Shanxi Securities·2025-03-31 14:02Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading position in the market [2]. Core Insights - The new materials sector has experienced a decline, with the new materials index dropping by 1.33%, underperforming compared to the ChiNext index by 0.21% [3][18]. - Recent supply disruptions in IPDI from overseas giants are expected to benefit domestic producers, with potential price increases in the IPDI market [5][6]. - The domestic ship coating market shows significant potential for domestic alternatives, especially with recent certifications achieved by companies like Megachip [6]. Summary by Sections 1. Market Performance - The new materials sector has seen varied performance across sub-sectors, with synthetic biology down by 0.46%, semiconductor materials down by 3.22%, and electronic chemicals up by 0.80% [3][18]. - The overall market performance for the week shows a slight decline in the basic chemical and new materials sectors, with the Shanghai Composite Index down by 0.4% [14]. 2. Price Tracking - Amino acids show mixed price movements, with valine at 14,250 CNY/ton (-1.04%) and methionine at 21,750 CNY/ton (+0.69%) [4][27]. - Prices for biodegradable plastics remain stable, with PLA at 18,000 CNY/ton [4][30]. - Industrial gases have seen price increases, with oxygen rising to 410 CNY/ton (+9.04%) [35]. 3. Investment Recommendations - Companies such as Xinhecheng and Meirui New Materials are highlighted as potential beneficiaries of the IPDI supply disruptions, with production capacities of 21,000 tons and 100,000 tons respectively [5][6]. - Megachip's recent certification for anti-fouling paint positions it well for capturing market share in the domestic ship coating sector, which is currently dominated by foreign brands [6]. 4. Company Performance - The report notes that 46.07% of stocks in the new materials sector achieved positive returns, with Xinlai Materials leading at 49.43% [24]. - Institutional net inflows were significant for companies like Xinhecheng (576 million CNY) and Xinlai Materials (336 million CNY) [24][26].