Investment Rating - The report maintains a "Buy" rating for the stocks of the companies involved in the vacuum insulation panel (VIP) industry, specifically for Saitex New Materials and Rising Technology [6]. Core Insights - The introduction of the new energy efficiency standard for household refrigerators is expected to significantly boost the demand for vacuum insulation panels, as the new standards require higher energy efficiency and better insulation materials [2][9]. - The report predicts that the market penetration of new level 1 refrigerators will increase substantially, leading to a corresponding rise in the demand for VIPs [17][20]. Summary by Sections Event Overview - The new energy efficiency standard for household refrigerators was officially released on May 30, 2025, and will be implemented on June 1, 2026. This marks the fifth revision since the first standard was established in 1989 [9][12]. - The new standard significantly raises the energy efficiency requirements compared to the old standard, with level 1 refrigerators under the old standard likely corresponding to level 4 under the new standard [12][13]. Market Opportunities - The new energy efficiency standards present a major opportunity for the VIP industry, as traditional insulation materials will struggle to meet the new requirements [2][14]. - The report estimates that as the penetration of new level 1 refrigerators increases, the demand for VIPs will grow substantially, with potential demand reaching up to 7,543 million square meters if penetration reaches 80% [20][21]. Investment Recommendations - The report highlights two key companies: - **Saitex New Materials**: A leading player in the VIP market with an estimated global market share of 35%. The company has strong partnerships with major refrigerator manufacturers, which positions it well to benefit from the new standards [22][28]. - **Rising Technology**: Engaged in the production of key raw materials for VIPs and has established partnerships that enhance its market position [31]. Demand Elasticity - The report provides a detailed analysis of the demand elasticity for VIPs based on the penetration rates of new level 1 refrigerators, indicating significant growth potential as the market adapts to the new standards [17][20]. Financial Projections - For Saitex New Materials, the report projects profit elasticity based on varying market share scenarios, indicating substantial profit growth as the penetration of new energy-efficient refrigerators increases [28][30]. Industry Trends - The report notes that the shift towards VIPs is driven by the need for better insulation materials that can meet the stringent new energy efficiency standards, highlighting a trend towards innovation in insulation technology [14][16].