Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [6][9]. Core Insights - The new materials sector underperformed the CSI 300 index in December 2024, with a decline of 6.61%, lagging behind the index by 7.08 percentage points [9]. - The new materials index's PE (TTM, excluding negative values) was 25.89 times, down 3.59% from the previous month, and is at the 72.30% percentile of historical valuations since 2021 [6][9]. - The report emphasizes the growth potential of the new materials sector, driven by increasing demand from the manufacturing industry and domestic substitution trends, suggesting a forthcoming economic cycle for the sector [6][9]. Summary by Sections 1. Industry Performance Review - The new materials index's performance in December 2024 was weaker than the CSI 300, with a trading volume of 10,670.54 billion yuan, a decrease of 38.47% month-on-month [9]. - Among the sub-sectors, superhard materials showed the highest increase at 13.00%, while lithium battery chemicals experienced the largest decline at -14.47% [14][15]. 2. Key Industry Data Tracking - In December 2024, the CPI remained flat month-on-month, while the PMI index continued to indicate expansion [27]. - The semiconductor sales in China for November 2024 reached 16.18 billion USD, marking a year-on-year growth of 12.1% [40]. - The export volume of superhard materials in November 2024 was 15,700 tons, up 15.10% year-on-year, although the export value decreased by 1.23% [47]. 3. Investment Recommendations - The report suggests that the new materials sector is likely to continue its growth trajectory, supported by the recovery of downstream demand and the push for domestic substitution [6][9].
新材料行业月报：中国团队研发钻石薄膜制备新技术，力量钻石半导体高功率散热片金刚石项目建成投产
Zhongyuan Securities·2025-01-21 01:38