地缘政治重塑光刻胶供应链，韩国受益于日本

报道来源 [11]

1. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   如果伊朗冲突持续，或者即使不持续，但如果三星和SK海力士希望避免未来供应链中断，预计将更加依赖

   If the Iran conflict drags on, or even if it does not, but Samsung and Hynix want to avoid supply chain disruptions in the future, expect a greater reliance on the Korean suppliers going forward. (11/11)

2. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   最后，2026年4月23日，韩国金融服务委员会启动了“联合支持系统”，在此系统下，17家韩国银行已扩展

   And finally, On April 23, 2026, the Korean Financial Services Commission launched a "Joint Support System” under which 17 Korean banks have expanded the credit limits (L/Cs) for companies like Jaewon and Chemtronics. Buying Naphtha from the U.S. or Russia right now is 90% more

3. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   此外，像Daicel和Toagosei这样的日本公司是“准时制”效率的大师。它们通常持有约20天的石脑油库存。当Stra

   Further, Japanese firms like Daicel and Toagosei are masters of "Just-in-Time" efficiency. They typically keep about 20 days of Naphtha inventory. When the Strait of Hormuz closed in March, they hit a wall almost immediately. On the other hand, due to the 2019 trade war trauma,

4. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   在2025年中期增加美国供应的石脑油后，韩国公司进一步获得了美国豁免，以提前进口俄罗斯石脑油

   After increasing their USA supplied Naphtha in mid 2025, Korean companies then went further and secured a US sanction waiver to import Russian Naphtha early this year, while the Japanese companies are largely sticking to G7-aligned restrictions and waiting for Middle Eastern http…

5. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   今天的机会是什么？

   What is the opportunity today? With the war in Iran, and the subsequent disruption to the Naphtha flow from the Middle East, we are seeing an opportunity for the local Korean supply chain, and a risk to the Japanese suppliers. While Japanese companies have remained almost

6. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   所以今天目前有两个模型 - 集成日语 vs. 本地化韩语制作：

   So today there are currently two models - Integrated Japanese vs. Localized Korean Production: 🟠 Integrated Japanese : Major Japanese firms like Daicel and Toagosei handle an "integrated" production process. For example, Daicel produces everything from the precursor (propylene

7. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   事情在这里分道扬镳了：

   Here is where things have split: 🟠 Historically, the entire Naphtha to Photoresist process was done by Japanese companies. 🟠 But, over the last several years, Korean companies have started to take over parts of the process in an attempt to localize supply chains for Samsung

8. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   此外，PGMEA还与信越、TOK和JSR等日本公司的聚合物混合，制造出一种特殊的感光材料光刻胶

   Additionally, PGMEA is also mixed with polymers from Japanese companies such as Shin-Etsu, TOK, and JSR to create a specialized Photoresist, a light sensitive material, used in photolithography. (4/11)

9. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

   日本或韩国的下一家化工公司将丙烯气体转化为一种超高纯度液体，称为PGMEA。PGMEA是该溶剂的“主力”

   Next chemical companies in either Japan or Korea convert the propylene gas into an ultra-high-purity liquid called PGMEA. PGMEA is the "workhorse" solvent for the photolithography process. (3/11)

10. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

    供应链现状一览：

    Here is what the supply chain looks like: An oil called Naphtha is shipped on giant tankers from Middle Eastern countries like Kuwait, UAE and Saudi Arabia by companies like Aramco (Saudi Arabia) or ADNOC (UAE). Then Integrated Japanese Chemical companies like Daicel and

11. X — SemiAnalysis TIER_1 English(EN) · SemiAnalysis_ · 2026-05-12 22:01

    伊朗战争持续，密切关注的事件：

    Something to watch closely as the war in Iran drags on: A very obscure part of the semiconductor supply chain, Naphtha, is potentially becoming a quiet constraint on AI chips. (1/11) 🧵 https://t.co/rnhSvAJycV