China Investment Securities released a research report saying that the core contradiction in the current electronic grade hydroxylamine industry chain is a mismatch between demand growth driven by AI computing power and stock supply restrictions. On the demand side, the increase in AI computing power is driving the aggressive expansion of HBM and DRAM production capacity, the miniaturization of advanced logic processes, and the stacking of 3DNAND layers, leading to an absolute increase in wafer production capacity, and a significant increase in the proportion of wet cleaning steps under high depth-to-width ratio and complex multi-layer metal structures. On the supply side, BASF's production capacity is physically embedded in the main caprolactam device. It lacks motivation to independently expand production, compounding Europe's high energy and carbon costs, and its supply elasticity continues to be tight. In this context, domestic enterprises have ushered in an opportunity to break the game by optimizing process routes.

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