Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - DuPont is under antitrust investigation in China, which is expected to benefit domestic alternatives in semiconductor materials and ion exchange membranes [3][6] - DuPont's major growth areas include electronics and water treatment, with a significant portion of sales coming from the Asia-Pacific region [4] - The investigation may accelerate the domestic substitution process for ion exchange resins, particularly in industrial water treatment [6] - The U.S. has imposed "reciprocal tariffs," which may further promote the domestic substitution of new materials [7] - Investment suggestions include focusing on leading companies in ion exchange resins and semiconductor materials [8] Summary by Sections Industry Overview - DuPont's sales in FY2023 reached $12.1 billion, with the Asia-Pacific region accounting for 43% of total sales [4] - The company plans to spin off its electronics business by November 2025 [4] Business Segments - DuPont's semiconductor solutions generated approximately $1.9 billion in sales, representing 15.7% of total sales, with 80% of this revenue from the Asia-Pacific region [5] - The water treatment and protection business achieved sales of $5.6 billion in 2023, with a slight decline expected in 2024 [6] Market Impact - The antitrust investigation is seen as a catalyst for accelerating the domestic production of ion exchange resins, benefiting companies like Bluestar Technology and Zhengguang Co. [6] - The introduction of higher tariffs on U.S. imports is expected to make domestic new materials more competitive [7]