Citic Securities: Continue to focus on the "dechemicalization" transaction, paying attention to powder materials and fluorine-containing high molecular materials.

CICC Research Report states that the current AI inflation has reached the material end, and the targets in the material sector are more diversified. Additionally, most powerful companies are in Japan, and there are signs of accelerated tension in the bilateral relations since the second half of 2025. The supply side is moving towards "de-Japanization", and on the demand side, AI inflation has become a nearly perfect combination. We believe that the theme of "de-Japanization" will have more room for interpretation, and we will continue to pay attention to "de-Japanization" transactions, focusing on the growth rate of domestic targets in powder materials and fluorine-containing high polymer materials, as well as the opportunities for accelerating import substitution.