山西证券研究早观点-20260212

Core Insights - The report highlights strong growth in capital expenditures in North America, particularly in the AI new materials sector, suggesting investment opportunities in upstream developments [5][6] - The report indicates that the new materials index fell by 1.53%, outperforming the ChiNext index by 1.76%, with various sub-sectors showing mixed performance [5] Market Performance - The report provides a summary of the domestic market indices, noting the closing values and percentage changes for major indices such as the Shanghai Composite Index and Shenzhen Component Index [4] - The new materials sector experienced a decline, with specific indices like semiconductor materials and electronic chemicals showing significant drops of 3.70% and 1.61% respectively [5] Price Tracking - Weekly price tracking of various materials shows fluctuations, with amino acids like valine decreasing by 1.42% to 13,850 RMB/ton, while vitamin E increased by 2.70% to 57,000 RMB/ton [5] - Prices for biodegradable materials remained stable, with PLA and PBS prices unchanged, indicating a steady market for these products [5] Investment Recommendations - The report recommends focusing on AI new materials due to the anticipated increase in demand driven by major cloud service providers like Amazon AWS, Microsoft, Google, and Meta, whose combined capital expenditures are projected to exceed $670 billion in 2026, a year-on-year increase of over 60% [5] - Specific companies are highlighted for potential investment, including Shengquan Group and Dongcai Technology in the resin sector, and Zhongcai Technology and Honghe Technology in the electronic fabric sector [5][6]