新材料行业月报：日本EDP发售1英寸金刚石单晶晶圆，七部门提出设立国家创业投资引导基金

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [7][20]. Core Insights - The new materials sector underperformed the CSI 300 index in May, with a 1.09% increase compared to the CSI 300's 1.74% increase, resulting in a 0.65 percentage point lag [7][11]. - The new materials index's price-to-earnings (PE) ratio (TTM, excluding negative values) is 23.92 times, which is a 2.32% increase from the previous month and is at the 64.80% percentile of historical valuations since 2022, indicating reasonable valuation levels [7][20]. - The sector is expected to continue growing due to increasing demand from China's manufacturing industry and the integration of technologies like artificial intelligence [7][20]. Summary by Sections 1. Industry Performance Review - The new materials index's performance in May was weaker than the CSI 300, with a trading volume of 707.59 billion yuan, down 21.51% month-on-month [7][11]. - Most stocks in the new materials sector saw gains, with 96 out of 170 stocks rising [15][16]. 2. Important Industry Data Tracking - Basic metal prices mostly increased in May, with copper up 0.79% and aluminum up 1.29% [7][36]. - Global semiconductor sales continued to grow, reaching $55.90 billion in March, an 18.8% year-on-year increase [7][41][42]. - The export volume of superhard materials increased by 22.88% in April, although the export value decreased by 2.69% [7][41]. 3. Industry Dynamics - The report highlights the establishment of a national venture capital guidance fund by seven departments, indicating government support for the new materials sector [7]. - The report notes the development of a 30x30mm diamond monocrystal by Japan's EDP company, showcasing innovation in the industry [7].