CITIC Securities: Continue to pay attention to the import substitution of semiconductor materials trading.

The research report by CITIC Securities points out that the current AI inflation has reached the material end, and the targets in the material sector are more diversified, with most of the strong companies in Japan. Since the second half of 2025, there have been signs of accelerated tension in bilateral relations. Import substitution on the supply side and AI inflation on the demand side have become an almost perfect combination. CITIC Securities believes that there will be more room for interpretation of the theme of import substitution from Japan, and continues to focus on semiconductor material import substitution transactions, and pay attention to the certification pace and investment opportunities for domestic semiconductor material companies accelerating import substitution.