The CITIC Construction Investment Research Report points out that the current AI inflation has reached the material side, and the targets in the materials sector are more scattered, and most of the powerful companies are in Japan, and the tension in bilateral relations has accelerated since the second half of 2025. Supply-side imports replaced, and demand-side AI inflation became an almost perfect combination. According to CITIC Construction Investment's judgment, there will be more room for interpretation on the Japanese import substitution theme. It will continue to pay attention to semiconductor material import substitution transactions, and pay attention to the pace of certification and investment opportunities for domestic semiconductor materials companies to accelerate import substitution.

The CITIC Construction Investment Research Report points out that the current AI inflation has reached the material side, and the targets in the materials sector are more scattered, and most of the powerful companies are in Japan, and the tension in bilateral relations has accelerated since the second half of 2025. Supply-side imports replaced, and demand-side AI inflation became an almost perfect combination. According to CITIC Construction Investment's judgment, there will be more room for interpretation on the Japanese import substitution theme. It will continue to pay attention to semiconductor material import substitution transactions, and pay attention to the pace of certification and investment opportunities for domestic semiconductor materials companies to accelerate import substitution.