers and photoresists, where Japanese companies dominate [11][14]. - Despite progress in domestic production, critical segments such as EUV photoresists and high-end electronic gases remain heavily reliant on imports, highlighting ongoing challenges in achieving full self-sufficiency [19][20]. Group 5: Investment Opportunities - Investment opportunities are emerging in high-end segments with low localization rates, particularly in areas like ArF photoresists and advanced target materials, where domestic firms are poised to benefit from policy support and technological advancements [22]. - The anti-dumping measures are expected to create immediate benefits for domestic players in the chemical processing sector, particularly for dichlorodihydrosilane and upstream materials for photoresists [23]. - The demand-driven segments, particularly those related to AI and wafer fab expansions, are anticipated to experience exponential growth, presenting clear investment prospects [24].

12月12日，以"智材融合 聚势未来"为主题的第三届新材料赋能战新产业伙伴大会在北京召开。这场会 议召开之际，正值全球人工智能发展进入关键阶段，算力竞争日趋白热化。 以20世纪50年代初的通用计算机（加减法每秒1.6万次，乘除运算每秒1000次）为起点，到如今英伟达 最先进GPU的理论峰值算力已突破50 PFLOPS量级，增长超过3万亿倍。这一惊人飞跃的背后，是集成 电路技术的持续演进，更离不开基础材料的革命性创新。 中经记者 吴静 卢志坤 北京报道 作为国资委旗下以非金属材料为主的制造商和投资公司，中国建材集团的新材料板块收入在2024年已突 破千亿元，如今，正从"大基建底座"向"AI基石"转型。 2021年，中国建材集团设立中建材新材料基金，以市场化机制加速新材料产业布局。中建材新材料基金 总经理郭辉在近日接受《中国经营报》在内的媒体采访中强调基金的三大使命：保障国家供应链安全、 为集团新材料板块赋能及寻找新增长点、支持核心技术突破创新。 构建自主可控的新材料体系 据了解，中建材新材料基金于2021年7月完成签约，总规模200亿元，首期规模150亿元，其出资机构包 括国家制造业转型升级基金、中国国有企业混 ...

如今，姚力军将产业布局延伸至溅射靶材的上游核心环节，同创普润的IPO正是这一战略布局的关键落子。 半导体产业的"纳米战争"中，材料纯度直接决定芯片性能。对于先进制程芯片而言，超高纯金属材料的纯度需达到99.9995%（5N5）乃至99.9999%（6N） 以上，3纳米制程所需的超高纯锰材料更是要求杂质含量控制在千万分之一级别。长期以来，这类核心材料的制备技术被美日企业牢牢掌控，国内高端市 场进口依赖度超80%，成为制约芯片产业自主可控的"卡脖子"环节。而同创普润已在这场攻坚战中取得关键突破，其研发的7N超高纯铜、6N铝钽等材 料，已成功进入全球顶尖晶圆厂供应链，成为极少数能为3纳米芯片供应关键材料的中国企业。 今年8月，同创普润获得超10亿元融资，由中建材新材料基金领投；短短两个月后，公司再获超10亿元Pre-IPO融资，尚颀资本、上汽金控等实力机构联合 参投。在半导体材料研发动辄数年、投入巨大的行业特性下，这两笔融资不仅为其扩大产能、升级设备提供了资金保障，更凸显了产业资本对超高纯金属 材料赛道的坚定信心。要知道，这类材料的生产不仅需要攻克提纯技术，还需自主研发生产设备、构建闭环工艺，仅检测环节就需配备能识 ...

Core Viewpoint - Dongfang Tantalum Industry (000962) is actively responding to industry opportunities and challenges by optimizing product layout, deepening strategic cooperation with core customers, and increasing R&D investment to enhance product competitiveness and expand into emerging markets and application fields [1] Group 1 - The company's products are widely used in superconducting products, high-temperature alloy additives, sputtering targets, tantalum capacitors, hard alloys, and chemical corrosion protection [1] - The company closely monitors industry trends and changes in customer demand [1] - The company aims to enhance product competitiveness through various strategies [1]

Core Viewpoint - The company has decided to terminate the acquisition of at least 51% of Beiyi Semiconductor Technology (Guangdong) Co., Ltd., reflecting a cautious approach in capital operations amid financial pressures and risks [1][3]. Group 1: Transaction Background - Kangda New Materials, a leader in adhesive and specialty resin materials in China, has pursued business expansion through acquisitions since 2017, acquiring companies like Biko Technology and Crystal Material Technology [2]. - Despite multiple acquisitions, the company has not achieved sustained profit growth, with net profit declining from 48 million yuan in 2022 to a loss of 246 million yuan in 2024, largely due to a significant goodwill impairment of 155 million yuan in 2024 [2]. - Beiyi Semiconductor focuses on power semiconductor module development and production, with a valuation of approximately 2.5 billion yuan based on its B+ round financing in May 2024 [2]. Group 2: Reasons for Termination - The acquisition was terminated due to insufficient progress in due diligence and audit work, as well as a lack of consensus among the parties involved [3]. - Financial pressure and cash flow concerns were significant factors, as the company faced a loss of 246 million yuan in 2024 and had not fully alleviated prior financial burdens [3]. - Discrepancies in the target's qualifications and valuation were noted, with potential issues regarding revenue and profit data, as well as concerns over the sustainability of new product profitability [3]. - Differences in transaction terms and valuation expectations between the shareholders of Beiyi Semiconductor and Kangda New Materials further complicated the acquisition [3]. Group 3: Industry Implications - The case of Kangda New Materials highlights a shift in the A-share merger and acquisition market, where companies are increasingly focusing on the profitability and synergy of acquisition targets rather than mere scale expansion [4]. - The termination of the acquisition serves as a prudent choice to avoid risks and reflects on past challenges such as goodwill impairment and asset sales [4]. - Moving forward, the company may prioritize its core adhesive business and semiconductor materials sector, aiming for growth through technological upgrades rather than capital operations [4].

Core Points - On November 21, Ashi Innovation fell by 5.11%, trading at 36.01 CNY per share, with a total transaction volume of 84.0024 million CNY and a turnover rate of 2.02%, resulting in a total market capitalization of 5.517 billion CNY [1] - Ashi Innovation, established on October 29, 2002, and listed on September 26, 2017, specializes in the research, production, and sales of various PVD coating materials, with revenue composition as follows: sputtering targets 42.65%, evaporation materials 31.64%, alloy and metal materials 22.47%, and others 3.24% [1] Shareholder Analysis - According to data, a fund under Guorong Fund is among the top ten circulating shareholders of Ashi Innovation. Guorong Rongsheng Longtou Selected Mixed A (006718) entered the top ten shareholders in the third quarter, holding 583,600 shares, accounting for 0.51% of circulating shares, with an estimated floating loss of approximately 1.1322 million CNY today [2] - Guorong Rongsheng Longtou Selected Mixed A (006718) was established on May 29, 2019, with a latest scale of 133 million CNY. Year-to-date return is 6.08%, ranking 6425 out of 8136 in its category; the one-year return is 1.2%, ranking 7627 out of 8056; and since inception, the return is 103.3% [2] Fund Management - The fund manager of Guorong Rongsheng Longtou Selected Mixed A (006718) is Zhou Desheng. As of the report date, Zhou has served for 5 years and 257 days, with total fund assets of 765 million CNY. The best fund return during his tenure is 74.62%, while the worst return is -37.66% [3] Fund Holdings - Data indicates that Guorong Fund's Guorong Rongsheng Longtou Selected Mixed A (006718) has a significant holding in Ashi Innovation, with 583,600 shares, representing 3.54% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 1.1322 million CNY [4]

Core Viewpoint - Konda New Materials (002669.SZ) announced the termination of its acquisition of semiconductor assets due to insufficient progress in due diligence and lack of consensus among parties involved [2][3]. Group 1: Acquisition Details - Konda New Materials signed a Letter of Intent on August 28 to acquire at least 51% of Beiyi Semiconductor Technology (Guangdong) Co., Ltd. for cash, aiming to gain control [2]. - The acquisition was in the preliminary planning stage, with specific terms requiring further negotiation and validation among the parties [2][3]. - The termination agreement was signed by all parties involved, indicating a formal end to the acquisition process [2]. Group 2: Business Overview - Konda New Materials operates primarily in three sectors: adhesives and specialty resin materials, electronic information materials, and electronic technology, with adhesives accounting for over 80% of total revenue as per the 2025 semi-annual report [3]. - The planned acquisition of Beiyi Semiconductor was a strategic move for Konda New Materials to transition into the semiconductor industry [3][4]. Group 3: Future Prospects - Despite the termination of the Beiyi Semiconductor acquisition, Konda New Materials is pursuing another semiconductor-related transaction, aiming to acquire at least 51% of Chengdu Zhongke Huamei Electronics Co., Ltd. for 275 million yuan [5]. - The company expressed its commitment to continue seeking suitable acquisition targets to enhance its growth trajectory [4].

Group 1 - The core viewpoint of the news is that Fujian Astone Innovation Materials Co., Ltd. has seen a stock price increase of 5.44%, reaching 42.48 CNY per share, with a total market capitalization of 6.509 billion CNY [1] - The company specializes in the research, production, and sales of various PVD coating materials, with its main revenue sources being sputtering targets (42.65%), evaporation materials (31.64%), alloy and metal materials (22.47%), and others (3.24%) [1] Group 2 - Among the top ten circulating shareholders of Astone Innovation, the Jin Ying Yuan Feng Bond A fund has entered the list, holding 736,000 shares, which accounts for 0.65% of the circulating shares [2] - The Jin Ying Yuan Feng Bond A fund has achieved a year-to-date return of 30.51%, ranking 18th out of 6,223 in its category, and a one-year return of 25.8%, ranking 49th out of 6,071 [2]

Core Viewpoint - Kanda New Materials announced the termination of the acquisition agreement with Beiyi Semiconductor and its shareholders due to unmet expectations in the progress of the transaction and lack of consensus among parties involved [1][3] Company Overview - Kanda New Materials primarily engages in the production of adhesives and specialty resin materials, with applications in wind turbine blade manufacturing, packaging materials, and rail transportation [1] - The company had planned to acquire at least 51% of Beiyi Semiconductor to gain control and integrate its power semiconductor module capabilities with Kanda's existing semiconductor materials business [1] Acquisition Details - The acquisition aimed to enhance Kanda's strategic transition into the semiconductor industry by leveraging Beiyi Semiconductor's research, packaging, testing, and wafer manufacturing capabilities [1] - Beiyi Semiconductor focuses on the development, production, and sales of new power semiconductor modules, with core products including IGBT, PIM, and IPM, applicable in sectors like electric vehicles, industrial control, and renewable energy [1] Financial Performance - Kanda New Materials has pursued external acquisitions as a key growth strategy, having acquired several companies since 2017 to expand into various sectors [2] - Despite these acquisitions, the company has faced declining profitability, with revenues of 2.466 billion yuan in 2022, 2.793 billion yuan in 2023, and projected 3.101 billion yuan in 2024, while net profits have decreased from 48 million yuan in 2022 to a projected loss of 246 million yuan in 2024 [2] Asset Sales - To improve its financial situation, Kanda has been selling significant assets to its controlling shareholder, including a 67% stake in Cai Jing Optoelectronics and a 51% stake in Biko Technology [2] Termination of Acquisition - The termination of the acquisition was a mutual decision among the parties involved, with no breach of contract or disputes reported [3]

Core Viewpoint - The company, Dongfang Tantalum Industry, has achieved significant technological breakthroughs in the production of high-purity tantalum products, which are widely used in various high-tech applications [2] Group 1: Product Applications - The company's products are utilized in superconducting products, high-temperature alloy additives, sputtering targets, tantalum capacitors, hard alloys, and chemical corrosion protection [2] Group 2: Technological Advancements - The company has successfully achieved full-process technological breakthroughs and industrial integration in the production of high-purity tantalum powder, high-purity tantalum ingots, and 12-inch tantalum target blanks [2]