Core Viewpoint - The company Zhuhai New Materials has announced that its Shawin Phase II expansion project will be ready for production by the end of 2023 [1] Group 1 - The Shawin Phase II expansion project is a significant development for the company, indicating growth and increased production capacity [1]

Core Viewpoint - The Yunnan Provincial Government has issued an "Action Plan" aimed at accelerating the construction of a modern industrial system, targeting an industrial output value exceeding 2 trillion yuan by 2027, with a focus on enhancing the proportion of non-tobacco and non-energy industries in the overall industrial structure by approximately 3 percentage points [1] Group 1: Resource-based Industries - The plan emphasizes strengthening resource-based industries, particularly in green aluminum, silicon photovoltaic, phosphorus chemical, and non-ferrous and precious metals sectors [2] - By 2027, the aluminum alloy rate is expected to reach around 80%, with the green aluminum industry chain's output value projected to be approximately 250 billion yuan [2] - The phosphorus chemical industry aims for an output value of 100 billion yuan, with a target of over 80% for the comprehensive utilization rate of phosphogypsum [2] - The non-ferrous metal industry is projected to exceed 550 billion yuan in output value, with a production target of over 10 million tons for 10 types of non-ferrous metals by 2027 [2] Group 2: Characteristic Advantage Industries - The plan identifies five key sectors for enhancing characteristic advantage industries: highland characteristic agriculture, cultural tourism, green energy, tobacco, and modern logistics [3] - By 2027, the total output value of agriculture, forestry, animal husbandry, and fishery is expected to exceed 720 billion yuan [3] - The tourism sector aims for total spending of 1.4 trillion yuan, with the tourism industry's added value accounting for over 8% of regional GDP [3] - The green energy sector targets an installed power capacity of 180 million kilowatts, with clean energy accounting for 90% of the total [3] - The tobacco industry aims for an output value of 192 billion yuan by 2027 [3] - The logistics sector targets over 220 national A-level logistics enterprises and a total social logistics volume of around 6 trillion yuan [3] Group 3: Strategic Emerging and Future Industries - The plan outlines the development of six strategic emerging industries: biomedicine, new materials, advanced equipment manufacturing, digital economy, low-altitude economy, and biomanufacturing [4] - The biomedicine sector aims for revenue of 350 billion yuan by 2027 [4] - The new materials industry is projected to exceed 120 billion yuan in output value [4] - The renewable battery sector targets an output value of over 40 billion yuan, while advanced equipment manufacturing (excluding electronics) aims for over 100 billion yuan [4] - The digital economy's core industry revenue is expected to reach 320 billion yuan [4] - The low-altitude economy is projected to achieve a scale of over 20 billion yuan by 2027 [4] Group 4: Policy Measures - The action plan proposes policy measures focusing on strengthening technological empowerment, optimizing the development environment, deepening open cooperation, and enhancing support and guarantees [5] - It emphasizes the need for region-specific development of local advantages and characteristic industries while accelerating breakthroughs in non-tobacco and non-energy industries [5]

Core Viewpoint - The article discusses the implementation of a new regulatory framework for government investment funds in China, aimed at optimizing their layout and guiding investment directions to support national strategies and industrial upgrades [2][3][4]. Group 1: Government Investment Fund Overview - Government investment funds are established by various levels of government to guide social capital in supporting industry development and innovation through market-oriented methods such as equity investment [2][12]. - The new framework includes a systematic approach to fund layout and investment direction, marking the first national-level regulation of government investment funds [2][4]. Group 2: Supported Investment Areas - The framework identifies key investment areas, including: - Emerging and future industries such as information technology, new energy, advanced manufacturing, and artificial intelligence [2][3]. - Upgrading traditional industries and supporting high-quality development in manufacturing [3][4]. - Promoting the digital economy through initiatives like "AI+" and the application of 5G technology [3][4]. Group 3: Policy Measures - The framework outlines 14 policy measures focusing on three main aspects: where to invest, how to invest, and who manages the funds [3][4]. - It emphasizes early, small, long-term investments in hard technology and aims to prevent homogeneous competition and crowding out of social capital [11][12]. Group 4: Evaluation Management - An evaluation management method has been established to assess the investment direction of government funds, focusing on compliance with national planning and industry directories [4][5]. - The evaluation system includes three main indicators: policy compliance (60% weight), optimization of productivity layout (30% weight), and policy execution capability (10% weight) [6][7]. Group 5: Specific Evaluation Indicators - The evaluation indicators cover aspects such as support for new productivity, technology innovation, green development, and the promotion of private investment [29][33]. - Specific metrics include the proportion of investments in encouraged industries, the effectiveness of fund management, and the impact on social welfare [29][33][40].

Core Viewpoint - The article discusses the rapid growth and investment opportunities in the advanced packaging materials sector, highlighting the potential for domestic companies to replace foreign imports in critical areas of technology [7][8]. Market Overview - The global market for advanced packaging materials is projected to reach $2.032 billion by 2028, with the Chinese market expected to grow to 9.67 billion yuan by 2025 [8]. - Specific segments such as conductive adhesives are forecasted to reach $3 billion by 2026, while chip bonding materials are estimated to grow from approximately $4.85 billion in 2023 to $6.84 billion by 2029 [8]. Competitive Landscape - Key foreign players in the advanced packaging materials market include Fujifilm, Toray, and Dow, while domestic companies such as 鼎龙股份 (Dinglong Co.), 国风新材 (Guofeng New Materials), and 三月科 (Sanyue Technology) are emerging as significant competitors [8]. - The article lists various advanced packaging materials and their respective market sizes, indicating a competitive landscape where domestic firms are increasingly gaining market share [8]. Investment Strategies - Different investment stages in the new materials industry are outlined, emphasizing the importance of team assessment, industry analysis, and market entry strategies at each phase [10]. - The article suggests that the A-round financing stage presents lower risks and higher returns, as companies at this stage typically have established sales channels and are experiencing rapid growth [10]. Future Trends - The article identifies 14 critical advanced packaging materials that are essential for the semiconductor industry, indicating a significant opportunity for investment and development in these areas [7][8]. - The anticipated growth in the new materials sector is driven by technological advancements and the need for domestic alternatives to imported materials, particularly in high-tech industries [7][8].

Group 1 - The board of Guangdong Lier New Materials Technology Co., Ltd. has nominated Mr. She Yingjie, founder and general manager of Guangdong Shiyun Circuit Technology Co., Ltd., as a non-independent director candidate for its third board, marking a significant transition from "capital marriage" to "governance integration" in their alliance with German capital [1] - Lier Technology, established in 2004, focuses on the research, manufacturing, and sales of functional adhesive films, flexible circuit boards, new energy coating foils, and carbon nanotubes, positioning itself as a high-tech enterprise in the functional materials sector [1] - The company has established three major industrial bases centered in Guangdong, radiating to central and southwestern regions, and is recognized as a leading player in the domestic functional materials niche [1] Group 2 - Mr. She Yingjie, born in 1957, has held various leadership roles, including general manager of Shenzhen Shiyun Circuit and chairman of Heshan Shiyun, and currently serves as chairman and general manager of Guangdong Shiyun Circuit Technology Co., Ltd. [3] - He founded Shiyun Circuit in Hong Kong in 1985 and expanded to Shenzhen in 1991, focusing on PCB and early investments in the new energy vehicle and AI sectors, becoming a supplier for major international companies like Tesla and Siemens [5] - In 2025, he was listed on the Hurun Rich List with a net worth of 7.5 billion yuan, maintaining his status as the richest person in Heshan, and has donated over 5 million yuan to support education and rural development [5]

Group 1 - The core viewpoint of the article emphasizes the importance of advancing high-quality technological supply and enhancing the role of enterprises in technological innovation, as stated by the Ministry of Industry and Information Technology for 2026 [1] - The industrial growth is expected to rely more on "value creation" and "quality-based competition," with a focus on revitalizing traditional industries and strengthening emerging industries such as integrated circuits, new materials, aerospace, biomanufacturing, embodied intelligence, and 6G [1] - Guangfa Securities believes that advanced metal materials and new functional materials will benefit from growth in aerospace and high-end equipment sectors, with improved R&D conversion efficiency supported by policies [1] Group 2 - The New Materials 50 ETF (516710) opened lower but saw component stocks such as Enjie Co., Ltd. and Nanda Optoelectronics rise over 2%, while Wanhua Chemical and Dongfang Shenghong increased by over 1% [1] - The New Materials 50 ETF closely tracks the CSI New Materials Theme Index, which selects 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other key strategic materials, reflecting the overall performance of new materials theme listed companies [1] - The index has a new materials content of 79.85%, ranking first across all market dimensions [1]

Core Insights - The investment activity in the Midwest region of China is significantly increasing, driven by resource advantages, with a total of 1,346 investment events in 2025, a year-on-year increase of 42.3%, and total investment amounting to 142.99 billion yuan, up 42.5% from the previous year [3][4]. Resource Endowment - The growth of the venture capital market in the Midwest is attributed to its rich resource endowment, which influences the distribution of industrial types and attracts capital inflow, establishing a pattern of "industry first, capital follows" [4][13]. - The Midwest has unique advantages in the new energy and new materials industries, with resources such as rare earths and lithium providing strong upstream support for battery and new materials industries [4][13]. Hard Technology - Investment events in the hard technology sector in the Midwest are expected to rise from 152 in 2024 to 289 in 2025, nearly doubling and increasing its share from 16.07% to 21.47% [6]. - The investment strategy reflects a "broad net" approach, focusing on early-stage projects and fostering a wider innovation ecosystem in the hard technology field [6][13]. New Energy/New Materials - In contrast to hard technology, the new energy/new materials sector shows a trend of capital concentrating on mature projects, with the number of investment events increasing from 189 to 238, a growth of 25.9%, while the investment amount surged from 38.49 billion yuan to 63.85 billion yuan, a 66.1% increase [8]. - The number of projects in this sector decreased from 19.98% to 17.68%, while the investment amount's share increased from 38.3% to 44.65%, indicating a focus on larger, more mature projects [8]. Top Financing Events - The top 20 financing events in the Midwest in 2025 highlight a clear concentration in three areas, confirming the logic that resource endowment drives industry and attracts capital [9]. - Among the top 20 companies, 10 are in the new energy/new materials sector, indicating that these industries account for half of the total financing events, with significant investments closely tied to local resource advantages [10]. Geographic Concentration - Chongqing and Wuhan emerge as the primary hubs for investment, with six and three companies respectively in the top 20, collectively accounting for nearly half of the total [10]. - This concentration reflects the capital's focus on a few core cities with strong industrial foundations, educational resources, and policy support [10]. Investment Round Concentration - Strategic investments dominate the financing landscape, with 13 occurrences, making up 65% of the total, indicating a preference for investments from industrial capital and state-owned enterprises that prioritize synergy with local resources [11].

"十五五"规划专题 投 资 策 略 2025 年 1 月 13 日 "十五五"规划：循迹·探新——鉴往知来的产业 脉络与机遇航图 "十五五"规划专题报告 投资要点： 专 题 策 略 分析师：包冬青 SAC 执业证书编号： S0340520010001 电话：0769-26628039 邮箱： baodongqing@dgzq.com.cn 分析师：叶子沛 SAC 执业证书编号： S0340525070001 电话：0769-22119267 邮箱：yezipei@dgzq.com.cn 分析师：熊越 SAC 执业证书编号： S0340524080001 电话：0769-22118627 邮箱：xiongyue@dgzq.com.cn 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：曹君瑞 SAC 执业证书编号： S0340522090001 电话：0769-22119463 邮箱：caojunrui@dgzq.com.cn 分析师：费小平 SAC 执业证书编号： S0340518010002 电话：07 ...

Group 1 - Morgan Stanley has included China National Materials (002080.SZ) in its focus list for China and Hong Kong, while removing PetroChina (00857) from the list [1] - The outlook for China National Materials is positive, driven by the booming development of artificial intelligence infrastructure and the demand for energy storage systems (ESS) in China, which significantly boosts the demand for key raw materials for printed circuit boards (PCB) [1] - China National Materials is expected to see a rebound in profitability and revenue from its battery separator business, with projected earnings growth of 101%, 63%, and 45% year-on-year from 2025 to 2027 [1] Group 2 - China Ping An (601318.SH) has been added to the focus list for A-shares, with Morgan Stanley suggesting a re-evaluation of its rating due to improving fundamentals [1] - The valuation for China Ping An's A-shares is considered attractive, with a projected price-to-book ratio of 1.1 times for the fiscal year 2026 and a dividend yield exceeding 4% [1] - The return on equity (ROE) for China Ping An is expected to be around 15% [1]

Group 1 - Morgan Stanley has included China National Materials (002080) in its focus list for China and Hong Kong, while removing PetroChina (00857) from the list [1] - The outlook for China National Materials is positive, driven by the booming development of artificial intelligence infrastructure and the demand for energy storage systems (ESS) in China, which significantly boosts the demand for key raw materials in printed circuit boards (PCB) [1] - China National Materials is expected to see a rebound in profitability and revenue from its battery separator business, with projected earnings growth of 101%, 63%, and 45% year-on-year from 2025 to 2027 [1] Group 2 - China Ping An (601318) has been added to the focus list for A-shares, while PetroChina (601857.SH) has been removed [1] - The fundamentals of China Ping An are improving, and its A-share valuation is attractive, with a projected price-to-book ratio of 1.1 times for the fiscal year 2026 and a dividend yield exceeding 4% [1] - The return on equity (ROE) for China Ping An is expected to be around 15% [1]