Group 1: New Materials Industry Outlook - The new materials sector is expected to continue its growth due to increasing demand from China's manufacturing industry and the integration of technologies like artificial intelligence [1] - The domestic new materials sector is anticipated to gradually enter a prosperous cycle driven by domestic substitution and recovery in downstream demand, maintaining a "stronger than the market" investment rating [1] Group 2: Semiconductor Materials - Global semiconductor sales reached $59.91 billion in June 2025, marking a year-on-year increase of 19.6% and a month-on-month increase of 1.5%, continuing a 20-month streak of year-on-year growth [1] - China's semiconductor sales amounted to $17.24 billion, with a year-on-year growth of 13.1% and a month-on-month growth of 0.8%, also achieving 20 consecutive months of year-on-year growth [1] - The U.S. has revised export regulations, imposing stricter controls on AI chip sales and EDA software exports to China, highlighting the urgent need for self-sufficiency in the semiconductor supply chain [2] Group 3: Superhard Materials - In July, China's exports of superhard materials and products increased by 2.29% year-on-year to 15,100 tons, while export value decreased by 13.31% to $14.5 million [3] - The average export price of superhard materials fell by 15.25% year-on-year to $9.58 per kilogram [3] - The traditional superhard materials sector is facing pressure due to weak global demand, but advancements in functional diamond technology are opening new applications in semiconductor, military, and optical fields [3] Group 4: Specialty Gases - As of August 27, 2025, prices for rare gases showed a slight decline, with helium priced at 614 RMB per bottle (-3.07%) and xenon at 24,500 RMB per cubic meter (-3.56%) [4] - The semiconductor industry continues to drive demand for specialty gases, with integrated circuit production increasing by 15% year-on-year in July 2025 [4] - However, the production of optical fibers has decreased, which may limit the demand for helium [4]

Group 1 - The new materials sector outperformed the CSI 300 index, with a rise of 12.30% as of August 27, compared to the CSI 300's 7.62%, marking a 4.68 percentage point advantage [1][2] - The new materials index ranked 5th among 30 CITIC first-level industries in terms of performance [2] - The trading volume of the new materials sector reached 1,946.153 billion yuan, reflecting a month-on-month increase of 15.59% [1][2] Group 2 - Basic metal prices mostly increased in August, with copper rising by 1.01%, aluminum by 1.00%, and lead by 1.17% [2] - Global semiconductor sales continued to grow year-on-year, with a total of 59.91 billion USD in June 2025, representing a 19.6% increase [2] - China's semiconductor sales reached 17.24 billion USD, showing a year-on-year growth of 13.1% [2] Group 3 - In July, the export volume of superhard materials and products increased by 2.29% to 15,100 tons, while the export value decreased by 13.31% to 14.5 million USD [3] - The average export price of superhard materials fell by 15.25% to 9.58 USD per kilogram [3] - Rare gas prices saw a slight decline in August, with helium priced at 614 yuan per bottle, down 3.07% [3] Group 4 - The new materials sector maintains a "stronger than market" investment rating, with a TTM PE of 28.22, which is at the 99th percentile of historical valuations since 2022 [4] - The growth potential of the new materials sector is supported by increasing demand from domestic manufacturing and the integration of technologies like artificial intelligence [4][5] - The domestic new materials sector is expected to gradually enter a prosperous cycle driven by domestic substitution [5]

Group 1 - The company, Zhengfan Technology (688596.SH), has indicated that its gas business includes products related to "helium" and "neon" gases [1]

格隆汇8月14日丨正帆科技(688596.SH)在互动平台表示，公司的气体业务包含"氦气"和"氖气"产品。 ...

Group 1 - Russia's military control over key lithium and titanium mines in Ukraine has resulted in a significant shift in the global supply chain, with Russia now controlling 87% of Ukraine's lithium reserves and causing a 14% spike in international lithium prices [1][6] - The takeover of gas plants in Mariupol and Odessa has allowed Russia to dominate 70% of the global neon gas market, leading to a tenfold increase in neon prices from $300 to $3000 per cubic meter, severely impacting semiconductor manufacturing in the US and South Korea [3][8] - The strategic resource control by Russia has disrupted the aerospace and renewable energy sectors in the West, as titanium is essential for components in F-35 fighter jets and offshore wind turbines, highlighting the vulnerability of Western industries to resource monopolization [6][9] Group 2 - The ongoing resource conflict illustrates that modern warfare is increasingly about controlling critical resources and supply chains, with key minerals like titanium and neon being likened to strategic weapons [9] - China's advancements in 9N-grade neon purification technology and its efforts to establish a circular economy in mining and application present an opportunity for the country to enhance its resource security amidst the geopolitical tensions [9]

Core Viewpoint - The new materials sector is expected to continue its growth trajectory due to increasing demand from China's manufacturing industry and the integration of technologies like artificial intelligence, despite a recent decline in the new materials index's valuation [1][4]. Summary by Category Market Performance - As of April 29, 2025, the new materials index decreased by 4.22%, underperforming the CSI 300 index, which fell by 2.89%, resulting in a 1.33 percentage point lag [2]. - The new materials index ranked 23rd among 30 major industry sectors in terms of performance [2]. Price Trends - Basic metal prices saw a general decline in April 2025, with notable decreases in copper (-3.52%), aluminum (-2.90%), lead (-2.96%), zinc (-4.51%), tin (-9.02%), and nickel (-4.74%) [2]. - Rare gas prices experienced slight declines in April 2025, with helium priced at 655 RMB per bottle (-0.27%), xenon at 27,000 RMB per cubic meter (-3.99%), neon at 120 RMB per cubic meter (-4.00%), and krypton at 275 RMB per cubic meter (-8.92%) [3]. Export Data - In March 2025, exports of superhard materials and products increased by 32.22% year-on-year, totaling 14,000 tons, while export revenue decreased by 9.35% to 14.4 million USD [3]. - The average export price for superhard materials fell by 31.44% to 10.35 USD per kilogram [3]. Valuation Metrics - The price-to-earnings ratio (PE) of the new materials index as of April 29, 2025, was 22.94, reflecting an 11.57% decrease from the previous month and positioning it at the 53.90 percentile of historical valuations since 2022, indicating a reasonable valuation for the sector [1][4]. Future Outlook - The new materials sector is anticipated to enter a prosperous cycle driven by domestic demand recovery and the push for domestic alternatives, maintaining an investment rating of "stronger than the market" [1][4].

下游制造业需求回升，氧气价格连涨 5 周 ——工业气体周度跟踪 [Table_Invest] 评级： 增持 上次评级: 增持 | [table_Authors] 肖群稀(分析师) | 张越(分析师) | | --- | --- | | 0755-23976830 | 0755-23976385 | | xiaoqunxi027589@gtjas.com | zhangyue025639@gtjas.com | | 登记编号 S0880522120001 | S0880522090004 | 本报告导读： 大宗气体氧气、氮气、氩气周度环比上涨，下游冶金、机械制造和新材料等行业用 氧有所增加，气体价格有望持续回升。 投资要点： GO-1》2025.03.11 机械行业《深圳打造具身智能机器人先锋城市， 工程机械 2 月迎开门红》2025.03.10 机械行业《氧气价格连续 4 周上涨，需求持续向 好》2025.03.09 机械行业《深圳：打造具身智能机器人先锋城 市》2025.03.09 机械行业《Optimus 出镜特斯拉宣传视频，智元 将发布首个通用具身基座模型》2025.03.09 股 票 研 究 证 券 ...