点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 （欢迎一级市场投资朋友加入微信群）正文 引言 当前，国际局势风云变幻，国际关系的紧张态势为全球产业链供应链的稳定带来了不容忽视的不确定性。在这一宏大背景 下，一个关乎中国高端制造业命脉与国家安全的问题愈发凸显—— 我们在关键战略新材料上，究竟在多大程度上受制于 人？ 特别是我们的近邻日本，它并非仅仅是众多进口来源国之一。在光刻胶、大硅片、高端聚合物等数十种堪称"工业血液"的 新材料领域，日本企业凭借数十年的技术积累，构建了难以撼动的全球垄断地位。数据显示，中国在 半导体核心材料、高 端电子化学品、氢能关键部件 等多个维度，对日依赖度 超过50%，部分高端品类甚至达到近乎100%的绝对依赖 。这意味 着一场外交风波或一次出口管制，就可能让我们的芯片产线、先进显示工厂乃至新能源汽车的推进面临停滞风险。 本文将深度拆解这份中国新材料产业的"卡脖子"清单，清晰揭示哪些环节紧握在日本手中，哪些又广泛依赖其他发达国 家，目前国产化进展如何。认清这份依赖图谱，不仅是为了预警风险，更是为了明确我们必须全力攻坚的自主化方向。 第一部 ...

Group 1 - The report emphasizes the importance of supply shocks and is optimistic about the import substitution of new materials in the basic chemical industry [1][4] - The chemical raw materials and products industry achieved revenue and profit of 2.95 trillion and 115 billion respectively in the first four months of 2025, with a year-on-year growth of 3.1% and a profit decline of 4.4% [12][19] - The chemical industry profit margin has dropped to a historical low of 3.9% as of mid-2025 [12][52] Group 2 - The report indicates that external demand may slow down in 2025, with oil prices under downward pressure due to OPEC+ increasing production [35][39] - Domestic demand is expected to stabilize and recover due to a series of incremental policies, with GDP growth projected at around 5% for the year [43][44] - The report highlights that the chemical raw materials and products industry fixed asset investment growth has significantly slowed, with the operating rate dropping to 73.5% in Q1 2025 [24][26] Group 3 - The report identifies potential investment opportunities in the chemical industry, particularly in supply-restricted sectors such as phosphate and potassium fertilizers, and in high-concentration sub-industries like viscose staple fiber and vitamins [48][49] - The report recommends focusing on companies involved in new materials, especially those related to import substitution, such as AI high-speed resins and fluorinated liquids [48][49] - The report suggests that the valuation of the basic chemical sector is at a historical low, with the overall PE and PB ratios at 22.29 times and 1.82 times respectively as of June 16, 2025 [52][53] Group 4 - The viscose staple fiber industry has not seen new capacity additions for several years, leading to a high concentration and potential for profit recovery [60][67] - The polyester industrial yarn sector is expected to see a reversal in supply and demand dynamics, with no new capacity planned and increasing demand from the automotive sector [69][79] - The modified plastics sector is projected to grow due to the ongoing replacement policies in domestic appliances and the rise of new demands from robotics and low-altitude applications [81][90] Group 5 - The refrigerant market is expected to grow steadily, supported by the ongoing replacement policies and increasing demand from the automotive sector [92][93] - The report highlights the potential for the civil explosives industry to see demand exceed expectations due to high resource prices and ongoing large-scale infrastructure projects [95][96] - The phosphate chemical sector is projected to maintain high profitability due to sustained high prices and tight supply-demand conditions [99][100]