Core Insights - The semiconductor polishing liquid is a critical consumable in the chemical mechanical polishing (CMP) process, essential for achieving global planarization of wafer surfaces through chemical etching and mechanical grinding [1][8] - The global market for CMP polishing liquids is projected to reach $3.2 billion in 2024, surpassing $3.5 billion in 2025, and is expected to reach $4.5 billion by 2028, driven by the upgrade of the optoelectronic industry and the expansion of third-generation semiconductor applications [1][8] - In China, the market for semiconductor polishing liquids is anticipated to grow from approximately 6 billion yuan in 2024 to 10.5 billion yuan by 2028, with domestic companies like Anji Technology and Dinglong Co. making significant breakthroughs [1][8] Industry Overview - Semiconductor polishing liquids, composed of nano-sized abrasives, oxidizers, complexing agents, and deionized water, are designed to achieve micron or nano-level precision removal of materials such as silicon, copper, and tungsten [2][3] - The industry is characterized by a dual structure of overseas dominance and domestic breakthroughs, with foreign companies leading in high-end markets while local firms strive to catch up [1][9] Policy Background - China has implemented multiple policies to support the domestic semiconductor polishing liquid industry, focusing on R&D support, capacity building, standardization, and application promotion [4][5] Industry Chain - The semiconductor polishing liquid industry chain includes upstream raw materials (abrasives, oxidizers), midstream production (companies like Anji Technology and Dinglong Co.), and downstream consumption primarily in integrated circuit manufacturing [5][6] - The integrated circuit manufacturing sector is the core consumer market, with significant demand driven by advancements in logic and memory chips [6] Market Dynamics - The advanced packaging sector is emerging as a key growth driver for the semiconductor polishing liquid market, with the market size expected to exceed 110 billion yuan by 2025, reflecting a compound annual growth rate of 25.6% [6][7] - The demand for specialized polishing liquids is increasing due to the stringent requirements of new chip structures and advanced packaging technologies [6][7] Competitive Landscape - The Chinese semiconductor polishing liquid market is dominated by international players like Cabot and Hitachi, while local companies such as Anji Technology and Dinglong Co. are making strides in market share and technological advancements [9][10] - Anji Technology leads with over 40% market share in copper polishing liquids, while Dinglong Co. has a nearly 30% share in polishing pads [9][10] Future Trends - The industry is expected to focus on technological advancements, supply chain autonomy, and green transformation, with an emphasis on developing low-defect formulations for advanced processes [11][12] - Companies will prioritize the development of customized products for emerging applications, while also addressing the challenges of high-purity raw material production [11][12] - Environmental considerations will drive the development of eco-friendly polishing liquids and sustainable manufacturing processes [13]

Core Insights - CMP cleaning solution is a critical material in semiconductor manufacturing, ensuring nanometer-level cleanliness and enhancing chip yield and reliability [1][2] - The global semiconductor wet electronic chemicals market is projected to reach $5.5 billion in 2024 and exceed $6.6 billion by 2028, with China's CMP cleaning solution market expected to grow from approximately 1.3 billion yuan in 2024 to 1.91 billion yuan by 2028 [1][8] CMP Cleaning Solution Industry Overview - CMP cleaning solution is essential for removing impurities from wafer surfaces, directly impacting subsequent processes like lithography and etching [2][4] - The cleaning process accounts for over 30% of the total steps in chip manufacturing, making it the largest single operation [4] Industry Chain of CMP Cleaning Solution in China - The upstream materials include organic solvents, acid/base solutions, surfactants, and chelating agents, with increasing domestic production reducing reliance on imports [4] - Midstream companies like Anji Technology and Jianghua Micro are breaking international monopolies and achieving domestic substitution [4] - The downstream market is driven by strong demand in integrated circuit manufacturing and advanced packaging, creating a positive feedback loop of "demand-research-application" [4] Market Demand and Growth - The integrated circuit manufacturing sector is the largest consumer of CMP cleaning solutions, with significant growth driven by advancements in technology and production capacity [6] - The advanced packaging market is expected to exceed 110 billion yuan by 2025, with a compound annual growth rate of 25.6%, significantly boosting the demand for specialized CMP cleaning solutions [7] Competitive Landscape - The CMP cleaning solution industry in China is characterized by intense competition between international giants and domestic companies [8] - International leaders like Entegris and Fujifilm dominate the high-end market, while domestic firms like Anji Technology are rapidly catching up through technological advancements and market expansion [8][10] Future Development Trends - The industry will focus on technological upgrades, domestic substitution, and green intelligent transformation [12] - There will be a shift towards high-precision, customized formulations to meet the complex cleaning requirements of advanced semiconductor processes [12] - Domestic companies are expected to enhance their supply chain autonomy by developing core raw materials locally, reducing dependency on foreign brands [13] - The trend towards environmentally friendly and intelligent production processes will drive the industry towards high-quality and high-value development [14]

Core Points - Anji Technology announced the election of Ms. Yang Xun as the employee director of the company's third board of directors during a staff meeting scheduled for November 25, 2025 [2] Group 1 - Anji Technology will hold a staff meeting on November 25, 2025 [2] - Ms. Yang Xun has been elected as the employee director [2]

| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：118054 | 债券简称：安集转债 | | 安集微电子科技（上海）股份有限公司 关于董事离任暨选举职工董事的公告 | 姓名 | 离任 | | 离任时间 | | 原定任期到 | | 离任原因 | 是否继续在上 市公司及其控 | 具体职务（如适用） | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 职务 | | | | 期日 | | | 股子公司任职 | | 公开承诺 | | 杨逊 | 董事 | 2025 | 年 | 11 月 | 2026 年 月 | 5 | 公司治理结构 调整及工作安 | 是 | 职工董事、副总经 | 否 | | | | 25 日 | | | 21 日 | | 排调整 | | 理、董事会秘书 | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：118054 | 债券简称：安集转债 | | 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 11 月 25 日 （二） 股东大会召开的地点：上海市浦东新区华东路 5001 号金桥综合保税区 T6-5 一楼公司会议室 安集微电子科技（上海）股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 189 | | --- | --- | | 普通股股东人数 | 189 | | 2、出席会议的股东所持有的表决权数量 | 81,522,245 | | 普通股股东所持有表决权数量 | 81,522,245 | | 3、出席会议的股东所持有表决权数量占公 ...

上海市锦天城律师事务所 关于安集微电子科技（上海）股份有限公司 2025 年第一次临时股东大会的 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：02120511000 传真：02120511999 邮编：200120 法律意见书 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于安集微电子科技（上海）股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：安集微电子科技（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受安集微电子科技（上海） 股份有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规、规范 性文件和《安集微电子科技（上海）股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，指派律师列席公司 2025 年第一次临时股东大会（以下简称 "本次股东大会"），对本次股东大会相关事项进行见证，并依法出具本法律意见 书。 本法律意见书仅就本次股东大会的召集和召开程序、出 ...

Core Viewpoint - Anji Technology's stock has shown significant volatility, with a year-to-date increase of 81.79% but a recent decline in the last five and twenty trading days, indicating potential market fluctuations and investor sentiment changes [1][2]. Financial Performance - For the period from January to September 2025, Anji Technology reported a revenue of 1.812 billion yuan, representing a year-on-year growth of 38.09% [2]. - The net profit attributable to shareholders for the same period was 608 million yuan, reflecting a year-on-year increase of 54.96% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Anji Technology reached 16,800, an increase of 48.24% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 32.30% to 10,037 shares [2]. Dividend Distribution - Anji Technology has distributed a total of 178 million yuan in dividends since its A-share listing, with 125 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 18.796 million shares, an increase of 6.0729 million shares from the previous period [3]. - The fourth-largest circulating shareholder, Harvest SSE STAR Chip ETF, holds 2.666 million shares, a decrease of 120,300 shares [3]. - New institutional investors include Guotai Junan CSI Semiconductor Materials and Equipment Theme ETF, holding 1.219 million shares [3].

Group 1 - The semiconductor equipment sector is experiencing a high growth phase, driven by dual benefits from domestic policies and increasing demand for mid-to-high-end equipment from large wafer fabs [3] - The semiconductor equipment ETF (561980) has seen significant inflows, with a net inflow of nearly 75 million yuan in a single day and a total of 3.77 billion yuan year-to-date, indicating strong investor interest [1] - The semiconductor equipment ETF has increased by 43.72% year-to-date, ranking third among 31 primary industries, only behind non-ferrous metals and communications [1] Group 2 - Capital expenditures for leading internet companies in China and the U.S. are expected to grow rapidly, with projections of $430.6 billion (+65%) in 2025 and $602 billion (+40%) in 2026, supporting future demand for computing chips [2] - The domestic storage manufacturers are expected to contribute significantly to wafer fab capital expenditures next year, which will drive demand for semiconductor equipment and materials [2] Group 3 - The semiconductor equipment sector is expected to maintain high growth rates over the next three years, driven by increased domestic production and demand, with a focus on enhancing localization rates [3] - The top ten constituents of the semiconductor equipment ETF account for over 78% of the index, focusing on key players in the chip industry chain [4]

Core Viewpoint - The Zhongzheng 1000 Enhanced ETF (561590) opened at a decline of 0.48%, priced at 1.250 yuan, indicating a challenging market environment for this fund [1] Group 1: Fund Performance - The Zhongzheng 1000 Enhanced ETF has a performance benchmark based on the Zhongzheng 1000 Index return rate [1] - Since its establishment on November 23, 2022, the fund has achieved a return of 25.46% [1] - Over the past month, the fund has experienced a return of -5.95% [1] Group 2: Top Holdings - Key stocks in the fund include: - Jucheng Co., which opened with a gain of 1.57% - Jingwei Hengrun, which increased by 0.61% - Dajin Heavy Industry, which rose by 5.67% - Anji Technology, up by 0.97% - Zhongrong Electric, gaining 0.83% - Hongsoft Technology, increasing by 0.70% - Juxin Technology, up by 0.33% - Huafeng Measurement and Control, which fell by 0.18% - Jinlei Co., which rose by 0.56% - Shannon Chip Creation, which increased by 1.91% [1]

Core Viewpoint - The article emphasizes the strategic importance of Chemical Mechanical Polishing (CMP) slurries in the semiconductor manufacturing process, highlighting the risks associated with reliance on foreign suppliers and the need for domestic alternatives in China [2][4][19]. Group 1: Market Overview - The global CMP slurry market has surpassed $2 billion, growing at a compound annual growth rate (CAGR) of approximately 8%, yet domestic market share in China for high-end slurries (14nm and below) is less than 10% [4]. - Major players in the global CMP slurry market include Cabot, Versum Materials, Hitachi, Fujimi, and Dow, which collectively hold nearly 80% of the market share, with Cabot alone accounting for about 33% [8][11]. Group 2: Domestic Market Dynamics - By 2025, China's 12-inch wafer production capacity is expected to account for approximately 25% of the global total, leading to a CMP slurry market projected to exceed 6 billion RMB [16]. - Currently, foreign brands dominate the high-end CMP slurry market in China, holding over 90% market share, which poses significant supply chain risks, cost pressures, and service response challenges [17][19]. Group 3: Technological Insights - Cerium oxide-based slurries are crucial for advanced CMP processes, providing a competitive edge in semiconductor manufacturing [14][22]. - The transition from traditional mechanical grinding to chemical etching in cerium oxide slurries enhances material removal efficiency and reduces defect rates, making it essential for high-performance applications [22][23]. Group 4: Future Outlook - To break through in the high-end CMP slurry market, collaboration among material companies, wafer manufacturers, and equipment suppliers is essential, alongside sustained investment and focus on key materials like nanosphere cerium oxide [26][27][28].