新材料行业月报：河南省印发有色金属产业提质升级行动计划，DiamondFoundry投建金刚石晶圆工厂-20251128

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the new materials industry [7]. Core Insights - The new materials sector underperformed the CSI 300 index in November 2025, with a decline of 4.03% compared to the CSI 300's decline of 2.70%, resulting in a 1.33 percentage point lag [7][11]. - The sector's trading volume was 22,734.18 billion yuan, reflecting a 6.55% decrease from the previous month [7]. - The semiconductor materials segment continues to show growth, with global semiconductor sales reaching $69.47 billion in September 2025, marking a 25.1% year-on-year increase [42][43]. - The report highlights significant growth in the export volume and value of industrial diamonds in October, with exports amounting to 1.39 million tons and a value of $19.7 million, representing a 16.91% year-on-year increase [51]. Summary by Sections 1. Industry Performance Review - The new materials index's performance in November was weaker than the CSI 300, with a decline of 4.03% [11]. - Most stocks in the new materials sector experienced declines, with 113 out of 170 stocks falling [18]. - The sector's valuation decreased, with the new materials index's PE ratio at 28.96, down 6.81% from the previous month [22]. 2. Key Industry Data Tracking - In October, the CPI turned from decline to growth, increasing by 0.2% year-on-year, while the PPI's decline narrowed to 2.1% [30][31]. - Basic metal prices showed mixed results in November, with copper down 0.81% and tin up 3.54% [37]. - The global semiconductor market continues to grow, with a 25.1% year-on-year increase in sales [42]. - The export of superhard materials showed a significant increase in October, with a notable rise in export value [51]. 3. Industry Dynamics - The report notes the issuance of an action plan for the upgrade of the non-ferrous metal industry in Henan Province [1]. - The establishment of a diamond wafer factory by Diamond Foundry is highlighted as a significant development in the new materials sector [1].