根据新华社 4月4日消息，因杜邦中国集团有限公司涉嫌违反《中华人民共和国反垄断法》，市场监管总局依 法对杜邦中国集团有限公司开展立案调查。 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 点评： 亚太地区为杜邦最大销售区域，电子和水处理等业务为杜邦主要增长领域 根据杜邦公司官网数据， 2023财年公司销售额为121亿美元，其中亚太地区销售占比高达43%，而北美地区销 售占比约为35%。杜邦主要聚焦于五大增长领域，分别为电子（29%，2023年销售额占比，后同）、水处理 （12% ） 、防护（ 21%）、工业技术（28% ） 和下一代智驾（ 10%）。根据杜邦2024年5月以及2025年1月公 告，杜邦计划将在2025年11月1日前将其旗下电子业务进行拆分，从而实现电子业务的独立运 ...

Investment Rating - The report maintains an "A" rating for the new materials industry, indicating a positive outlook for the sector [1]. Core Insights - The chemical raw materials sector is currently experiencing a bottoming phase, with a slowdown in capacity expansion and a potential alleviation of intense competition and price wars. The overall profit margin for the industry is expected to remain between 3% and 5% in 2024, which is at a historical low. However, with the central economic work conference emphasizing the need to address "involution" competition, there is potential for improved industry order and profit recovery [1][34]. Summary by Sections 1. Market Performance and Valuation - The new materials index has shown significant volatility, underperforming the Shanghai Composite Index by 10.6% as of December 27, 2024. The index's performance was particularly weak in the first three quarters of 2024 but saw a recovery in the fourth quarter due to favorable policies [15][20]. 2. Focus Areas 2.1 Supply and Demand Dynamics - The vitamin sector is expected to maintain high prices for Vitamin E due to limited supply recovery from BASF's production facilities, which are aging and unable to meet demand. The report suggests monitoring companies like New Hope Liuhe and Zhejiang Medicine [42][59]. - The renewable energy materials sector is projected to benefit from a stable increase in wind power demand, with a significant rise in installed capacity and a self-regulatory agreement among wind turbine manufacturers to mitigate price competition. Companies like Times New Material and Mega Chip Color are highlighted for investment [44][60]. 2.2 Emerging Industry Opportunities - The bio-manufacturing sector is positioned for growth, particularly in synthetic biology and sustainable aviation fuel (SAF). The report emphasizes the importance of product selection and platform capabilities for companies in this space, recommending firms like Huaheng Biological and Meihua Biological [48][50]. - The special coatings market is expected to grow due to increasing military expenditures and the need for stealth materials. Companies such as Huaqin Technology and Jiachih Technology are noted for their potential in this area [52][61]. - The semiconductor materials sector is anticipated to benefit from the recovery of consumer electronics and AI applications, with a focus on domestic production capabilities. Companies like Stik and Aisen are recommended for investment [56][61]. - The humanoid robotics market is projected to drive demand for PEEK materials, with domestic companies expected to gain market share due to cost advantages. The report suggests monitoring firms like Zhongxin Fluorine Materials and Zhongyan Co. [58][61].