2026 开年以来， A 股半导体产业链相关板块持续走强。 1 月 7 日商务部正式对原产于日本的进口二氯二氢硅发起反倾销立案调查，叠加 AI 算力需求爆发、晶圆厂扩产潮，半导体材料板块强势拉升 —— 半导体材料指数 1 月 7 日单日大涨 4.22% ， 今年以来板块指数涨幅达 13% 。 首先， AI 算力革命带来的需求增量尤为显著。全球 AI 服务器 2026 年出货量预计突破 300 万台，高带宽内存（ HBM ）、 Chiplet 先进封 装等新技术的应用，直接让每片晶圆的材料用量翻倍。 尤其是 3nm 及以下先进制程，对材料纯度、性能的要求达到极致，进一步推动抛光液、高端光刻胶、电子特气等高端产品需求激增，同时带 动产品价格水涨船高。 与 AI 驱动的技术迭代需求相呼应，全球晶圆厂扩产潮带来确定性产能增量，进一步放大材料需求。 2024 年全球投入运营 48 座晶圆厂 ， 2025 年虽有所放缓但仍有 18 座新建项目，其中 15 座为 12 英寸先进制程产线。中国大陆作为全球 扩产主力， 2024-2027 年 300mm 晶圆厂将从 29 座增至 71 座，占全球比重近 30% ，直接带动半导 ...

中国"啃下"三十年的"硬骨头"？三十年的日本材料霸权，这一次，中国怕是要踢倒了。 日本半导体的焦虑并非空穴来风。过去三十年，日本企业在半导体材料领域构筑了坚固的壁垒，尤其是在高端光刻胶市场占据了全球90%以上的份额。 根据湖北日报客户端引用半导体行业数据，到2025年，中国成熟芯片的市场份额预计将达到28%。这一数字背后，是中国半导体产业在成熟制程领域的快速 扩张。 更值得关注的是，中国在12英寸硅晶圆这一基础材料上的自给率已接近50%。一位销售外国硅片的经销商表示，中国制造商的产品价格仅为日本主要竞争对 手的一半，有些硅片的售价甚至低至每片40美元。 在存储芯片领域，国产替代的步伐同样迅速。国产DRAM的市场份额已从2023年的不足5%提升至2025年的12%。长鑫存储计划在2026年将月产能从2025年 第三季度的7万片（12英寸晶圆）扩至15万片。 而长江存储则凭借其独特的Xtacking架构，在3D NAND闪存领域紧追国际先进水平。 面对中国半导体产业的崛起，日本并非毫无作为。2025年7月，日本官民合作的Rapidus公司宣布成功试制出2纳米制程半导体核心部件，计划2027年开始量 产2纳米芯片。 ...

具体到A股市场，光刻技术突破与国产替代政策共振，为A股相关板块带来结构性机会。可关注技术领 先、政策受益明确的龙头企业。（光大证券微资讯） 股票频道更多独家策划、专家专栏，免费查阅>> 世界半导体贸易统计组织（WSTS）日前发布的最新预测显示，2025年全球半导体营收有望同比增长 22.5%至7720亿美元，2026年将再增长26.3%，达9750亿美元。上述两项数据，较今年6月的预测都有大 幅提高。这一迅猛增长的势头有望拉动光刻机/光刻胶相关需求同步高增长。 展望后市，中商产业研究院统计，2024年全球光刻机市场已经增长至315亿美元。据测算，2025年中国 芯片市场规模预计达1.2万亿元，年复合增长率超15%。全球光刻胶市场2025年规模预计突破百亿美 元，其中EUV光刻胶需求占比显著提升。为国内企业提供广阔替代空间。 据智通财经消息，日前，比利时微电子研究中心（IMEC）已成功利用阿斯麦最先进的极紫外光刻 （EUV）设备，实现了纳米孔的全晶圆级制造。 此次，IMEC利用EUV设备实现纳米孔全晶圆级制造，标志着光刻技术从逻辑芯片向生物传感等新兴领 域拓展，进一步扩大了相关设备应用场景。 近年来，中国也在E ...

目前所有的芯片大规模制造，均是基于光刻工艺。在而这种光刻工艺下，一是需要光刻机，二是需要光 刻胶。 可惜不管是光刻机，还是光刻胶，国产化率都是低于20%的，大量的依赖进口。 光刻机主要从荷兰、日本进口，国产率甚至是低于5%的，而光刻胶则大量依赖日本进口，国产率是低 于20%的。 前段时间，日本还是搞出了很多名堂的，甚至有不负责任的媒体报道称"日本全面停供对华光刻胶"，一 时之间让大家人心惶惶。 毕竟我们对日依赖那么高，如果断供了怎么办？切换供应链可不是短时间内能够做到的，如果说要自 给，那也是短时间之内做不到的。 直到近日，日本内阁官房长官木原稔，针对光刻胶问题，公开辟谣了，他称"没有断供，贸易政策也未 改变"，算是给所谓的断供，划上了官方层面的"休止符"。 事实上，一直以来就有人分析称，日本不太可能断供。 一是中国目前芯片工艺并不是那么的先进，光刻胶是与芯片工艺对应的。 而ArF中，由于国内工艺的原因，用于28nm芯片及以下的需求都不多，我们更多的是需要相对成熟一点 的KrF光刻胶，比如40nm及以上工艺的，以及KrF光刻胶，所以相对而言，日本光刻胶，并不是不可替 代。 这些相对成熟的光刻胶，韩国有，中国自 ...

Core Viewpoint - SK Hynix is collaborating with Dongjin Semichem to develop high-performance EUV photoresist, aiming for domestic supply of this critical semiconductor material and reducing reliance on Japan [1][4]. Group 1: Development and Collaboration - SK Hynix requires materials with performance superior to Japanese products, specifically seeking to improve the sensitivity of photoresists to enhance production efficiency [1]. - The company has not denied the reports but stated that specific development details cannot be disclosed, while confirming ongoing collaborations with multiple companies to improve production efficiency [1]. Group 2: Market Context and Dependency - The necessity for photoresist development has increased with the rising number of EUV layers in DRAM, with expectations for further increases in EUV technology for products below 10nm [3]. - Currently, Japanese suppliers dominate the high-end photoresist market, particularly in advanced processes below 7nm, leading to a significant dependency of Korean companies like SK Hynix and Samsung on Japanese suppliers [3]. - South Korea's dependency on Japanese photoresist imports has decreased from 93.2% in 2018 to an estimated 65.4% in 2024, alongside a 62.5% drop in imports of high-purity hydrogen fluoride from Japan [3]. Group 3: Challenges Ahead - SK Hynix previously achieved partial domestic production of EUV photoresist through its subsidiary SK Materials Performance, but this was limited to lower-spec products [4]. - The complexity of EUV photoresist technology is significantly higher than that of traditional ArF photoresist, posing challenges for South Korea to achieve self-sufficiency in advanced semiconductor processes [4]. - The development of materials requires substantial time and investment, with high entry barriers in the EUV photoresist market, making it difficult to predict the outcomes of the collaboration between SK Hynix and Dongjin Semichem [4].

Core Viewpoint - The article emphasizes the critical role of Japan in the semiconductor industry, highlighting its dominance in various key technologies and materials, which poses challenges for other countries, particularly in the context of geopolitical tensions [3]. Group 1: Semiconductor Industry Overview - The semiconductor industry is characterized by significant technological barriers, with Japan holding a monopoly in 76 key semiconductor technologies, covering the entire supply chain from materials to equipment [3]. - Japan dominates the market for 14 out of 19 core semiconductor materials, establishing a stronghold in the semiconductor materials and equipment sectors [3]. Group 2: Key Technologies and Market Shares - EUV photoresist preparation technology is monopolized by companies such as Tokyo Ohka Kogyo, JSR, Shin-Etsu Chemical, and Fujifilm, with market shares exceeding 90% [4]. - The market for 300mm silicon wafer manufacturing technology is dominated by Shin-Etsu and SUMCO, holding a combined market share of 72% [9]. - The ultra-pure electronic-grade hydrogen fluoride preparation technology has a global monopoly with a market share of 96.7%-100%, being the only material usable for advanced processes below 7nm [9]. - The semiconductor cutting and grinding equipment technology is led by DISCO, which holds over 70% of the global market share [9]. - The high-end FC-BGA packaging substrate technology is also dominated by Japanese firms, with market shares exceeding 70% [10]. Group 3: Strategic Implications - The article stresses the need for countries to recognize their technological gaps and accelerate research and development efforts in the semiconductor sector to achieve breakthroughs [3]. - The strategic significance of the semiconductor industry is underscored, particularly in light of current geopolitical complexities, necessitating a focused approach to technology advancement and industrial upgrading [3].

Core Insights - The semiconductor photoresist industry is crucial for chip manufacturing, directly impacting chip resolution, yield, and cost, and is characterized by high technical barriers [1][2] - China is prioritizing the development of photoresists through multi-dimensional policy support, aiming for a market size of approximately $13.46 billion by 2024 [1][8] - Domestic companies are forming a multi-tiered industrial structure, with leading firms like Nanda Optoelectronics and Tongcheng New Materials achieving mass production and integration into supply chains [1][12] Industry Overview - Semiconductor photoresists, also known as photoresists, are materials that change solubility when exposed to radiation, playing a key role in accurately transferring circuit patterns onto wafers [2][3] - The market for semiconductor materials in China is projected to reach $13.46 billion in 2024, with a growth rate of approximately 2.85% [8][12] Policy Support - The Chinese government has established a comprehensive policy framework to support the semiconductor industry, including tax incentives and application demonstrations, to accelerate the development of photoresists [5][6] - Key policy documents include the "14th Five-Year Plan for the Development of Raw Materials Industry" and the "Action Plan for Stable Growth of Electronic Information Manufacturing Industry 2025-2026" [6][8] Industry Chain - The semiconductor photoresist industry chain in China is characterized by strong collaboration across upstream, midstream, and downstream sectors, with a clear path towards domestic production [6][8] - Domestic companies have achieved high self-sufficiency in mid-to-low-end raw materials, while high-end materials still require breakthroughs [6][10] Market Dynamics - The demand for high-end photoresists is increasing as chip manufacturing processes advance, with the market for photoresists expected to reach approximately 5.63 billion yuan in 2024 [12][14] - The domestic market is seeing a shift towards local alternatives, with KrF photoresists becoming the mainstay for mid-to-high-end applications and ArF photoresists achieving significant breakthroughs [12][14] Competitive Landscape - The global photoresist market is dominated by foreign giants, with Japanese and American companies holding about 87% of the market share [12][14] - Domestic companies are gradually increasing their market share in mature processes, with firms like Nanda Optoelectronics leading in ArF photoresists and Tongcheng New Materials dominating KrF photoresists [14][16] Future Trends - The semiconductor photoresist industry in China is expected to evolve along three main lines: technological breakthroughs, ecological collaboration, and competitive restructuring [15][16] - Future developments will focus on enhancing the performance of KrF and ArF photoresists, advancing EUV photoresist technology, and fostering vertical integration within the industry [15][16]

Group 1 - The company has not purchased ASML's lithography machines [1] - The company has not yet developed EUV photoresist [1]

Core Viewpoint - The company has not purchased ASML's lithography machines and is currently not developing EUV photoresists [1] Group 1 - The company confirmed on the investor interaction platform that it has not acquired ASML's lithography machines [1] - The company has not yet developed EUV photoresists [1]

Market Overview - On October 27, the A-share market experienced a volatile rise, with the Shanghai Composite Index briefly surpassing 3999 points, setting a new annual high. The total trading volume in the Shanghai and Shenzhen markets reached 2.36 trillion yuan, an increase of 365 billion yuan compared to the previous trading day [1] Sector Performance - The storage chip sector showed strong performance throughout the day, with stocks like Demingli (001309) hitting new highs for two consecutive days, and several other stocks such as Jiangbolong (301308) and Xiangnong Chichuang also reaching new highs. The computing hardware sector continued its strong trend, with Huylv Ecological (6 days, 4 boards) and other stocks like Xinyisheng (300502) and Zhongji Xuchuang (300308) also hitting historical highs [1] - The nuclear power sector was active, with stocks like Dongfang Tantalum (000962) achieving two boards in three days, while the wind power sector collectively weakened, with Hai Li Wind Power experiencing a significant drop [1] Storage Sector Insights - The storage index rose by 5.23%, with notable stocks such as Jiangbolong (301308) and Demingli (001309) showing significant monthly gains of 19.82% and 10.00%, respectively [2] - The recent price increases among overseas storage giants are driven by the explosion of AI applications, leading to a surge in demand for high-performance storage chips used in AI servers and data centers, which is pushing prices up across the storage market [3] Semiconductor Equipment Developments - The semiconductor equipment index increased by 3.32%, with several stocks experiencing notable gains. The establishment of China's first EUV photoresist standard is expected to fill a technical standard gap in the industry and provide a unified testing method for performance evaluation [4][5] - The advancements in photoresist technology are anticipated to promote the collaborative development of related industries, benefiting upstream material suppliers, equipment manufacturers, and downstream application enterprises [5] Market Outlook - Analysts remain optimistic about the A-share market's performance, citing a new wave of technological revolution and industrial transformation in China, which has produced many internationally competitive enterprises. The current risk levels in the A-share market are considered normal and reasonable [6] - The "slow bull" market is expected to continue, with a focus on the "big technology" sector as a long-term mainline. Upcoming earnings reports from A-share companies and US tech giants are anticipated to be a focal point, potentially creating a resonance window for the global tech AI market [6]