How should we view the A-share market performance on April 7, 2025?

【Answer 1】 Two major events occurred on Monday: U.S.-China trade war tariffs and the sanctioning of DuPont. The antitrust investigation into DuPont China triggered a butterfly effect in the A-share market: Who is carving out a slice of multinational giants’ 'cake'? I. The capital logic behind DuPont’s stock plunge On the evening of April 4, China’s State Administration for Market Regulation launched an antitrust investigation into DuPont China—news that sent shockwaves through capital markets. By the close of U.S. trading, DuPont (DD) shares plummeted 12.75%, wiping out over $10 billion in market value. This event acted like a boulder dropped into the A-share pond—not only shaking the market position of foreign chemical giants but also sending ripples across semiconductor materials and environmental technology sectors. From a financial perspective, DuPont China holds a pivotal role in the company’s global operations. In 2024, its semiconductor materials business accounted for 21% of DuPont’s total revenue in China, with domestic market shares exceeding 70% for key products such as CMP polishing pads and photoresists. The antitrust probe may force contraction of its core businesses—while domestic firms are rapidly filling the resulting market void via a dual strategy of 'technological substitution + policy incentives.' II. The 'domestic substitution feast' in the semiconductor materials sector 1. CMP Polishing Pads: Dinglong Co., Ltd.’s 'comeback story' DuPont’s monopoly in CMP polishing pads directly threatened China’s chip industry security. As the only domestic firm mastering the full production process, Dinglong Co., Ltd. (300054) has achieved monthly sales of over 30,000 polishing pads; its Q3 2024 revenue surged 90% year-on-year. Its Wuhan facility’s annual capacity will expand to 480,000 units by 2025, potentially lifting its market share from 10% to 25%. More notably, Dinglong has achieved full localization of critical raw materials—including prepolymers and microspheres—effectively breaking DuPont’s supply-chain blockade. 2. Photoresists: Jingrui Electronic Materials and Nanjing University Optoelectronics’ 'dual-leader rivalry' DuPont’s extensive patent portfolio in photoresists once severely constrained domestic players. Jingrui Electronic Materials (300655) has achieved mass production of i-line photoresists and now supplies leading foundries including SMIC and ChangXin Memory. Its domestic market share rose to 15% in 2024. Meanwhile, Nanjing University Optoelectronics (300346) developed ArF photoresists supported by China’s National IC Industry Investment Fund—the first domestically produced high-end photoresist to pass customer validation. With full-scale production slated for 2025, it aims to capture 10% of the market. 3. Semiconductor Packaging Materials: Qingyun New Materials’ path to becoming an 'invisible champion' Unlisted Qingyun New Materials’ flash-spinning ultra-material Kunlun™ has already replaced DuPont’s Tyvek® in medical packaging, capturing 12% of the global market. Its Nantong plant boasts 15,000 tons of annual capacity, generating over RMB 1 billion in revenue in 2024—making it the world’s second-largest supplier after DuPont. Holding 56 core patents, this 'unicorn' is now challenging DuPont’s dominance in semiconductor packaging materials. III. 'Ecosystem restructuring' in environmental technology 1. Water Treatment Technology: Beijing OriginWater’s 'membrane-based breakthrough' DuPont’s long-standing monopoly in China’s water treatment market is being challenged amid growing concerns over PFAS contamination.

Who is constraining TSMC and NVIDIA’s production capacity? Leading companies in advanced semiconductor materials are emerging as new favorites among institutional investors.

【Answer 2】 According to RockFlow’s research and investment team, within the 2026 semiconductor investment landscape, certain core leaders—though not selling chips directly—control critical consumables, formulations, and processes essential to advanced nodes and advanced packaging. Their value lies in their irreplaceable role at the foundational level of the supply chain. Entegris (ENTG): The 'Purification Gatekeeper' for Advanced Processes At the 2nm node and beyond, cleanroom requirements have evolved from 'dust-free environments' to 'atomic-level control.' A single nanoscale metallic impurity could destroy transistor structures on a wafer. ENTG’s core value stems precisely from this extreme purity demand. Filtration and purification constitute its most stable business foundation. Photoresists, electronic specialty gases, and ultra-pure chemical liquids all require high-precision filtration during transport and use. As process nodes advance further, allowable impurity levels continue shrinking—raising wafer fabs’ demands for filter performance, reliability, and replacement frequency. This means ENTG’s revenue growth isn’t solely tied to wafer fab capacity expansion—it also benefits from rising material value per wafer. Moreover, ENTG’s precursor business is tightly coupled with advanced device architectures. In atomic layer deposition (ALD), specialized chemical precursors determine whether thin films can grow uniformly and stably. With the transition to GAA (gate-all-around) transistors—featuring more complex geometries—the molecular stability and reaction controllability of deposition materials become even more critical. ENTG’s leadership in this domain positions it not merely as a consumables supplier, but increasingly as a key enabler of advanced process technologies. Embedded supply relationships further enhance ENTG’s customer stickiness. Wafer manufacturers exercise extreme caution when switching materials. Once TSMC, Intel, or Samsung finalize specifications for filtration systems, chemical delivery systems, or related consumables during R&D, they rarely change suppliers post-volume ramp—since any switch risks introducing new defects. This path dependency grants ENTG strong cyclical resilience. Coherent (COHR): The 'Thermal Management & Data Transmission Master' at the Physical Limits COHR is an often-underestimated electronic component company underpinning AI infrastructure. It participates both in SiC substrate development and in compound semiconductors such as InP and GaAs. If AI chip competition centers on raw compute power, COHR addresses two deeper, foundational challenges: how to convert energy efficiently—and how to transmit data at ultra-high speeds. SiC substrates represent a key growth vector. COHR is among the earliest manufacturers advancing 8-inch SiC wafer mass production. As the industry migrates from 6-inch to 8-inch wafers, whoever achieves stable yield improvements will secure a more favorable position along the cost curve. In recent years, SiC attention has focused largely on electric vehicles. Yet from a 2026 vantage point, AI data centers, industrial power supplies, grid equipment, and charging infrastructure may prove far more resilient demand drivers. Optical communication materials support AI data center expansion. As AI cluster scale grows, inter-server data transmission pressure surges dramatically. Rising demand for 800G and 1.6T optical modules further elevates the strategic importance of photonic materials such as indium phosphide (InP).

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