Guohai Securities·2025-04-27 09:39Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is identified as a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to enter a phase of accelerated growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational role of the new materials industry in supporting other sectors [1]. Summary by Sections 1) Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [4]. - As of April 22, 2025, TSMC announced plans to start producing A14 chips by 2028, aiming to maintain its leadership in the semiconductor industry. This technology will surpass the current 3nm process and the upcoming 2nm process, with the A16 process expected to launch by the end of 2026 [5][32]. 2) Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [7]. 3) New Energy Sector - Focus areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [9]. 4) Biotechnology Sector - Key areas of interest are synthetic biology and scientific services [10]. 5) Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [12]. Investment Strategy - The new materials sector is expected to benefit from the catalytic effects of downstream application sectors, gradually entering a prosperous cycle. The report maintains a "Recommended" rating for the new materials industry [13]. Key Companies and Earnings Forecast - The report lists several key companies with their respective earnings per share (EPS) and price-to-earnings (PE) ratios, indicating a positive outlook for many of them [14].