Key Points Summary - The article emphasizes the critical role of packaging materials in the integrated circuit industry, accounting for 40%-60% of total packaging costs, and highlights the urgent need for domestic alternatives due to foreign monopolies in high-end materials [3][6]. Group 1: Importance of Materials - Packaging materials are a key bottleneck in the development of the integrated circuit industry, comprising 40%-60% of total packaging costs [3][6]. Group 2: Urgency for Domestic Alternatives - High-end materials are dominated by Japanese and American companies, with low domestic production rates: photoresists (<2%), PSPI (93% by four foreign companies), and silicon powder (70% by Japanese companies) [3]. - The "Made in China 2025" policy is driving local companies to achieve technological breakthroughs, such as Dinglong Co. and Shanghai Xinyang [3]. Group 3: High-Growth Segments - Photo-sensitive materials: The global PSPI market is expected to grow at a CAGR of 25.16%, reaching $2.032 billion by 2029; the Chinese market for photoresists is projected to reach $5.95 million by 2025 [3][18]. - Epoxy molding compounds (EMC): The global market is expected to reach $9.9 billion by 2027, with advanced packaging EMC growing even faster [3]. - Silicon powder: The Chinese market is projected to grow at a CAGR of 22.3%, reaching $5.5 billion by 2025 [3]. - Electroplating and polishing liquids: Global copper electroplating liquids are expected to grow at a CAGR of 10.79%, while CMP polishing liquids in China are expected to grow at 15% [3]. Group 4: Core Materials and Technical Barriers - Photo-sensitive materials: PSPI and BCB are mainstream media for wafer-level packaging, with PSPI being a trend [3]. - Temporary bonding adhesives and underfill materials are critical for 3D packaging, with a market CAGR of 8.2% [3]. - TSV materials are dominated by foreign companies, with the highest cost share (34% for temporary bonding and electroplating) [3]. Group 5: Key Domestic Enterprises - Key players in photo-sensitive materials include Dinglong Co. (mass production of PSPI) and Qiangli New Materials (in certification phase) [3]. - In epoxy molding compounds, Huahai Chengke and Hengsu Huawai are notable companies [3]. - For silicon powder, Lianrui New Materials is focusing on domestic alternatives [3]. - In photoresists and electroplating liquids, Shanghai Xinyang and Tongcheng New Materials are key players [3]. - The fields with low domestic production rates (under 10%) include photoresists, PSPI, spherical silicon powder, and TSV materials, indicating significant replacement potential [3]. Group 6: Investment Logic - Focus on high-growth areas (PSPI, silicon powder), high barriers (photoresists), and high domestic replacement potential (EMC, electroplating liquids) [3].

证券研究报告·行业点评报告·电子 电子行业点评报告 先进封装砥砺前行，铸国产算力之基 2025 年 07 月 26 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：扩产不及预期/技术研发不及预期 证券分析师 陈海进 执业证书：S0600525020001 chenhj@dwzq.com.cn 行业走势 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 50% 2024/7/26 2024/11/24 2025/3/25 2025/7/24 电子 沪深300 相关研究 《自主可控趋势不可逆，国之重器代 工双雄应该重视！》 2025-07-24 《关注 AI 算力需求快速发展，看好国 产设备商充分受益》 2025-07-19 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ ASMPT Q2 业绩表现亮眼，中国区先进封装需求强劲。7 月 23 日， ASMPT 发布 Q2 业绩，由于中国区需求旺盛，先进封装设备表现亮眼， TCB 上半年订单同比+50%，焊线机、固晶机也实现了环比增长；此外， 贴片机也有明显的同环比增长。 ...

不同行业对石英砂的成分、粒度、球度等理化指标要求各不相同。根据石英资源的开发利用特 点，石英的主要应用领域、产品类型、产品用途、原料要求相关标准、产品特点不同。 整体上，SiO2含量99.99%以上的石英砂主要用于高纯石英玻璃、高纯硅微粉等产品领域，这 些领域对石英砂中Al、Ti、K、Na、Li等各项杂质含量、粒度、包裹体等有严格要求，杂质含量要 求通常为10 −6 级别，石英砂产品供应受原料矿石原始禀赋条件和加工技术制约，目前原料矿石较 为稀缺，供不应求；SiO2含量99.9%～99.99%的石英砂主要用于高端硅微粉、硅酸钠、光伏玻 璃、高档玻璃等领域，这些产品通常仅对Fe、Al等关键元素和粒度有一定要求，石英砂产品供应受 原料矿石加工技术条件、加工成本、运距等多重因素影响，目前市场处于"紧平衡"状态；SiO2含量 99.9%以下的石英砂则用于平板玻璃、铸造、冶金、耐火材料、陶瓷、压裂砂、水处理以及建筑材 料等大宗领域，这类产品多对粒度、球度、硬度、颜色、耐火度等物理特性有一定要求，对石英原 料矿石和技工技术条件要求低，但原料供应受运距影响突出，目前市场供应充足。 01 石英结构特征观测手段 早期研究主要通 ...

不同行业对石英砂的成分、粒度、球度等理化指标要求各不相同。根据石英资源的开发利用特 点，石英的主要应用领域、产品类型、产品用途、原料要求相关标准、产品特点不同。 整体上，SiO2含量99.99%以上的石英砂主要用于高纯石英玻璃、高纯硅微粉等产品领域，这 些领域对石英砂中Al、Ti、K、Na、Li等各项杂质含量、粒度、包裹体等有严格要求，杂质含量要 求通常为10 −6 级别，石英砂产品供应受原料矿石原始禀赋条件和加工技术制约，目前原料矿石较 为稀缺，供不应求；SiO2含量99.9%～99.99%的石英砂主要用于高端硅微粉、硅酸钠、光伏玻 璃、高档玻璃等领域，这些产品通常仅对Fe、Al等关键元素和粒度有一定要求，石英砂产品供应受 原料矿石加工技术条件、加工成本、运距等多重因素影响，目前市场处于"紧平衡"状态；SiO2含量 99.9%以下的石英砂则用于平板玻璃、铸造、冶金、耐火材料、陶瓷、压裂砂、水处理以及建筑材 料等大宗领域，这类产品多对粒度、球度、硬度、颜色、耐火度等物理特性有一定要求，对石英原 料矿石和技工技术条件要求低，但原料供应受运距影响突出，目前市场供应充足。 01 石英结构特征观测手段 早期研究主要通 ...

半导体 半导体 2025 年 06 月 23 日 投资评级：看好（维持） 行业走势图 -38% -19% 0% 19% 38% 58% 77% 2024-06 2024-10 2025-02 半导体 沪深300 数据来源：聚源 相关研究报告 《半导体行业月度点评：下游回暖， 景气度改善可期—行业点评报告》 -2025.4.27 《关税反制政策落地，模拟芯片国产 化进程有望加速—行业点评报告》 -2025.4.7 《下游需求回暖+市场流动性注入，看 好 SoC 板块机会—行业点评报告》 -2024.10.9 半导体材料跟踪点评：盛合晶微进入辅导验收阶段， 关注先进封装材料投资机会 ——行业点评报告 陈蓉芳（分析师） 陈瑜熙（分析师） chenrongfang@kysec.cn 证书编号：S0790524120002 chenyuxi@kysec.cn 证书编号：S0790525020003 国产高端半导体封测龙头盛合晶微 IPO 进入辅导验收阶段 行 业 研 究 据证监会披露平台显示，盛合晶微 IPO 辅导状态变更为辅导验收。盛合晶微是 国内高端半导体封测龙头，核心业务聚焦中段硅片制造和三维集成先进封装环 节。 ...

Group 1 - The report emphasizes the importance of supply shocks and is optimistic about the import substitution of new materials in the basic chemical industry [1][4] - The chemical raw materials and products industry achieved revenue and profit of 2.95 trillion and 115 billion respectively in the first four months of 2025, with a year-on-year growth of 3.1% and a profit decline of 4.4% [12][19] - The chemical industry profit margin has dropped to a historical low of 3.9% as of mid-2025 [12][52] Group 2 - The report indicates that external demand may slow down in 2025, with oil prices under downward pressure due to OPEC+ increasing production [35][39] - Domestic demand is expected to stabilize and recover due to a series of incremental policies, with GDP growth projected at around 5% for the year [43][44] - The report highlights that the chemical raw materials and products industry fixed asset investment growth has significantly slowed, with the operating rate dropping to 73.5% in Q1 2025 [24][26] Group 3 - The report identifies potential investment opportunities in the chemical industry, particularly in supply-restricted sectors such as phosphate and potassium fertilizers, and in high-concentration sub-industries like viscose staple fiber and vitamins [48][49] - The report recommends focusing on companies involved in new materials, especially those related to import substitution, such as AI high-speed resins and fluorinated liquids [48][49] - The report suggests that the valuation of the basic chemical sector is at a historical low, with the overall PE and PB ratios at 22.29 times and 1.82 times respectively as of June 16, 2025 [52][53] Group 4 - The viscose staple fiber industry has not seen new capacity additions for several years, leading to a high concentration and potential for profit recovery [60][67] - The polyester industrial yarn sector is expected to see a reversal in supply and demand dynamics, with no new capacity planned and increasing demand from the automotive sector [69][79] - The modified plastics sector is projected to grow due to the ongoing replacement policies in domestic appliances and the rise of new demands from robotics and low-altitude applications [81][90] Group 5 - The refrigerant market is expected to grow steadily, supported by the ongoing replacement policies and increasing demand from the automotive sector [92][93] - The report highlights the potential for the civil explosives industry to see demand exceed expectations due to high resource prices and ongoing large-scale infrastructure projects [95][96] - The phosphate chemical sector is projected to maintain high profitability due to sustained high prices and tight supply-demand conditions [99][100]

【DT新材料】 获悉，4月27日， 雅克科技 发布了 2024年度报告 ，公司实现全年营业收入68.62亿元，同比上升44.84%；实现归母净利润8.72亿元， 同比上升50.41%；实现扣非归母净利润9.01亿元，同比上升61.36%。 华飞电子 的半 导体封装填充料及电子粉体材料 业务随着 半导体整体市场行情逐步复苏 ，销售收入较 2023 年有明显上涨。报告期内， CCL 及 球形 氧化铝 已实现突破，并向客户稳定供货； 亚微米球形二氧化硅 开发完成，设备稳定投产；华飞电子下属子公司 湖州雅克华飞电子材料有限公司 " 年 产 3.9 万吨半导体核心材料项目 "一期建设已经基本完成，并开始批量生产产品向华飞电子供应优质稳定的半成品。 报告期内，收益于国内 半导体晶圆产线新增 ，公司 半导体前驱体材料输送设备（LDS） 业务发展迅速。 公司通过收购 韩国SKC 集团 下 SKC-ENF Electronic Materials Limited 的 75.1% 股权，从而控制其下的南通子公司。 子公司雅克（南通） 主要从 事 半导体湿化学品显影液、蚀刻液和稀释剂 的生产和销售，产品质量在行业内处于领先水平。 ...

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 写在前面 （文末有惊喜） 一直在路上，所以停下脚步，只在于分享 包括： 新 材料/ 半导体 / 新能源/光伏/显示材料 等 正文 算力升级拉动电子原材料需求增长图解及测算 图表:算力升级拉动电子上游原材料需求增长图解 图表:服务器升级对PPO树脂及对应硅攒粉需求拉动测算 | | | | | 项目 2022E | 2023E | 2024E | | 2025E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 科技浪潮 | | AI快发展 | | AI服务器(万台) 12 | 15 | | 34 | 54 | | | | 算力要求提高 | PPO树脂(吨) | 194 | 248 | | 537 | 861 | | | | | Low Df球硅(吨) | 117 | 149 | | 322 | 516 | | 终端应用 | AI服务器官求增长 | CPU服务器架构升级 | 数据中心网络架构造代 | | | | | | | | | | PCIE5.0 ...