新材料行业2025年年度策略：不急，缓缓行

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The new materials industry in China is at a critical development stage, facing supply-demand imbalances due to a slowdown in effective demand and chaotic supply expansion. The industry is expected to experience a "slow progress" investment theme in 2025, with marginal improvements observed at both macro and industrial levels [4][12]. - The demand for titanium alloys is anticipated to increase due to the recovery of military equipment orders and the growth of new fields such as large aircraft and marine engineering [4][33]. - The carbon fiber sector is expected to see a turnaround in 2025, driven by new contracts and the alignment of development plans with future equipment needs [45][54]. - The ceramic matrix composites are positioned to enhance the thrust of the next generation of aircraft engines, with increasing demand as manufacturing processes mature [64][79]. - The additive manufacturing sector is entering a new development phase, focusing on innovation and deep integration with customer needs to expand application space [80][89]. Summary by Sections 1. Demand Improvement and Incremental Opportunities - The aerospace and military sectors are expected to drive demand for titanium materials, with a recovery in orders and new equipment deployments [4][33]. - The carbon fiber industry is poised for a turnaround in 2025, with new contracts indicating a return to growth [45][54]. - Ceramic matrix composites are becoming critical for next-generation aircraft engines, with demand expected to rise as production processes improve [64][79]. - Additive manufacturing is transitioning to a new phase, emphasizing research and innovation to meet customer demands [80][89]. 2. Identifying Relatively Rigid Supply Segments - The refrigerant market is experiencing price increases due to supply constraints and strong overseas demand [5][94]. - Tungsten, as a strategic metal, is expected to maintain a tight supply-demand balance due to effective control measures and growing end-user demand in hard alloys and photovoltaic applications [5][129]. - The rare earth sector is seeing a slowdown in supply growth, which, combined with increasing demand, is likely to stabilize prices [5][158]. 3. Innovation-Driven New Material and Process Applications - The commercial aerospace sector is rapidly expanding, with significant opportunities for new materials and processes [170][171]. - The AI industry's growth is driving demand for advanced materials in computing hardware, particularly in power modules [203][209]. - The humanoid robot market is projected to grow significantly, creating new demand for advanced materials [221][238]. - Superconducting materials are expected to see increased applications in nuclear fusion and other advanced technologies, with significant market potential [250][257].