中银证券：中银晨会聚焦-20241220

Market Overview - The report indicates that the Shanghai Composite Index closed at 3370.03 with a slight decrease of 0.36% while the Shenzhen Component Index increased by 0.61% to 10649.03 [1] - The macroeconomic analysis highlights that the US dollar index experienced fluctuations, and the RMB exchange rate continued to adjust with minor depreciation pressure, maintaining a relatively strong position against non-US currencies [5] Semiconductor Materials Industry - The semiconductor materials market in China is growing, with a focus on domestic substitution and the impact of advanced technologies such as artificial intelligence and advanced packaging [6][7] - The global semiconductor industry sales for 2023 are projected at $519.28 billion, reflecting a year-on-year decrease of 10.99%, while the semiconductor materials market is estimated at $66.7 billion, down 8.2% year-on-year [7] - The report emphasizes the importance of self-sufficiency in semiconductor materials, with the current domestic substitution rate at approximately 15% [7] Advanced Packaging Materials - The global advanced packaging market is expected to grow from $43.9 billion in 2023 to $47.25 billion in 2024, with a compound annual growth rate (CAGR) of 10.6% projected from 2022 to 2028 [8] - Domestic companies are actively investing in advanced packaging materials, aiming to reduce reliance on foreign suppliers [8] OLED Materials and Market - The OLED panel market is anticipated to rebound, with revenues projected to reach $44 billion in 2024, a 12% increase year-on-year, and panel shipments expected to grow by 18% [9][11] - The report notes that domestic OLED manufacturers are increasing investments in production lines, with BOE's new 8.6 generation AMOLED production line set to begin mass production by 2026 [9] - The OLED materials market in China is expected to grow significantly, with a projected market size of 9.8 billion yuan by 2030, reflecting a CAGR of 11% from 2023 to 2030 [11] Investment Recommendations - The report maintains a "stronger than market" rating for the electronic materials sector, driven by rapid downstream industry growth and ongoing domestic substitution [12] - Key investment recommendations include companies such as Anji Technology, Yake Technology, and Jiangfeng Electronics, with a focus on the semiconductor and OLED materials sectors [12]