存储材料：Opex 业务直接受益下游高景气及承接 Capex 后周期产能释放 20260107 摘要 长鑫存储四季度单季度净利润接近 40 亿元，预计 2026 年全年利润规 模可达三四百亿元，并计划上市募资超过 300 亿元人民币，显示出强劲 的增长势头。 长鑫和长存在全球存储市场份额虽不足 5%，但正通过高资本开支周期 大幅扩产，目标是完成国产替代并显著提升全球市占率，有望在五年内 成为全球领先者。 中国大陆已是全球第二大半导体市场，随着新产能释放，市场份额将进 一步提升。硅片是晶圆制造材料中占比最大的部分，国内厂商包括沪硅 产业等，而光刻胶和掩模板国产化率较低，存在替代空间。 建议重点关注安集科技（CMP 抛光液，存储领域敞口高，预计 2025 年 利润 8 亿元）、鼎龙股份（CMP 抛光液）、广钢气体（电子大宗气）和 江丰电子（靶材）等半导体材料公司。 存储周期对半导体材料公司有显著影响，短期内下游原厂价格上涨将提 升稼动率并加速新产能释放，增加原材料需求；长期来看，新产能扩张 将带来耗材需求的持续增长。 Q&A 2026 年半导体设备和材料市场的整体趋势如何？ 半导体材料行业的现状及重点关注领域有哪 ...

半导体设备+存储板块再次大涨，还有哪些投资机会？ 20260107 摘要 国产半导体设备零部件公司能力提升，从单一方向发展至平台化，AI 存 储和成熟制程逻辑芯片扩展带来积极影响，海外 Fabless 公司回流及国 产化率硬性要求推动国产化进程。 存储行业自 2026 年初供货紧张、涨价，蔓延至整体，AI 需求紧张，消 费电子、汽车电子及工业等领域受冲击，海外闪迪等公司股价大幅上涨。 半导体制造方面，建议关注存储敞口高的环节及标的，如中微公司、拓 荆科技等；国产化率较低但具潜力前道量检测环节，如精测电子和中科 飞测；零部件板块预计 2025 年四季度触底反弹，推荐江丰电子。 精测电子近期发布累计 5.47 亿及单个 5.7 亿核心订单，市场对其完成 全年 20 亿订单指引由悲观转乐观，其薄膜厚度测量等设备具领先优势， 有望批量上量。 江丰电子靶材业务全球领先，市占率第二，布局金属与非金属材料加工， 垂直一体化增强竞争力，零部件业务涵盖多品类，是国内少有的平台型 企业。 Q&A 当前半导体设备零部件和存储板块的市场表现如何？有哪些主要驱动因素？ 半导体设备零部件和存储板块近期股价表现强劲，主要受到几个因素的推动 ...

中砂有钻石碟、晶圆再生、传统砂轮等三大业务，其中钻石碟是获利主力项目，去年受益于大客户3纳 米与5纳米制程应用挹注甚多。 中砂持续扩充钻石碟产能，预计今年相关月产能将超过5万颗。 另外，受惠2纳米制程进入产能跳升期，业界指出，光洋科凭借领先同业的贵金属回收技术与材料设计 能力，已稳坐N3与N2制程中，本土靶材独家供应商的地位，业绩吃补。 升阳半提供先进制程必备的再生晶圆与晶圆薄化服务。升阳半看好，半导体制程愈先进，对再生晶圆需 求同步提高，例如在28纳米制程的投片与再生晶圆利用比率约为1：0.8，进入2纳米制程后，相关比率 大增为1：2.6甚至1：2.7，呈现数倍增长。 法人估升阳半现有85万片月产能中，约六、七成供应5纳米以下先进制程所需。升阳半正持续扩产，今 年整体月产能将达120万片。 台积电（2330）传今年启动先进制程大扩产计划，2纳米月产能将倍增以上成长，3纳米增幅约三成，带 动先进制程关键耗材用量同步激增。 法人看好，升阳半（8028）、中砂（1560）、光洋科（1785）、创控等台积电先进制程重要协力厂未来 几年营运将跟着大爆发。 ...

证券日报网讯 12月25日，江丰电子在互动平台回答投资者提问时表示，目前韩国江丰靶材基地正在按 计划积极推进建设中，尚未运营投产，具体进展情况请以公司后续披露的公告为准。 （文章来源：证券日报） ...

江丰电子（300666.SZ）12月25日在投资者互动平台表示，目前韩国江丰靶材基地正在按计划积极推进 建设中，尚未运营投产，具体进展情况请以公司后续披露的公告为准。 每经AI快讯，有投资者在投资者互动平台提问：请问截至2025年12月，韩国牙山基地的产能爬坡率约 为多少？月度靶材交付量大概有多少件？当前主要供应SK海力士的订单占比如何？预计何时能达到满 产状态（年产1.23万件）？ （文章来源：每日经济新闻） ...

（文章来源：证券日报） 证券日报网讯 12月23日，江丰电子在互动平台回答投资者提问时表示，靶材是芯片的核心材料之一， 下游市场空间广阔。公司坚持以技术创新为立身之本，持续加大研发投入，主要围绕客户需求不断强化 靶材产品的市场竞争力。 ...

据北京临界领域公众号消息，目前北京临界领域正在紧锣密鼓建设国内首条高品质铜基超导材料量产 线，即将迎来投产，开启产业化新篇章。北京临界领域称，这条量产线将实现铜基超导粉体、靶材、织 构块体的规模化、稳定化生产，打破"实验室技术"与"产业应用"之间的壁垒。量产能力的形成，不仅将 大幅降低下游企业研发与应用成本，更将推动中国高温超导产业形成完整自主产业链。 业内人士分析，随着可控核聚变技术逐步迈向商业化，高温超导材料作为核心支撑环节，市场需求有望 进入爆发期。洁美科技此次跨界布局，既契合自身科技型平台企业的发展定位，也精准把握了新能源材 料领域的产业风口，未来有望在技术协同与市场拓展中实现价值提升。 中证报中证网讯（记者 罗京）12月18日，洁美科技发布公告称，公司近日宣布完成对北京临界领域科 技有限公司（简称"北京临界领域"）的参股投资，相关工商变更登记手续已全部办结，标的公司已取得 北京市市场监督管理局换发的营业执照。此次投资标志着洁美科技正式进军高温超导材料领域，向可控 核聚变等终极能源赛道迈出关键布局步伐。 根据公告披露，洁美科技于2025年10月26日与北京青科创联科技发展有限公司及北京临界领域原有股东 ...

Core Insights - The new materials industry is a crucial support for advancing new industrialization in China, with China National Building Material Group (CNBM) focusing on the integration of technological and industrial innovation to contribute to the construction of a strong materials and manufacturing nation [1][3] Investment and Fund Performance - CNBM's New Materials Fund has a total scale of 20 billion yuan, with an initial scale of 15 billion yuan, focusing on investments in inorganic non-metallic materials, organic polymer materials, composite materials, special metals, and other new materials [1] - As of now, the New Materials Fund has completed investments in 48 projects, with a total delivery scale of 12.14 billion yuan, indicating stable operational performance in the new materials sector [1] Semiconductor Materials Focus - The New Materials Fund is paying close attention to the semiconductor materials sector, including large silicon wafers, photoresists, electronic specialty gases, target materials, wet electronic chemicals, storage devices, and third-generation semiconductors, forming a comprehensive semiconductor materials industry cluster [2] Central-Local Cooperation - CNBM is building a second growth curve centered on the new materials industry, focusing on cultivating industries with scales of 1 billion, 5 billion, and 10 billion yuan, aiming for a revenue of 100 billion yuan and a profit of 10 billion yuan in the new industry group [3] - The cooperation between CNBM and local governments, such as Jiangsu and Anhui provinces, is injecting capital into the new materials industry, promoting high-quality development [4] Technological and Investment Synergy - CNBM emphasizes the integration of technology and investment in driving the development of the new materials industry, highlighting the need for investment to catalyze technological innovation across various stages of development [6][7] - The company aims to leverage its investment strategies to discover new growth points and enhance existing business strengths through its funds [6] AI and New Materials - The integration of artificial intelligence (AI) with new materials is seen as a transformative force, with AI reshaping productivity and driving advancements in various sectors, including integrated circuits, which are foundational to AI capabilities [7]

Core Insights - The article emphasizes the strategic importance of new materials in the context of global technological competition and industrial chain restructuring, highlighting the need for domestic innovation to reduce reliance on foreign technologies [2][4]. Semiconductor Wafer Manufacturing Materials - The global photoresist market is projected to reach approximately $15 billion by 2030, with a current domestic market size of about 12 billion RMB, indicating significant growth potential [7]. - The domestic photoresist localization rate is around 10%, with high-end products heavily reliant on imports [7]. - Major foreign players in the photoresist market include Tokyo Ohka Kogyo, Dow Chemical, and Sumitomo Chemical, which dominate the market shares [8]. - Domestic companies such as Beijing Kehua and Suzhou Ruihong are making strides in production, but high-end products still face challenges [9]. Advanced Packaging Materials - The global market for high-performance epoxy encapsulants is expected to grow to $3.5 billion by 2030, with a current domestic market size of 4 billion RMB [39]. - The localization rate for epoxy encapsulants is around 30%, with high-end products still dependent on imports [39]. - Key foreign companies include Sumitomo Bakelite and Henkel, while domestic players include Hengshuo Huawai and Jiangsu Zhongpeng New Materials [40]. Semiconductor Components - The global market for electrostatic chucks is projected to reach $2.5 billion by 2030, with a current domestic market size of 2 billion RMB [56]. - The localization rate for electrostatic chucks is approximately 10%, with high-end products largely dominated by foreign manufacturers [56]. - Major foreign companies include Applied Materials and Lam Research, while domestic companies are beginning to emerge [57]. Display Materials - The global OLED materials market is expected to exceed $10 billion by 2030, with a current domestic market size of about 8 billion RMB [64]. - The localization rate for OLED materials is around 20%, with high-end materials still reliant on foreign sources [65].

Investment Insights - The article emphasizes the importance of understanding the investment landscape in new materials, particularly in sectors like semiconductors, renewable energy, and advanced manufacturing [9][11][16]. Semiconductor Sector - The semiconductor industry is highlighted as a critical area for investment, with a focus on various materials and technologies such as silicon wafers, photolithography, and advanced packaging [4][6]. - Key players in the semiconductor space include ASML, TSMC, and SMIC, which are pivotal for technological advancements and market growth [6]. Renewable Energy - The renewable energy sector, particularly lithium batteries and hydrogen energy, is identified as a significant investment opportunity, driven by the global push for sustainability [4][5]. - Innovations in battery technology, such as solid-state batteries and silicon-based anodes, are crucial for enhancing energy storage solutions [4]. New Materials - The article discusses the growing demand for new materials, including advanced composites and specialty chemicals, which are essential for various applications across industries [5][6]. - The focus on carbon neutrality and lightweight materials is driving innovation and investment in this sector [6]. Investment Strategies - Different stages of investment are outlined, from seed rounds with high risks to pre-IPO stages with lower risks and higher returns, emphasizing the need for thorough due diligence at each stage [8]. - The importance of assessing team capabilities, market potential, and financial health is stressed for making informed investment decisions [8].