三安光电（600703.SH）12月10日在投资者互动平台表示，公司使用的磷化铟衬底为外购。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司自产磷化铟衬底吗，外销的磷化铟外延片是 用自产的磷化铟衬底生产的吗？ ...

Core Viewpoint - The company,兆驰股份, currently sources its indium phosphide substrates for optical chips from external suppliers [1] Group 1 - The company is engaged in the optical chip industry [1] - The use of external suppliers for indium phosphide substrates indicates a reliance on third-party resources [1]

Core Insights - The article emphasizes the growing demand for second-generation semiconductor substrate materials, particularly III-V compound semiconductors like Indium Phosphide (InP) and Gallium Arsenide (GaAs), due to their superior physical properties and applications in high-frequency, high-power, and high-temperature environments [2][19]. Group 1: Indium Phosphide (InP) Substrate Materials - InP substrates are primarily used in optical modules, sensors, and high-end RF devices, with a promising future driven by advancements in AI and next-generation communication technologies [3][4]. - The global InP substrate market is projected to reach $202 million by 2026, with a compound annual growth rate (CAGR) of 12.42% from 2019 to 2026 [4][30]. - The development of InP substrates will focus on three core areas: larger sizes, cost optimization, and heterogeneous integration [5][57]. Group 2: Gallium Arsenide (GaAs) Substrate Materials - GaAs substrates are widely used in LEDs, RF devices, and lasers, with market growth driven by emerging industries such as next-generation displays and the Internet of Things (IoT) [6][62]. - The global GaAs substrate market is expected to grow from approximately $200 million in 2019 to $348 million by 2025, reflecting a CAGR of 9.67% [6][62]. - The GaAs substrate market is characterized by technological upgrades, domestic substitution, and collaborative innovation across the industry [7]. Group 3: Market Dynamics and Trends - The InP substrate market is highly concentrated, with the top three suppliers holding over 90% of the market share, including Sumitomo and Beijing Tongmei [8][30]. - The GaAs substrate market is also dominated by a few key players, with Freiberger, Sumitomo, and Beijing Tongmei being the major manufacturers [8][62]. - The demand for both InP and GaAs substrates is expected to grow significantly due to the increasing requirements for high-performance semiconductor materials in various applications, including 5G, AI, and quantum computing [17][19][53].

Core Insights - Indium has emerged as a valuable metal, outperforming gold and rare earths in terms of price appreciation, with its price rising from 1,200 RMB/kg to 4,000 RMB/kg over five years, a total increase of 233% [1][3] - The global supply of indium is extremely limited, with only 16,000 tons available compared to 120 million tons of rare earths, making indium's scarcity over 100 times that of rare earths [1][3] - The surge in demand for indium is driven by the AI computing revolution, particularly due to the production of Nvidia's Quantum-X switches, which require significantly more indium for their silicon photonic engines [3][4] Industry Overview - The AI computing boom has led to a strategic shortage of indium, with 72.7% of global indium resources concentrated in China, while domestic production capacity is only 150,000 pieces per year, far below the global demand of 2 million pieces [3] - Indium is considered an irreplaceable element for optical communication and AI chips, with the U.S. relying almost entirely on imports, prompting China to restrict indium exports in response to U.S. tariffs [3][4] Key Companies - Major players in the indium market include: - **Zhuye Group**: The largest indium producer globally, with an annual production capacity of 60 tons [3] - **Zhongjin Lingnan**: An integrated lead-zinc mining company producing approximately 20 tons of indium annually as a byproduct [3] - **Xiyang Co.**: A leading company in both tin and indium, controlling the largest indium resource base globally [4] - **Company with 6-inch Indium Phosphide Substrate Technology**: Achieved a significant technological breakthrough, reducing costs by 40% and increasing production capacity fourfold compared to 3-inch wafers, potentially generating over 1.6 billion RMB in revenue [4]

Core Viewpoint - The company acknowledges the increasing demand for indium phosphide (InP) substrates driven by the growth in the optical communication market, while also confirming that InP is subject to export controls as per national regulations [1] Group 1: Market Demand and Supply - The market demand for InP substrates has significantly increased due to the rising prosperity of the downstream optical communication sector [1] - There is a reported shortage of InP, with downstream buyers expressing a willingness to purchase regardless of price [1] Group 2: Export Regulations - InP substrates are classified under export control items according to the announcement by the Ministry of Commerce and the General Administration of Customs on February 4, 2025 [1] - The company has complied with national laws and regulations by applying for the necessary export licenses for products under export control [1] - A subsidiary of the company, Xinyao, has received approval for certain orders after following the required reporting procedures [1]