证券日报网讯1月8日，兴福电子在互动平台回答投资者提问时表示，目前公司主要产品电子级磷酸、电 子级硫酸、电子级双氧水等通用湿电子化学品及金属系列蚀刻液、硅系列蚀刻液、清洗剂等多款功能湿 电子化学品已批量供应相关客户。与此同时公司一直致力于践行国产替代使命，强化技术攻关，力争将 公司打造成为以湿电子化学品为主的国际化半导体材料平台型企业。 ...

Group 1: Overview of Major Companies in Wet Electronic Chemicals - BASF is a leading supplier in the industry with the highest global market share, offering a range of wet electronic chemicals including inorganic high-purity reagents and functional formulation liquids [2] - DuPont, following its split in 2019, continues to excel in organic silicon-based electronic chemicals and plans to spin off its electronic materials business by 2025 [2] - Honeywell specializes in high-purity inorganic chemicals and has significant production capabilities in ultra-pure acids and organic solvents [2] - Entegris, after acquiring Cabot Microelectronics, offers a wide range of high-purity chemicals for semiconductor applications [2] - Avantor is a major supplier of ultra-pure reagents and electronic-grade solvents, focusing on high-purity chemicals for the electronics industry [2] Group 2: Japanese Companies in Wet Electronic Chemicals - Sumitomo Chemical is a core supplier of ultra-pure chemicals for semiconductors and displays, with significant advantages in large wafer manufacturing applications [5] - Kanto Chemical holds a significant market share in ultra-pure acid and functional chemical production for semiconductor applications [5] - Shin-Etsu Chemical is a major producer of photoresists and associated wet electronic chemicals for the semiconductor industry [5] - Mitsubishi Chemical produces a variety of high-purity acids and cleaning agents for microelectronics processing [5] Group 3: South Korean Companies in Wet Electronic Chemicals - Dongwoo Fine-Chem, a subsidiary of Sumitomo Chemical, is a pioneer in developing high-purity chemicals for semiconductor and TFT-LCD manufacturing [8] - Dongjin Semichem has a strong presence in the wet electronic chemicals market for new display technologies, holding a monopoly in certain functional chemicals [8] - Soul-brain is recognized as a leading supplier of high-purity hydrofluoric acid in South Korea [8] Group 4: Taiwanese Companies in Wet Electronic Chemicals - Dongying Chemical Co., Ltd. focuses on producing stripping and developing liquids for semiconductors and TFT-LCD applications [9] - Kuan-Tung Hsin-Lin Technology Co., Ltd. has achieved top-tier quality in hydrogen peroxide production, alongside other electronic-grade chemicals [9] - Chang Chun Chemical Co., Ltd. is a major supplier of electronic-grade sulfuric acid and other chemicals for the semiconductor industry [9] Group 5: Chinese Mainland Companies in Wet Electronic Chemicals - Anji Microelectronics Technology Co., Ltd. projects a revenue of 1.545 billion yuan from CMP polishing liquids in 2024, with a production capacity of 33,100 tons [10] - Hubei Xingfu Electronic Materials Co., Ltd. is the market leader in electronic-grade phosphoric acid, with a projected revenue of 1.02 billion yuan in 2024 [10] - Jiangyin Jianghua Microelectronics Materials Co., Ltd. is one of the few companies capable of supplying electronic-grade hydrofluoric acid for 12-inch advanced processes [10]

该项目分三期推进。其中，一期投资14.5亿元，预计2027年底全面投产，届时将形成6万吨/年电子级硫 酸、1万吨/年电子级盐酸、1万吨/年电子级氨水、1万吨/年电子级双氧水、4万吨电子级溶剂等产品产 能，预计年产值超10亿元，年缴税收约1亿元，直接创造就业岗位1000余个；二、三期将在一期基础上 扩产并开发新产品，产品系列覆盖主要湿电子化学品品类。待项目三期全部建成达产，年总产值有望突 破100亿元，带动上下游相关产业形成超500亿元的经济规模。(完) 项目规划总投资50亿元(人民币，下同)，核心产品涵盖电子级硫酸、电子级盐酸、电子级氨水、电子级 双氧水、电子级溶剂等品类，将有效弥补国内高端半导体电子化学品产业发展短板，推动高端半导体化 学材料进口替代的重大创新项目。 中新网钦州12月29日电(翟李强)12月29日，中国—马来西亚钦州产业园区年产70万吨高端半导体化学材 料生产基地项目正式开工。 据了解，该项目创新采用"链主+基金+基地"的模式，以龙头企业安鑫电子为引擎整合资源，通过专项 产业投资基金提供全周期资本支持，依托专业特色园区实现产业集聚发展，带动中国—马来西亚钦州产 业园区半导体产业和高端精细化工 ...

证券日报网讯 12月29日，金禾实业（002597）在互动平台回答投资者提问时表示，公司电子级氢氧化 钠、氢氧化钾已经完成量产并导入客户，依托电子级双氧水的生产经验与客户基础，公司将持续优化工 艺，进一步提升综合竞争力。 ...

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [2]. Core Insights - The company is positioned as a leading enterprise in wet chemical products, focusing on semiconductor applications and expanding its international and diversified strategies to become a world-class electronic materials company [7][19]. - The semiconductor industry is entering a prosperous cycle, with significant capacity expansion in wafer fabs, which is expected to benefit material suppliers like the company [7][41]. - The company has a robust product matrix, including electronic-grade phosphoric acid and sulfuric acid, which are pivotal for its growth, especially in functional wet chemical products [8][9]. Summary by Sections 1. Company Overview - The company, established in 2008, specializes in the research, production, and sales of wet electronic chemicals, with a focus on semiconductor applications [16]. - It has developed a comprehensive product system, including electronic-grade phosphoric acid, sulfuric acid, and hydrogen peroxide, achieving high standards recognized by major semiconductor manufacturers [16][18]. 2. Industry Outlook - The semiconductor industry is experiencing a "super cycle," with rising demand for storage chips and increased wafer fab utilization, leading to a favorable environment for material suppliers [41][43]. - The report highlights that domestic semiconductor companies are ramping up production, which will further enhance the demand for the company's products [46]. 3. Financial Performance - The company has shown steady revenue growth, with total revenue projected to reach 1,459 million yuan in 2025, reflecting a year-on-year growth rate of 28.3% [6]. - The net profit attributable to the parent company is expected to grow significantly, reaching 227 million yuan in 2025, with a projected PE ratio of 59 [6][8]. 4. Product Development - The company is expanding its product offerings in functional wet chemicals, with a focus on electronic gases and advanced electronic materials, which are expected to contribute to long-term growth [19][20]. - The report indicates that the company has a strong pipeline of new products, with 35 products successfully tested by advanced process customers [19]. 5. Market Position - The company benefits from its affiliation with Xingfa Group, a leading player in the phosphorus chemical industry, providing a strong supply chain advantage [22]. - The company’s market share in electronic-grade phosphoric acid is the highest in China, with significant production capacity planned for the coming years [20][24].

Core Viewpoint - The recent conference in Huizhou highlighted the strengths of the petrochemical new materials industry chain and the favorable business environment, aiming to promote the intelligent, green, and integrated development of the industry during the 14th Five-Year Plan period, positioning Huizhou as a global petrochemical industry hub [1]. Group 1: Industry Advantages - Huizhou is identified as the core of the "Greater Bay Area Industrial Cluster" within the five world-class petrochemical industry clusters planned by the China Petroleum and Chemical Industry Federation, showcasing significant regional and industrial advantages [4]. - The Daya Bay Petrochemical Zone has ranked first in the national chemical park rankings for six consecutive years, with a refining capacity of 22 million tons per year and ethylene production capacity of 3.8 million tons per year, establishing a solid foundation for industry development [4]. - The focus on intelligent, green, and integrated development aligns with the broader direction of the petrochemical industry during the 14th Five-Year Plan [4]. Group 2: Business Environment and Support - The Daya Bay Development Zone emphasizes an "industry first, enterprise foremost" philosophy, aiming to enhance the industrial layout and support enterprises through cost reduction and efficiency improvement measures [5]. - The local government is committed to improving the business environment by implementing reforms and providing comprehensive lifecycle support for projects, including the "chain leader system" and "special class system" [5]. - Seven key advantages are highlighted, including mature professional parks, solid industrial foundations, ample raw material supply, and convenient living services [5]. Group 3: Investment and Development Projects - The Huizhou New Materials Industrial Park has attracted nearly 50 projects with a total investment exceeding 50 billion yuan, featuring well-known domestic and international companies [6]. - Hubei Xingfu Electronic Materials Co., Ltd. plans to invest 1 billion yuan in Huizhou during the 14th Five-Year Plan, with an expected annual output value of 2 billion yuan upon completion of its projects [6]. - Guangdong Yuxin New Energy Technology Co., Ltd. is establishing a C4 deep processing industrial chain in Huizhou, leveraging the region's strong development potential [7].

兴福电子此前在业绩说明会上表示，在全球半导体产业链复苏，集成电路国产化替代加速等经济环境推 动下，公司迎来了良好发展机遇，核心产品电子级磷酸、电子级硫酸、电子级双氧水销量增长强劲，功 能湿电子化学品品类不断丰富，业绩中枢保持稳健增长。 扩产能加码核心业务 业绩稳健增长，兴福电子(688545.SH)拟大手笔优化产业布局。 12月9日晚间，兴福电子发布公告，拟投资4.8亿元建设4万吨/年电子级磷酸项目，进一步完善公司在半 导体湿电子化学品领域的产业布局。 长江商报记者注意到，兴福电子作为湖北磷化工巨头兴发集团（600141）(600141.SH)下属电子化学品 业务的独立上市平台，在国内半导体领域电子级磷酸产品的市场占有率接近七成，并保持逐年提升趋 势。 业绩方面，2025年前三季度，公司实现营收10.63亿元，同比增长26.67%；归母净利润1.65亿元，同比 增长24.67%。 兴福电子表示，通过在宜昌新材料产业园布局新项目，公司能够实现抵近目标市场的战略布局，进一步 放大产品规模，推动公司加快高质量发展。 产业布局进一步完善 同日，兴福电子还发布公告，为进一步拓展产品品类、优化产业布局，公司拟以自有资金4 ...

本报讯 （广西云-广西日报记者唐绍怡）12月2日，记者从柳州市产业集团柳州化工股份有限公司了解 到，柳化股份拓展国际市场业务取得实质性进展，首次将152.48吨电子级双氧水产品出口至越南，创汇 4.8万美元。此次出口不仅填补了柳化股份该类产品国际市场布局空白，更实现了柳产高端化学品海外 出口"零的突破"，展现了"柳州制造"向高端化、国际化转型的成效。 据悉，电子级双氧水广泛应用于 半导体等高端制造领域，对产品稳定性、一致性要求严苛。柳化股份依托成熟生产工艺及严格质量管控 体系，确保产品达标并获合作伙伴认可；创新采用"陆运+海运"联合运输模式，成功打通面向东盟的出 海通道，为深化中国—东盟经贸合作注入新活力。 此次出口打破了柳化股份电子级双氧水以国内市场 为主的格局，开启了拓展海外市场新篇章。更重要的是，通过打入高标准电子化学品领域，柳化股份向 国际市场彰显了"柳州制造"参与高端产业链的实力，为本土制造业转型升级和外贸结构优化提供新动 能。 柳化股份相关负责人表示，将遵循"向海图强、开放发展"战略，深耕东盟市场，加大研发与品质 投入，优化跨境物流，推动更多"柳州制造"优质产品走向全球。 ...

Core Viewpoint - Xingfa Group (600141.SH) has shown steady growth in performance, attracting significant attention from institutional investors, with 107 institutions participating in recent research activities [1][2] Financial Performance - In the first three quarters of 2025, Xingfa Group achieved total revenue of 23.781 billion yuan, a year-on-year increase of 7.85%, and a net profit attributable to shareholders of 1.318 billion yuan, a year-on-year increase of 0.31% [2] - The third quarter alone saw revenue of 9.161 billion yuan, a year-on-year increase of 5.96% and a quarter-on-quarter increase of 23.94%, with net profit reaching 592 million yuan, a year-on-year increase of 16.17% and a quarter-on-quarter increase of 42.15% [2][3] Product and Market Dynamics - Glyphosate, a key product for the company, has seen price increases due to tight supply and downstream replenishment needs, with expectations for stable to rising prices in the fourth quarter [3] - The company has established a competitive advantage in glyphosate production through resource self-sufficiency, technological leadership, and a green circular economy [4] Industry Position and Resource Base - As a leader in the domestic phosphorus chemical industry, Xingfa Group is focused on the development of fine phosphorus chemicals and has a comprehensive industrial chain that integrates upstream and downstream operations [6] - The company holds approximately 395 million tons of phosphorus ore reserves and is actively developing additional resources, which supports its phosphorus chemical industry growth [6] Project Development and Future Outlook - Key projects are progressing, including upgrades in yellow phosphorus technology and expansions in electronic-grade hydrogen peroxide and phosphorus flame retardants, which are expected to become new profit growth points [7] - The company is also advancing in the solid-state battery industry, with ongoing development of solid electrolytes and key raw materials, positioning itself to meet increasing market demand [8]

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - The Ministry of Industry and Information Technology is actively promoting the intelligent and connected new energy vehicle industry, which is expected to accelerate the development of the smart driving sector [2][3]. - The inverter demand in the photovoltaic sector remained stable in August, with significant growth in the Indian market, indicating strong momentum in energy transition [3]. - The industrial gas prices showed a downward trend, with liquid oxygen prices averaging 429 RMB/ton, down 5.3% week-on-week, while the overall industrial gas sector is at a cyclical bottom, suggesting potential recovery opportunities [3]. - The automotive sector is seeing advancements in smart connected vehicles, with new policies expected to provide a solid foundation for development [3]. Market Overview - In the past week, the mechanical equipment, electric equipment, and automotive industry indices changed by -0.81%, +3.86%, and 0.00% respectively, ranking 16th, 1st, and 7th among 31 Shenwan primary industries [8][10]. - The top-performing sectors included wind power equipment and photovoltaic equipment, with increases of 6.00% and 5.43% respectively [10]. Industry News and Key Company Announcements - The report highlights significant developments in humanoid robotics, including cost reductions and new product launches, indicating a growing market [16]. - The Ningxia Huadian 1 million kilowatt wind power project has entered the construction phase, with an investment of 4.9 billion RMB, expected to generate 1.5 billion kilowatt-hours of green electricity annually [16]. - The Ministry of Industry and Information Technology is working on a new development plan for the smart connected new energy vehicle industry, which will support key technologies [16][19].