Key investment points:
The new materials industry index this week underperformed the Shanghai Composite Index by 2.81 percentage points. This week (2022.01.17-2022.01.21, the same below), the new material industry index fell by 2.77%, 2.81 percentage points lower than the Shanghai Composite Index and 0.05 percentage points lower than the gem index; As of January 21, 2022, the new materials industry index has increased by 9.12% in the past year, outperforming the Shanghai Composite Index by 11.85 percentage points and the gem index by 16.70 percentage points.
Weekly market of each segment of new materials. In terms of degradable materials, the prices of PLA and PBAT remained stable. As of January 21, 2022, the average price of PLA was 25000 yuan / ton, the price was the same as last Friday, and the average price of PBAT was 25500 yuan / ton, the price was the same as last Friday. In terms of semiconductor materials, as of January 21, 2022, Shenwan semiconductor materials index closed at 9029.91, up 0.69% month on month from 8968.05 on Friday. The Philadelphia Semiconductor Index closed at 3434.8, down 9.89% from 3900.6 on Friday. In terms of new lithium battery materials, lithium iron phosphate quoted 125000 yuan / ton this week, a record high; In December 2021, a total of 15.05gwh of lithium iron phosphate batteries were loaded, with a year-on-year increase of 118.54% and a month-on-month increase of 30.05%. Since July 2021, the loading volume of lithium iron phosphate has exceeded that of ternary batteries for six consecutive months.
New material sector and individual stock recommendation. Give the industry “leading city” rating; We suggest looking for investment opportunities from the following four main lines: 1. Degradable materials. Degradable materials are the focus of China’s policy. At present, PLA and PBAT materials are the most mature and may be popularized on a large scale. It is suggested to pay attention to Henan Jindan Lactic Acid Technology Co.Ltd(300829) and Cofco Biotechnology Co.Ltd(000930) with PLA lactide core technology, Hengli Petrochemical Co.Ltd(600346) with PBAT integrated industrial chain, and Red Avenue New Materials Group Co.Ltd(603650) with BASF PBAT core patent. 2. Semiconductor material sector. The localization of semiconductor materials is the general trend. It is suggested to pay attention to the high-quality companies in the subdivision of upstream semiconductor materials, including the field of semiconductor photoresist: at present, China’s only Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) with ARF photoresist production capacity, Jingrui Co., Ltd., which arranges the whole industrial chain of semiconductor photoresist, KrF photoresist high-quality enterprise Red Avenue New Materials Group Co.Ltd(603650) and domestic photoresist high-quality company Shanghai Sinyang Semiconductor Materials Co.Ltd(300236) ; Subdivided head enterprises in the field of electronic special gas Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) , Jiangsu Yoke Technology Co.Ltd(002409) , Guangdong Huate Gas Co.Ltd(688268) , Suzhou Jinhong Gas Co.Ltd(688106) , etc; Leading companies of wet electronic chemicals Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) etc. 3. New energy lithium battery sector. With the recovery of the proportion of lithium iron phosphate installed back, the demand for phosphoric acid of upstream raw materials will rise rapidly. It is suggested to pay attention to phosphorus chemical related enterprises, such as Hubei Xingfa Chemicals Group Co.Ltd(600141) , Chengdu Wintrue Holding Co.Ltd(002539) , Xinyangfeng Agricultural Technology Co.Ltd(000902) , Yunnan Yuntianhua Co.Ltd(600096) . 4. Salt lake lithium extraction sector. It is estimated that the mainstream technologies for extracting lithium from salt lakes in China in the future are adsorption method, membrane method and extraction method. From the current time point, the adsorption method of Sunresin New Materials Co.Ltd Xi’An(300487) has been used in zangge and Jintai with good effect, and Sunresin New Materials Co.Ltd Xi’An(300487) is recommended. At the same time, it is suggested to pay attention to Jiangsu Jiuwu Hi-Tech Co.Ltd(300631) and Suntar Environmental Technology Co.Ltd(688101) for membrane method and Zhejiang Xinhua Chemical Co.Ltd(603867) for extraction method.
Risk warning: the policy is not as expected; Price fluctuation of raw materials; Macroeconomic growth slowed down and downstream demand was lower than expected; The intensification of Sino US trade friction has slowed down the growth of downstream demand
