EBSCN·2025-05-30 02:50Investment Rating - The report maintains an "Increase" rating for the petrochemical and chemical transportation industry [6] Core Viewpoints - The process of domestic substitution continues to advance, with a positive outlook on semiconductor materials, MXD6, and ion exchange resins [1][2] - The U.S. government has effectively cut off certain American companies from selling semiconductor design software to China, impacting companies like Cadence, Synopsys, and Siemens EDA [2] - Global semiconductor sales are expected to improve in 2024, with an estimated sales figure of approximately $630.5 billion, representing a year-on-year growth of about 19.7% [2] - The semiconductor materials industry in China has achieved significant progress in key areas, but high-end materials remain dominated by foreign manufacturers, necessitating innovation and increased domestic production [2] - MXD6, a high-performance engineering plastic, is projected to grow from $410 million in 2024 to $760 million by 2033, with a CAGR of approximately 7.1% [3] - The ion exchange resin market is primarily dominated by foreign companies, but domestic leaders are making strides in substituting imports and enhancing their market competitiveness [4] Summary by Sections Semiconductor Materials - The semiconductor market is expected to reach $697.1 billion in 2025, with a year-on-year growth of 11% [2] - Domestic semiconductor materials have largely achieved production in key areas, but high-end materials still rely heavily on imports [2] MXD6 - MXD6 is utilized in lightweight applications for automobiles and drones, with domestic companies overcoming technical barriers to increase production [3] - Major domestic players are ramping up production capabilities, with projects like the 5,000 tons/year MXD6 project by Qicai Chemical entering trial production [3] Ion Exchange Resins - The high-end ion exchange resin market is largely monopolized by foreign companies, but domestic firms are progressively replacing imports and enhancing their brand recognition [4] - Domestic companies like Blue Sky Technology and Jiangsu Suqing are achieving competitive performance in core products [4] Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, as well as materials companies benefiting from domestic substitution trends [5]