能源与材料（材料篇）｜把握三条投资主线，布局材料成长机遇：2025年投资策略

Core Viewpoint - Emerging industries such as low-altitude economy, SAF, hydrogen energy, and synthetic biology are expected to accelerate industrialization by 2025, driven by policy support, while traditional sectors like military, semiconductor, nuclear power, and photovoltaic industries may see improved demand and profit recovery [1][2]. Group 1: Investment Drivers - Investment opportunities in the materials sector can be categorized into three main drivers: policy and themes, industry prosperity and structural improvement, and product/technology innovation [2]. - The low-altitude economy, SAF, hydrogen energy, and synthetic biology are in their early development stages, with significant potential linked to specific policy introductions and market trends [2]. - Established industries such as military, semiconductor, nuclear power, and photovoltaic have moved past initial phases, with investment opportunities driven by internal industry prosperity and structural improvements [2]. - Innovations in products and technologies are expected to create demand elasticity in materials related to solid-state batteries, silicon-based anodes, lithium battery recycling, AI smartphones, automotive lightweighting, and more [2][5]. Group 2: Policy-Driven Opportunities - The low-altitude economy is gaining significant policy support, with plans for a dedicated management bureau to enhance resource coordination, particularly in the eVTOL segment [3]. - Global decarbonization policies are anticipated to drive SAF demand, with projections of reaching 15 million tons by 2030 and a market size of 226.6 billion yuan [3]. - Hydrogen energy policies are accelerating, with a focus on diverse applications, particularly in electrolyzers and fuel cells, which are expected to see substantial growth [3]. - The upcoming national action plan for the biomanufacturing industry is expected to resonate with performance and policy in the synthetic biology sector by 2025 [3]. Group 3: Demand and Profit Recovery - The military sector is entering a new cycle of prosperity, with materials like titanium, high-temperature alloys, and carbon fiber expected to benefit from increased orders [4]. - Global semiconductor sales are projected to grow by 12.5% by 2025, with a rapid increase in the penetration of third-generation semiconductors [4]. - The nuclear power sector is seeing a historic high in approvals for new units, with key components entering a peak delivery phase [4]. - The photovoltaic industry is experiencing marginal growth in bidding, indicating an improvement in competitive dynamics [4]. Group 4: Product/Technology Innovation - Solid-state battery development has made significant progress, with global shipments expected to grow at a CAGR of approximately 150% from 2023 to 2030 [5]. - Demand for silicon-based anodes is projected to reach 60,000 to 70,000 tons by 2026, doubling from 2023 levels [5]. - The market for thermal management materials is expected to grow significantly, with projections for graphite films and VC markets reaching 16.8 billion and 17.4 billion yuan by 2027, respectively [5]. - The demand for magnesium alloys in the automotive sector is expected to reach 119,500 tons by 2030, with a CAGR of 16.5% from 2023 to 2030 [5]. - The market for amorphous motor materials in electric vehicles is projected to grow at a CAGR of 129% from 2025 to 2030 [5]. - The global electronic skin market is expected to reach $2.26 billion by 2032, with a CAGR exceeding 17% from 2022 to 2032 [5].