Core Viewpoint - Over the past five years, Huairou District has made significant progress in high-quality development, ecological civilization, and improving the quality of life for its residents, establishing itself as an important hub for the capital's functions [2][20]. Group 1: Scientific Innovation and Development - Huairou Science City is rapidly emerging as a world-class hub for original innovation, with the high-energy synchrotron radiation source expected to be operational by 2026 [6][9]. - The Science City has entered a new operational phase, with all 29 scientific facilities from the 13th Five-Year Plan now operational, and 17 of them open for global sharing [6][9]. - A total of 439 significant scientific achievements have been produced, including 72 key core technologies, showcasing the region's innovation capabilities [6][9]. Group 2: Talent Attraction and Infrastructure - Huairou Science City has attracted 33 Nobel laureates and 39 highly cited scientists, with a total of 26,000 researchers, enhancing its international influence [7]. - Policies such as "Yanshi Qingchuang Wuyou Ten Articles" have been implemented to address talent concerns, alongside the completion of various cultural and commercial facilities [7][12]. Group 3: Industrial Development and Economic Growth - Recent agreements have led to the signing of 13 major projects in strategic fields, with expected investments exceeding 5 billion yuan and projected output surpassing 40 billion yuan [11]. - The region is witnessing a surge in high-end scientific instruments and sensors, with over 350 key enterprises established, and significant advancements in new energy and materials sectors [11][12]. Group 4: Ecological and Environmental Achievements - PM2.5 annual average concentration has dropped to 24.2 micrograms per cubic meter, with an excellent days ratio of 87.1%, marking historical bests [16]. - Huairou has successfully created a national ecological civilization demonstration zone and a national forest city, with a forest coverage rate of 77.57%, the highest in the city [16][18]. Group 5: Social Welfare and Quality of Life - The district has introduced quality educational resources, adding over 6,000 new school places, and has implemented a comprehensive management system for healthcare facilities [20][21]. - The satisfaction rate for public service requests has increased significantly, reflecting the district's commitment to improving residents' quality of life [21][22]. Group 6: Future Development Goals - Huairou aims to further enhance its status as a comprehensive national scientific center, focusing on strategic facility aggregation, innovation ecology, and international cooperation [22][23]. - The district plans to promote deep integration of scientific and industrial innovation, aiming to build a modern industrial system characterized by innovation and advanced manufacturing [22][23].

内容概要：硅基新材料是电子信息、新能源、节能环保等战略性新兴产业不可或缺的关键核心材料，是 国家着力培育发展的新材料产业的重要组成部分。近年来，中央及地方政府纷纷出台多项政策，积极推 动硅基新材料发展，如《产业结构调整指导目录(2024年本)》《重点新材料首批次应用示范指导目录 （2024年版）》等。在政策的推动下，我国硅基新材料行业在技术研发、产能扩张等方面取得了显著进 展，逐步打破了国外企业的技术垄断，提升了整体竞争力。此外，随着下游电子信息、新能源、节能环 保等市场的快速发展，我国硅基新材料产业也在不断发展。到目前我国硅基新材料产业聚集地正在逐步 形成，并不断向规模化、集约化方向发展。数据显示，2024年中国硅基新材料行业市场规模达到589.01 亿元，同比上涨10.9%。未来，随着科技的不断进步和市场的持续拓展，中国硅基新材料行业将迎来更 加广阔的发展前景。 相关上市企业：合盛硅业（603260）、通威股份（600438）、新安股份（600596）、宏柏新材 （605366）、楚江新材（002171）、回天新材（300041）、晨光新材（605399）、硅宝科技 （300019）、东岳硅材（30082 ...

"透视图"栏目在年终特别策划了"36氪年度透视"系列，用数据透视2025全年趋势，以图片呈现今年商业世界中不可错过的要点。这是我们的第4 期内容。 作者｜徐蔡钰 就像全球其他市场一样，中国市场也无法承载过多的汽车品牌。2025年，"卷"已不再是汽车行业的全部注脚，"分化"才是真正的残酷真相。 36氪制图 当价格战打成持久战，技术红利成为幸存者的唯一底牌。从电驱系统的极致集成，到碳化硅与电池成本的断崖式下探，供应链的降本红利正被这一代中国车 企消化殆尽。但这一次，毛利率取代了销量，成为检验谁能留在牌桌上的终极标尺——赛力斯与小米凭借智驾溢价站稳20%红线，而曾经的利润奶牛特斯拉 与比亚迪，正面临前所未有的利润承压。 36氪制图 旧秩序正在崩塌中重塑： 问界在豪车市场对BBA完成了实质性清场，小米仅凭单一爆品就切走20-30万级市场四分之一的蛋糕。而在国内红海之外，出海已 成必选项，比亚迪海外销量翻倍式暴涨，新势力更是直接将工厂与资本投向全球。 36氪制图 2025年的汽车战场，已从单一的价格肉搏，升维至一场关于技术定义权、全球定价权与产业链控制力的全方位"价值战"。 36氪制图 回看第3期内容 ...

Group 1: Military Industry New Materials - The price of electrolytic cobalt this week is 406,000 CNY/ton, a decrease of 0.5% week-on-week. The price ratio of electrolytic cobalt to cobalt powder is 0.78, down 1.0% [4] - The price of carbon fiber this week is 83.8 CNY/kg, with a gross profit margin of 9.61 CNY/kg [4] Group 2: New Energy Vehicle Materials - The prices of electric carbon, industrial carbon, and battery-grade lithium hydroxide are 92,100 CNY/ton, 89,300 CNY/ton, and 82,200 CNY/ton, respectively, with changes of +0%, +0%, and -0.2% week-on-week. The price gap between electric carbon and industrial carbon is at its lowest since November 2024, indicating a potential weakening in lithium battery market conditions compared to the industrial sector [5] - The price of sulfuric cobalt this week is 90,200 CNY/ton, an increase of 1.86% [5] - The prices of lithium iron phosphate and 523-type cathode materials are 39,100 CNY/ton and 158,600 CNY/ton, with changes of +0% and +1.4% respectively [5] - The price of praseodymium-neodymium oxide is 578.74 CNY/kg, down 0.7% [5] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon this week is 6.50 USD/kg, unchanged week-on-week [6] - The price of EVA is 9,800 CNY/ton, a decrease of 1.0%, reaching a low level not seen since 2013 [6] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, unchanged [6] Group 4: Nuclear Power New Materials - The prices of zirconium oxychloride, sponge zirconium, hafnium oxide, zirconium silicate, and zircon sand are 13,750 CNY/ton, 145 CNY/kg, 9,000 CNY/kg, 13,450 CNY/ton, and 14,012.5 CNY/ton, respectively, all unchanged week-on-week [7] - The uranium price for November 2025 is 62.24 USD/pound, down 2.7% [7] Group 5: Consumer Electronics New Materials - The price of tetracobalt oxide is 347,300 CNY/ton, an increase of 0.73% [8] - The price of lithium cobalt oxide is 381.0 CNY/kg, unchanged [8] - The price of silicon carbide is 5,300.00 CNY/ton, down 1.9% [8] - The prices of high-purity gallium, crude indium, and refined indium are 1,805.00 CNY/kg, 2,475.00 CNY/kg, and 2,575.00 CNY/kg, with changes of +0%, +2.9%, and +2.8% respectively [9] - The price of germanium dioxide is 8,950 CNY/kg, unchanged [9] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 440.00 CNY/g, 2,085.00 CNY/g, and 1,100.00 CNY/g, with increases of 3.8%, 4.5%, and 0% respectively [10]

Summary of STMicroelectronics FY Conference Call (December 11, 2025) Company Overview - **Company**: STMicroelectronics (NYSE: STM) - **Industry**: Semiconductor and Technology Hardware Key Points Industry and Market Conditions - 2025 was a challenging year for the semiconductor industry, particularly in the analog space, where recovery did not meet expectations [3][4] - Significant inventory corrections impacted both automotive and industrial sectors in the first half of 2025, but these issues are now resolved [4][5] Automotive and Industrial Markets - Sequential growth in automotive revenue is expected to continue, with mid-single-digit growth anticipated in the current quarter [5] - Industrial revenue also showed sequential growth, with a focus on normalizing inventory levels by year-end [6] - Book-to-bill ratio is above parity, indicating positive booking trends, especially in the industrial sector [6][8] Gross Margin and Financial Outlook - Average gross margin for 2025 is projected to be around 33.8%, significantly impacted by unloading charges exceeding $400 million [11] - Expectations for 2026 include a reduction in unloading charges and improved manufacturing efficiency, which should positively affect gross margins [12][15] - Anticipated challenges include reduced positive impacts from capacity reservation fees and unfavorable exchange rate dynamics [14] Operating Expenses (OpEx) - OpEx is expected to increase slightly in 2026, despite ongoing cost-cutting measures aimed at achieving savings of $300 to $360 million [18][19] - The positive impact from grants is expected to decline due to startup costs associated with new facilities [19] Revenue Opportunities - **Silicon Photonics**: Significant growth opportunity with meaningful revenues expected in 2026, potentially reaching $500 million by 2027 [20][21] - **AI Power**: Collaboration with NVIDIA to target the 800-volt architecture for AI servers, with revenue expected to ramp up in 2027-2029 [22][24] - **Satellite Business**: Strong growth anticipated, with an expanding customer base and new design wins in satellite constellations [27][28] - **Silicon Carbide**: 2025 was a transition year, but growth is expected in 2026 due to new sockets in Europe and China [29][30] - **Humanoid Robots**: Significant opportunity with high content value per unit, though the market is still developing [32][33] Acquisition of NXP's MEMS Business - The acquisition is viewed positively, enhancing STMicro's position in the MEMS market, particularly in automotive and industrial applications [34][35] - The acquisition will be fully cash-funded, and the company has sufficient cash reserves to support this transaction [35] Additional Insights - The company is optimistic about the visibility entering 2026, with improved backlog levels compared to the previous year [8][9] - The semiconductor market is expected to grow significantly, with STMicro well-positioned to capitalize on emerging trends and technologies [24][30]

Group 1: Semiconductor Market Trends - Severe memory shortages are driving a reevaluation of semiconductor equipment targets, with DRAM spot prices soaring by 300%-400% in the past three months, reaching $17 per GB for DDR4 and $13-14 per GB for DDR5 [2] - NAND flash market is experiencing similar trends, with core benchmark products seeing a 200% price increase over the last three months, and contract prices rising by 20%-60% [2] - The memory shortage is expected to continue until at least 2027, leading to significant increases in wafer fab equipment spending, particularly benefiting companies like ASML, VAT Group, and SUSS MicroTec [3][4] Group 2: AI and Component Supply Challenges - AI investments are crowding out supply for non-AI components, leading to potential shortages in memory, passive components, and optical components, which could impact consumer electronics, smartphones, PCs, and automotive electronics [4] - The automotive electronics sector is less affected due to dedicated production lines for automotive-grade products [5] Group 3: Optical and Testing Innovations - AI data centers are driving a surge in bandwidth demand, leading to advancements in optical components and the transition to higher-speed pluggable optical devices [3] - The testing sector is undergoing a structural transformation due to increased chip complexity and rising failure costs, with companies like Technoprobe expanding testing coverage to improve quality [6] Group 4: GaN and Power Semiconductor Opportunities - The shift to 800V architecture in AI data centers, driven by Nvidia, is creating opportunities for GaN technology, similar to the impact of SiC in Tesla applications [8] - AI processor power consumption is projected to grow from 7GW in 2023 to over 70GW by 2030, creating significant market opportunities for suppliers addressing power challenges [9] Group 5: Edge AI and Local Processing - Edge AI is gaining traction, with companies like AMD noting its growth potential, although it remains in the experimental phase [10] - Ambarella anticipates that its defined "edge AI" market will account for 80% of its total revenue by 2025, covering various applications [10] Group 6: Localization of Semiconductor Production in China - There is a significant shift in China's semiconductor capabilities, with local manufacturers facing increased pressure for domestic procurement and improving their scale and quality [11] - The year 2026 is expected to be pivotal as the market recognizes the potential shrinkage of Western companies' market size in China [11][12]

在新能源汽车领域，800V 高压平台已成为电驱系统发展的主流方向，相较于传统 400V 平台，其充电 速度显著提升，可将充电时间压缩至 15 分钟以内，同时有效缓解用户 "里程焦虑"。数据显示，搭载碳 化硅逆变器的车型，CLTC 续航里程可提升 6.3%-6.9%，且在相同电压和功率条件下，碳化硅逆变器的 导通损耗和开关损耗远低于硅基器件。随着华为、比亚迪、特斯拉等企业纷纷布局兆瓦快充，高压直流 充电桩的配套需求同步增长，成为碳化硅需求提升的重要催化剂。 在光伏与储能领域，碳化硅器件同样发挥关键作用。在光伏发电环节，其应用于光伏逆变器，实现不稳 定直流电到标准交流电的高效转换；在储能系统中，通过储能变流器(PCS)完成交直流双向转换，凭借 高频特性与耐高压能力提升能源转换效率，成为光储一体化发展的高效能引擎。 AI + 通信 + AR 开辟新蓝海 技术升级打开增长空间 作为第三代宽禁带半导体核心材料，碳化硅(SiC)凭借禁带宽度大、击穿电场高、热导率优、电子饱和 漂移速度快等突出物理性能，正全面渗透新能源、AI、通信、AR 四大高增长领域，成为推动全球技术 升级与效率革命的关键支撑。随着多领域应用需求的爆发式 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 军工新材料：电解钴价格上涨 （1）本周电解钴价格40.80 万元/吨，环比 +2.0%。本周电解钴和钴粉价格比值0.78 ，环比+1.5%；电解钴和 硫酸钴价格比值为4.44 ，环比+1.2%。（2）碳纤维本周价格83.8元/千克，环比+0%。毛利-9.53元/千克。 新能源车新材料：氧化镨钕价格上涨 （1）本周电碳、工碳和电池级氢氧化锂价格分别为9.21 、8.93 和8.24 万元/吨，环比+0%、+0%和+1.0%。电 碳与工碳价差为2024年11月以来较低，或代表锂电景气度相较工业领域有所减弱。（2）本周硫酸钴价格8.85 万元/吨，环比+0.17%。（3）本周磷酸铁锂、523型正极材料价格分别为3.91 、15.63 ...

Investment Rating - The report maintains a rating of "Add" for the non-ferrous metals sector [5] Core Views - The report highlights a continuous increase in the prices of praseodymium and neodymium oxide, as well as electrolytic cobalt, indicating a positive trend in the metal new materials sector [1][4] - The report suggests focusing on companies with cost advantages and resource expansion potential in the lithium mining sector, as lithium prices have reached approximately 92,000 yuan per ton [4] - The report emphasizes the importance of monitoring price ratios between electrolytic cobalt and cobalt powder, as well as between electrolytic cobalt and cobalt sulfate, to gauge the relative health of the military and new energy vehicle sectors [10][11] Summary by Sections Military New Materials - The price of electrolytic cobalt is reported at 408,000 yuan per ton, with a week-on-week increase of 2.0% [1] - The price ratio of electrolytic cobalt to cobalt powder is 0.78, up by 1.5% week-on-week, while the ratio to cobalt sulfate is 4.44, up by 1.2% [11] - Carbon fiber prices remain stable at 83.8 yuan per kilogram, with a gross profit of -9.53 yuan per kilogram [1][22] New Energy Vehicle Materials - The price of praseodymium and neodymium oxide is reported at 582.72 yuan per kilogram, reflecting a week-on-week increase of 2.8% [1] - The prices of battery-grade lithium hydroxide and lithium iron phosphate are reported at 82,400 yuan per ton and 39,100 yuan per ton, respectively, with slight changes [1][39] - The report notes that the production of new energy vehicles reached 1.7718 million units in October 2025, with a year-on-year increase of 21.1% [24] Photovoltaic New Materials - The price of EVA has decreased to 9,900 yuan per ton, marking a 2.0% decline and remaining at a low level since 2013 [2] - The price of photovoltaic-grade polysilicon is stable at 6.50 USD per kilogram [2] Other Materials - The report indicates that the price of platinum has increased by 2.9%, while rhodium has decreased by 3.4% [3] - The price of high-purity gallium and indium remains stable, while silicon carbide has seen a significant drop of 6.9% [3]

点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 正文 我知道，在这个领域里，我们都在做着同样困难却有意义的事： 我们像是散落在不同公司和实验室的 " 侦察兵 " ，独自在信息的迷雾中探索。 是时候，将我们手中的 " 情报地图 " 拼凑完整了。 正是出于这个初衷（ 期待 - 江湖有你： 一直在路上，所以停下脚步，只在于分享 ），我建立了 微信公众号与知识星球： 材料汇 。它不是一个单向输出 的 " 专栏 " ，而是为我们这群 新材料 " 攻坚者 " 准备的 「前线情报站」 。 这里有什么？ 不止是 1300 篇文档，更是三年多的持续 " 踩点 " 在过去的一千多个日夜里，我系统地梳理、整理、撰写了 1300+ 篇 行业资料。它们被打上了 精细的标签 ，形成了你之前看到的那张庞大的知识网络。 这意味着： 这个情报站的核心功能是： 我们真诚邀请这样的你加入： 加入我们，获取你的 " 情报权限 " 扫描下方二维码，即可成为我们这个 " 前线情报站 " 的一员 。 ✅ 帮你 " 跳过调研 " ：我们已为你完成了 80% 的基础信息梳理工作 。 ✅ 帮你 " 触类旁通 ...