Core Viewpoint - Silver alloy target materials are crucial conductive materials in semiconductor integrated circuits, with increasing demand driven by the growth of high-end electronic products and advancements in semiconductor technology [1][5][18]. Group 1: Market Overview - The market size for silver-based alloy targets in China is projected to reach approximately 135 million yuan in 2024, with a total consumption of 22.38 tons, and is expected to grow to 160 million yuan and 26.89 tons in 2025 [1][5][7]. - The G6.0 generation line is the primary consumer of silver alloy targets, utilizing 19.22 tons in 2024, which is expected to increase to about 23.56 tons in 2025 [7][18]. Group 2: Industry Chain - The upstream of the silver alloy target industry includes high-purity silver and alloy materials, involving silver mining and high-purity metal refining [9]. - The midstream consists of the manufacturing of silver alloy targets, which are widely used in high-end manufacturing sectors such as semiconductors, OLED displays, and energy industries [9][11]. Group 3: Production Process - The manufacturing process of silver alloy targets involves raw material purification, alloy melting, casting, forging, rolling, heat treatment, and machining, with impurity content and microstructure being critical factors affecting target quality [11][18]. Group 4: Competitive Landscape - The silver alloy target market is dominated by foreign companies, with Japan's Mitsubishi holding over 50% of the market share in 2024, followed by South Korea's LT at 34.95% and Germany's Materion at 6.8% [13][15]. - Domestic companies such as Fujian Astone and Shenzhen Top New Materials are in the early stages of research and development, focusing on alloying and preparation process control [15][18]. Group 5: Patent Technology - Various companies are developing innovative technologies for silver alloy targets, including methods to enhance mechanical properties and corrosion resistance through specific alloying elements [17]. Group 6: Industry Development Trends - The silver alloy target industry is characterized by high technical barriers and significant potential for domestic substitution, as China gradually advances in research and innovation in this field [18][20].

Core Viewpoint - The silver alloy target material market in China is experiencing rapid growth, driven by increasing demand in the semiconductor integrated circuit sector, particularly for OLED display panels [1][3][4]. Group 1: Market Size and Demand - The market size for silver alloy targets in China is projected to reach 135 million yuan in 2024, with an expected increase to nearly 160 million yuan by 2025 [3]. - The consumption of silver alloy targets in the G6.0 generation line is significant, with usage increasing from 6.20 tons in 2021 to an estimated 22.38 tons in 2024, and further to 23.56 tons in 2025, indicating a compound annual growth rate (CAGR) exceeding 37% [4]. Group 2: Market Competition and Supply - The silver alloy target market in China is predominantly controlled by Japanese, Korean, and German companies, with over 95% market share held by Mitsubishi (over 50%), LT (34.95%), and Materion (6.8%) [6]. - Following Mitsubishi's gradual exit from the target material market, the market share of Korean LT and German Materion is expected to rise, providing opportunities for domestic manufacturers [6]. Group 3: Technological Development - The development of silver alloy targets in China is hindered by a lag in preparation technology compared to Japan and South Korea, primarily due to long-standing technology and patent restrictions [10]. - Domestic companies such as Astone and Shenzhen Top New Materials are actively researching and developing silver alloy targets by optimizing preparation processes and adding elements like In and Sc to enhance performance [10][12]. Group 4: Innovation and Research Directions - Key research directions for improving silver alloy targets include alloying and preparation process control, with a focus on enhancing electrical, optical, and environmental resistance properties through the addition of various elements [10][12]. - The table outlines the effects of different additive elements on the performance of silver alloy films, highlighting the need for further optimization in alloy composition and preparation techniques to develop high-performance silver alloy targets [12].