Core Insights - The article highlights differentiated growth in specific segments, with semiconductor materials growing at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth rate of 8-10% [2][10]. - Emerging fields are rapidly rising, such as AI servers with high-frequency materials growing at 60%, new energy vehicles with MLCC demand increasing by 100%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2][10]. - The industry chain is evolving, with semiconductor materials seeing a "wafer factory + material factory" bundling development model, and new energy materials adopting a three-in-one model involving automakers, battery manufacturers, and material suppliers [2][12]. Market Dynamics - Channel transformation is evident, with traditional distribution dropping to 40%, while customized services account for 35%, technology licensing for 15%, and joint research for 10% [3][13]. - Reverse innovation is on the rise, with downstream applications leading material customization, breaking the traditional linear research-production-sales model, and it is expected that by 2030, 30% of new material innovations will be driven by application scenarios [3][20]. - Companies are making strategic choices, with leading firms focusing on "materials + equipment + algorithms" full-stack capabilities, SMEs concentrating on niche technologies, and startups exploring disruptive innovations [3][23]. Technological Advancements - Material genome engineering is revolutionizing the R&D model, while breakthroughs in production processes are reshaping cost curves [4][16]. - Future technological directions include extreme performance breakthroughs, intelligent upgrades, green manufacturing, and cross-industry integration [4][20]. Market Outlook - The market is projected to reach 1 trillion yuan by 2025 and exceed 3 trillion yuan by 2030, maintaining a CAGR of 18%, driven by domestic substitution, technological iteration dividends, and the expansion of emerging applications [4][19]. - Key materials to watch include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconductors, perovskite photovoltaic materials, high-frequency materials, MLCCs, UTG glass, and biodegradable materials [4][10]. Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, with the industry size surpassing 6 trillion yuan in 2024, maintaining a 20% annual growth rate [7][8]. - The industry is characterized by intensive policy support, accelerated technological breakthroughs, and expanded application scenarios, particularly in fields like solid-state battery materials and high-temperature superconductors [8][10]. Competitive Landscape - The industry is witnessing an increase in concentration, characterized by a dual-track model of "national teams leading + specialized private firms" [12]. - The collaborative model in the supply chain is innovating significantly, with semiconductor materials adopting a bundling development model and new energy materials forming a three-in-one R&D approach [12][13]. Policy and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for advanced materials [15]. - The establishment of a standard system that aligns with international standards is accelerating, although challenges remain due to new EU regulations [15][16]. Investment Strategy Recommendations - Focus on three major tracks: high certainty in domestic substitution (semiconductor precursors, medical-grade polylactic acid), beneficiaries of technological iteration (solid-state electrolytes, superconducting materials), and platform technology companies (materials AI design software) [24]. - Companies should build long-term agreements for certification and procurement, while material firms need to integrate into automotive battery technology roadmaps [23][24].

证券代码：300655 证券简称：晶瑞电材 债券代码：123031 债券简称：晶瑞转债 债券代码：123124 债券简称：晶瑞转 2 晶瑞电子材料股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （深圳市红岭中路 1012 号国信证券大厦 16-26 层） 二〇二五年五月 重要声明 经深交所同意，公司 52,300.00 万元可转换公司债券于 2021 年 9 月 7 日起在 深交所挂牌交易，债券简称"晶瑞转 2"，债券代码"123124"。 二、本期债券的主要条款 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）《苏州 晶瑞化学股份有限公司向不特定对象发行 2021 年可转换公司债券之受托管理协 议》（以下简称"《受托管理协议》"）《晶瑞电子材料股份有限公司创业板向不特 定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）《晶瑞电 子材料股份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中介 机构出具的专业意见等，由本期债券受托管理人国信证券股份有限公司（以下简 称"国信证券"）编制。国信证券对本报告中所包含的从 ...

光敏聚酰亚胺 （Photosensitive Polyimide，PSPI）是一种具有光敏性和耐热性双重功能的聚酰亚胺溶液，属 于高端聚酰亚胺，是一种在高分子链上兼有亚胺环以及光敏基因的有机材料，在暴露于光或紫外线时会硬 化并聚合。 PSPI结合了聚酰亚胺（Polyimide, PI)的优良物理和化学特性，以及光敏材料的特性。PSPI类似于光刻胶，在 紫外光、α射线、X射线等的辐射下，被照射部分的结构会发生变化，能够溶解在相应溶剂中，可以用于制 作精密的图案。 PSPI具有感光性佳、热稳定性好、机械性能好等特点，其应用领域广泛。包括航空航天、微电子、OLED显 示等。在航空航天领域，PSPI可用作飞机隔热材料及绝缘材料；在微电子领域，PSPI可用作电子封装胶； 在OLED显示领域，PSPI可用作OLED显示用光刻胶，能有效减小OLED显示器件的色差并提升其层间绝缘 性。 【DT新材料】 获 悉 ， 5月8日，绍兴市生态环境局发布了关于受理 浙江时光新能源有限公司高端光刻胶树 脂及光敏聚酰亚胺项目环评文件的公示 。 据悉，项目属于新建，建设地点在杭州湾上虞经济技术开发区，利用原电解液项目厂房，购置反应釜，过 滤 ...