Core Viewpoint - The article emphasizes the critical role of photomasks in the semiconductor manufacturing process, highlighting the high technical barriers and low domestic penetration rates in the photomask market, which presents significant investment opportunities in the context of domestic semiconductor supply chain enhancement [2][3]. Group 1: Photomask Production and Market - Photomask production has high technical barriers, and the market is vast with low domestic penetration rates [3][57]. - The photomask market is one of the top three segments in the semiconductor materials market, accounting for approximately 12% of the semiconductor materials market size [63]. - The semiconductor and flat panel display sectors are the largest application markets for photomasks, with semiconductors occupying 60% of the market share [61]. Group 2: Market Size and Growth - The global semiconductor materials market is projected to reach $67.5 billion in 2024, with a year-on-year growth of 3.8% [69]. - The domestic semiconductor photomask market is expected to approach 20 billion RMB by 2025, with wafer manufacturing photomasks estimated at 10 billion RMB [66]. - The independent third-party photomask manufacturers' market share is expected to increase, as they can leverage economies of scale and specialized technology [70]. Group 3: Investment Logic - Investing in the photomask sector is seen as a dual opportunity: it is not only a story of domestic replacement in a multi-billion scale semiconductor materials market but also an investment in companies capable of overcoming technological barriers and growing alongside China's wafer production capacity [2].

Group 1 - China is the largest panel production and R&D center globally, with over 60% of the world's flat panel display capacity [1][2] - The upstream core material, photomask, is currently monopolized by manufacturers from the US, Japan, and South Korea, while domestic companies like Qingyi Optoelectronics and Luvi Optoelectronics are improving their market penetration [1][2] - Photomasks are critical materials in the manufacturing process, with a significant cost share in semiconductor production, accounting for approximately 13% of the total material costs [1] Group 2 - The revenue scale of domestic photomask manufacturers is relatively low, and there is a need for increased market penetration [3] - The domestic semiconductor photomask market is projected to reach approximately 18.7 billion RMB by 2025, with wafer manufacturing photomasks expected to account for 10 billion RMB [3] - Domestic manufacturers are in a phase of continuous technological upgrades and the release of new high-end capacities, with photomask penetration expected to increase significantly [3]

半导体领域，根据路维光电2024年年报统计显示，根据多方机构预测需求综合研判，预 计2025年国内半导体掩膜版市场规模在约为187亿人民币，其中晶圆制造用掩膜版预计为100 亿元人民币，封装用掩膜版预计为26亿元人民币，其他器件用掩膜版为61亿元人民币。目前 国内厂商掩膜版营收体量整体来说相对较低，各厂商正处于技术持续升级、新高端产能即将 陆续释放、半导体掩膜版渗透率由1走向N的阶段。 投资建议：清溢光电（重点推荐）、路维光电（建议关注）、龙图光罩（建议关注） 风险提示：市场竞争加剧的风险、下游需求不景气的风险、产品升级和客户导入不及预 期、汇率波动风险、国际地缘风险。（华金证券 熊军,王臣复） 以下为研究报告摘要： 核心观点 掩膜版是微电子制造过程中的图形转移母版，是平板显示、半导体、触控、电路板等行 业生产制造过程中重要的关键材料。作为光刻复制图形的基准和蓝本，掩膜版是连接工业设 计和工艺制造的关键，掩膜版的精度和质量水平会直接影响最终下游制品的优品率。根据国 际半导体产业协会（SEMI）的统计分析，2019年半导体晶圆制造材料的市场规模达322亿美 元，其中，成本占比最高的是硅片，其次就是掩膜版和半导体 ...

Investment Rating - The report maintains an "Outperform" rating for the semiconductor mask industry, particularly focusing on domestic manufacturers entering a new phase of development [1]. Core Insights - The mask is a critical material in microelectronics manufacturing, directly impacting the yield of downstream products. The semiconductor wafer manufacturing materials market reached $32.2 billion in 2019, with masks accounting for approximately 13% of costs [3]. - China is the largest panel production base globally, with over 60% of the world's capacity. However, the mask market is still dominated by US and Japanese manufacturers, with domestic players like Qingyi Optoelectronics and Luwei Optoelectronics gradually increasing their market penetration [3]. - The domestic semiconductor mask market is projected to reach approximately 18.7 billion RMB in 2025, with wafer manufacturing masks expected to account for 10 billion RMB [3]. - Investment recommendations include Qingyi Optoelectronics (strong buy), Luwei Optoelectronics (watch closely), and Longtu Photomask (watch closely) [3]. Summary by Sections Section 1: Mask Production and Market Dynamics - The mask production process has high technical barriers, and the market is vast with low domestic penetration. High-end masks require advanced equipment and material support [5][6]. - The semiconductor mask industry is closely tied to the growth of downstream sectors, with masks representing about 12% of the semiconductor materials market [74]. Section 2: Market Size and Growth Projections - The global semiconductor materials market is expected to reach $67.5 billion in 2024, with a projected growth rate of 3.8% [77]. - The domestic semiconductor mask market is anticipated to grow significantly, with a forecast of 18.7 billion RMB in 2025, driven by increasing demand in wafer manufacturing and packaging [80]. Section 3: Competitive Landscape - The independent third-party mask manufacturers are expected to gain market share as the disadvantages of self-built mask factories become apparent. Currently, independent manufacturers hold about 35% of the market, with major players being Photronics, Toppan, and DNP [83]. - Domestic manufacturers like Qingyi Optoelectronics and Luwei Optoelectronics are gradually increasing their market presence, although their overall revenue remains relatively low compared to international competitors [86].

Core Viewpoint - The article highlights the rapid development of domestic metal mask production for OLED panels, emphasizing the importance of local supply chains in reducing reliance on imports and enhancing production efficiency [8]. Group 1: Company Developments - Chengdu Tuowei High-Tech Optoelectronics Co., Ltd. has successfully produced and delivered its first 8.6-generation Common Metal Mask (CMM) to leading industry clients on August 11 [1]. - Tuowei High-Tech focuses on the precision regeneration of OLED masks and components, CMM and Fine Metal Mask (FMM) research and manufacturing, with production bases in Chengdu and Chuzhou [2]. - The company’s subsidiary, Tuowei Optoelectronic Materials (Chuzhou) Co., Ltd., is responsible for FMM production, with a total investment of 550 million yuan, aiming for mass production this year [2]. Group 2: Industry Trends - The domestic G8.6-generation OLED panel production lines are advancing, leading to accelerated development of high-generation mask projects, with total investments exceeding 5.9 billion yuan by 2025 [3]. - Various companies are making significant investments in G8.6 metal mask projects, including: - Quyang Optoelectronics with a 500 million yuan investment for its main plant [5] - Luwei Optoelectronics with a 2 billion yuan investment for its AMOLED mask project [5] - Gaoguang Semiconductor with a 460 million yuan investment for core equipment [5] - The domestic production of high-generation metal masks is crucial for meeting the urgent supply chain needs of G8.6 OLED panel production lines, which will help lower production costs and enhance supply chain stability [8]. Group 3: Technical Insights - Metal masks are critical materials in the OLED deposition process, determining the yield and resolution of OLED screens by accurately depositing organic materials to form pixels [2]. - There are two main types of metal masks: CMM, which has larger holes and lower precision, and FMM, which has smaller holes and higher precision, used for OLED light-emitting material deposition [2]. - In addition to metal masks, light masks are also essential in OLED panel manufacturing, playing a key role in transferring circuit designs onto substrates [6]. Group 4: Future Outlook - The establishment of more high-generation projects and their mass production will further enhance the stability of the material supply chain for domestic G8.6 OLED production lines, potentially leading to reduced production costs [8].

Core Viewpoint - Shenzhen Qingyi Optoelectronics Co., Ltd. plans to utilize idle raised funds for cash management, specifically to invest in safe and liquid financial products, with a maximum amount of RMB 550 million [2][11]. Group 1: Cash Management Account Setup - The company’s wholly-owned subsidiary, Foshan Qingyi Optoelectronics Co., Ltd., has opened a dedicated cash management account at CITIC Bank Shenzhen Branch for managing idle raised funds [3]. - The account will only be used for purchasing high-safety, high-liquidity investment products and will not store non-raised funds or serve other purposes [3][5]. Group 2: Four-Party Supervision Agreement - A four-party supervision agreement has been established involving the company, its subsidiary, CITIC Bank, and the sponsor institution, CITIC Securities, to regulate the management of raised funds [4]. - The agreement stipulates that the subsidiary can only use the account for cash management of idle raised funds and must comply with relevant regulations [6][10]. Group 3: Risk Control Measures - The company will adhere to regulatory guidelines and its own fundraising management system to ensure proper cash management and risk control [11]. - The audit department, independent directors, and audit committee have the authority to supervise and inspect the use of raised funds and cash management [11]. Group 4: Impact on the Company - The use of idle raised funds for cash management is expected to enhance the efficiency of fund utilization without affecting the company's main business operations or the normal turnover of funds [11]. - This strategy aims to generate investment returns and improve overall performance, benefiting both the company and its shareholders [11].

证券代码：688138 证券简称：清溢光电 公告编号：2025-034 深圳清溢光电股份有限公司 关于开立募集资金现金管理专用结算账户 并签署四方监管协议的公告 深圳清溢光电股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开 第十届董事会第十一次会议以 11 票赞成、0 票反对、0 票弃权的表决结果审议通 过了《关于使用闲置募集资金进行现金管理的议案》，于 2025 年 5 月 16 日召开 第十届监事会第六次会议以 3 票赞成、0 票反对、0 票弃权的表决结果审议通过 了《关于使用闲置募集资金进行现金管理的议案》，公司拟使用金额不超过人民 币 55,000 万元（含）的暂时闲置募集资金进行现金管理，用于购买安全性高、 流动性好、具有合法经营资格的金融机构销售的有保本约定的投资产品（包括但 不限于保本型理财产品、结构性存款、定期存款、通知存款、大额存单等），使 用期限自第十届董事会第十一次会议审议通过起 12 个月内，在不超过上述额度 及决议有效期内，资金可循环滚动使用。在授权额度范围内，董事会授权总经理 行使该项投资决策权并由财务负责人负责具体事宜。具体内容详见公司于 2025 年 5 ...

（文章来源：证券日报） 证券日报网讯 8月4日晚间，清溢光电发布公告称，公司2025年第二次临时股东大会于2025年08月04日 召开，审议通过了《关于选举姜巍先生为第十届董事会非独立董事的议案》。 ...

证券代码：688138 证券简称：清溢光电 公告编号：2025-033 深圳清溢光电股份有限公司 2025年第二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： （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由公司董事会召集，由副董事长庄鼎鼎先生主持，采用现场投 票和网络投票相结合的方式进行表决。本次会议的召集、召开、决策程序符合《公 司法》《上海证券交易所科创板股票上市规则》和《公司章程》的相关规定。 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事10人，出席10人； 2、 公司在任监事3人，出席3人； 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 08 月 04 日 （二） 股东大会召开的地点：深圳市南山区朗山二路北清溢光电大楼深圳清溢 光电股份有限公司会议室 （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 ...

上海市锦天城（深圳）律师事务所 关于深圳清溢光电股份有限公司 2025 年第二次临时股东大会之 法律意见书 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：+86-755-82816698 传真：+86-755-82816898 邮编：518048 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳清溢光电股份有限公司 2025 年第二次临时股东大会之 法律意见书 致：深圳清溢光电股份有限公司 深圳清溢光电股份有限公司（以下简称"公司"）2025 年第二次临时股东 大会（以下简称"本次股东大会"）于 2025 年 8 月 4 日召开。上海市锦天城（深 圳）律师事务所（以下简称"锦天城"）受公司委托，指派许俊律师、王振湘律 师（以下简称"锦天城律师"）出席了本次股东大会。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》《上市公司股 东会规则》《深圳清溢光电股份有限公司章程》（以下简称"《公司章程》"） 的规定，锦天城律师就本次股东大会的召集、召开程序、现场出席会议人员资格、 表决程序等相关事项进行见证，并发表法 ...