Tianfeng Securities·2025-04-15 14:41Investment Rating - Industry Rating: Outperform the Market (maintained rating) [4] Core Viewpoints - The new materials sector has experienced a decline, with the New Materials Index down by 4.9%, underperforming the CSI 300 Index by 2% [22] - The semiconductor materials chain is expected to benefit from domestic substitution and high demand, making it suitable for medium to long-term investment [2] - The carbon fiber market is at a potential bottom, but price wars may continue due to rapid capacity release by some companies [3] - The demand for foldable smartphones remains strong despite a downturn in consumer electronics, indicating a positive outlook for the next 3-5 years [3] - The photovoltaic sector is experiencing rapid growth in downstream demand, but the supply chain is expanding quickly, necessitating a wait for market clearing [4] Summary by Sections Market Review - The New Materials Index decreased by 4.9%, with sub-sectors like carbon fiber down 5.3% and OLED materials down 7.4% [22] - Positive performers included Quartz Co. (+42%) and Woton Technology (+16.3%) [22] Focus on Domestic Substitution - The semiconductor materials chain is highlighted as a primary beneficiary of domestic substitution due to ongoing tariff fluctuations [2][8] - Key segments include electronic chemicals, specialty gases, target materials, and membrane materials [2] Long-term Perspectives 1. Carbon Fiber: The T300 large tow is at a potential bottom, with limited companies in the precursor segment, suggesting price stability [3] 2. Electronic Materials: The foldable smartphone market is expected to grow, with upstream materials like photoresists and high-frequency CCL showing potential for domestic substitution [3] 3. New Energy Materials: The photovoltaic sector is growing, but rapid expansion in the supply chain may require time for market stabilization [4] Key Tracking Targets - The report identifies specific domestic companies that align with the semiconductor materials chain, including Nanda Optoelectronics and Shanghai Xinyang [16] - The report also provides a detailed list of domestic counterparts to major U.S. companies in various segments [16]