Changjiang Securities·2025-06-05 00:25Investment Rating - The report emphasizes the importance of self-reliance in key technology sectors, indicating a positive outlook for investment in industries aligned with national strategic needs [3][9][18]. Core Insights - The report outlines a framework for self-reliant industry research, highlighting the need for China to overcome "bottleneck" issues in various sectors due to ongoing geopolitical tensions [9][18][21]. - It identifies several key sectors such as electronics, computing, metals, communications, machinery, military, pharmaceuticals, and chemicals as critical areas for investment and development [10][12][21]. Summary by Relevant Sections Strategy: Constructing a Self-Reliant Research Framework - The report establishes a multi-dimensional evaluation system to identify beneficiary industries and key stocks, focusing on both industry-level and individual stock-level analyses [10][31][36]. Electronics - The demand for core processors like GPU, CPU, and NPU is increasing, with significant investment opportunities in semiconductor manufacturing and packaging due to external technological restrictions [10][12]. Computing - The computing sector is experiencing growth driven by AI applications, with a broad market potential for domestic products as the industry transitions from usable to highly functional [10][12]. Metals - The military sector's focus on domestic production of titanium and high-temperature alloys is highlighted, with expectations for rapid growth in these materials due to increasing demand [11][12]. Communications - The strategic importance of satellite internet has been underscored, particularly in light of recent geopolitical events, indicating a significant opportunity for development in this area [11][12]. Machinery - The report notes a substantial market space for high-end equipment, with a low current domestic production rate, suggesting significant potential for domestic replacements [11][12]. Military - The global commercial aerospace engine market is projected to exceed 650 billion annually, with China expected to capture a significant share, emphasizing the need for independent development in this sector [11][12]. Pharmaceuticals - The life sciences sector is identified as a key area for domestic innovation, particularly in medical instruments and consumables, driven by supply chain security concerns [12][21]. Chemicals - The report highlights the urgency for domestic alternatives in certain chemical sub-industries, particularly in semiconductor materials, due to high technical barriers and low current domestic production rates [12][21].