新材料行业月报：商务部等四部门公布两用物项出口管制清单，10月中国新能源车零售同比增长56.7%

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [6]. Core Insights - The new materials sector outperformed the CSI 300 index in November, with the new materials index rising by 4.12%, while the CSI 300 index fell by 1.10%, resulting in a 5.22 percentage point outperformance [2][32]. - The new materials index's price-to-earnings ratio (TTM, excluding negative values) is 26.61 times, which is a 4.45% increase from the previous month and is at the 72.90 percentile of historical valuations since 2021 [6][42]. - The growth in the new materials sector is expected to continue due to the increasing demand from China's manufacturing industry [6]. Summary by Sections Industry Performance Review - The new materials index showed a strong performance in November, ranking third among 30 major industry sectors [32]. - The trading volume for the new materials sector in November was 15,133.75 billion yuan, a decrease of 3.46% compared to the previous month [32]. - In November, half of the stocks in the new materials sector rose, with lithium battery chemicals leading the gains at 17.42% [35][38]. Key Industry Data Tracking - In October, the sales of semiconductors in China continued to grow for 11 consecutive months, with a year-on-year increase of 22.9% [16]. - The export volume of superhard materials in October was 14,000 tons, a year-on-year increase of 17.27%, while the export value reached 154 million USD, up 10.88% year-on-year [17]. - Prices of rare gases showed a slight decline in October, with helium priced at 659 yuan per bottle, down 2.23% [18]. Investment Recommendations - The report suggests that the new materials industry will continue to develop due to the growth prospects in related sectors such as semiconductors and renewable energy [6].