Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - DuPont is under antitrust investigation in China, which is expected to benefit domestic alternatives in semiconductor materials and ion exchange membranes [3][6] - DuPont's major growth areas include electronics and water treatment, with a significant portion of sales coming from the Asia-Pacific region [4] - The investigation may accelerate the domestic substitution process for ion exchange resins, particularly in industrial water treatment [6] - The U.S. has imposed "reciprocal tariffs," which may further promote the domestic substitution of new materials [7] - Investment suggestions include focusing on leading companies in ion exchange resins and semiconductor materials [8] Summary by Sections Industry Overview - DuPont's sales in FY2023 reached $12.1 billion, with the Asia-Pacific region accounting for 43% of total sales [4] - The company plans to spin off its electronics business by November 2025 [4] Business Segments - DuPont's semiconductor solutions generated approximately $1.9 billion in sales, representing 15.7% of total sales, with 80% of this revenue from the Asia-Pacific region [5] - The water treatment and protection business achieved sales of $5.6 billion in 2023, with a slight decline expected in 2024 [6] Market Impact - The antitrust investigation is seen as a catalyst for accelerating the domestic production of ion exchange resins, benefiting companies like Bluestar Technology and Zhengguang Co. [6] - The introduction of higher tariffs on U.S. imports is expected to make domestic new materials more competitive [7]

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but the report suggests a focus on domestic companies capable of achieving domestic substitution in high-end materials [5]. Core Insights - The antitrust investigation into DuPont China Group is a landmark event for the industry, signaling accelerated growth for domestic enterprises in the high-end materials sector [2]. - The investigation reflects China's strategic response to foreign competition in the chemical high-end materials market, allowing domestic companies to compete more fairly and potentially reduce procurement costs for downstream enterprises [3][4]. - DuPont's significant reliance on the Chinese market, contributing approximately 18% (around $2.29 billion) to its global revenue, indicates that the company is unlikely to abandon this market despite the ongoing investigation [4]. Summary by Sections Event Overview - On April 4, DuPont China Group was investigated for allegedly violating the Anti-Monopoly Law of the People's Republic of China [1]. Event Analysis - The antitrust investigation is seen as a pivotal moment for the industry, coinciding with recent tariff increases imposed by the U.S. on China, which further emphasizes the competitive landscape [2]. - China's chemical market is the largest globally, with domestic companies having made significant advancements in self-sufficiency and competitiveness in the mid-to-low-end product segments [2]. Company Insights - DuPont has a strong presence in protective materials, photovoltaic materials, membrane materials, and electronic materials, having evolved from its origins in military explosives to a leader in fine chemicals [3]. - The antitrust investigation presents opportunities for domestic companies to break existing exclusive agreements and enhance their market positions [3]. Investment Recommendations - The report advises focusing on domestic companies that are positioned to lead in high-end material substitutions, leveraging the current market dynamics [5].

Resonac社长高桥秀仁 相对于半导体的前工序产品优势明显的杜邦，Resonac则以后工序为中心。目前，用于散热的热 传导材料和用于堆叠的绝缘胶膜等两种产品销路坚挺。这些产品已被台积电和三星电子采用…… 日本Resonac控股已开始转向以半导体材料为核心的经营。瞄准的是美国化工大型企业杜邦的电 子部门。 "追赶杜邦"，Resonac社长高桥秀仁在企业内部如此表示。杜邦的营业收入48%来自电子和工业 领域。其主要产品包括用于半导体制造的研磨工序的CMP抛光垫和形成电路所需的光刻胶(感光 材料)等。 在Resonac的2024财年（截至2024年12月）的合并营业收入中，半导体和电子材料占32%。按 营业利润来看占到80%。 中原周一认为"如果两项业务剥离，评估的重心也会上移，或将接近定为目标的倍率"。Resonac 目前正处于能否实现结构性改革、脱胎换骨成为半导体股的过渡期。 相对于半导体的前工序产品优势明显的杜邦，Resonac则以后工序为中心。目前，用于散热的热 传导材料和用于堆叠的绝缘胶膜等两种产品销路坚挺。据悉，这些产品已被台积电(TSMC)和三 星电子采用，销量强劲。 一般来说，半导体后工序材料的利 ...

Core Viewpoint - The U.S. stock market experienced a significant decline due to escalating trade tensions and concerns over inflation, leading to a loss of over $3 trillion in market value for major tech companies in just two days [1][9]. Group 1: Market Performance - The U.S. stock indices fell by more than 5%, marking one of the worst trading days in recent years, with the S&P 500 dropping 5.97% and the Dow Jones Industrial Average plummeting 2,231 points [4][9]. - The technology sector was particularly hard hit, with the "Tech Seven" companies losing over $2 trillion in market capitalization in a single day [13]. - European markets also suffered, with the Stoxx 600 index falling 5.12%, the largest drop since the onset of the COVID-19 pandemic [14][17]. Group 2: Economic Indicators - Federal Reserve Chairman Jerome Powell indicated that inflation pressures from unilateral tariffs could persist for several quarters, leading to a cautious stance on monetary policy [8][18]. - Despite a stronger-than-expected increase in non-farm payrolls, the unemployment rate unexpectedly rose to 4.5%, raising concerns about the labor market [8][18]. - The market is closely watching upcoming U.S. CPI data and Federal Reserve meeting minutes for any signs of policy shifts that could impact market stability [18]. Group 3: Sector-Specific Impacts - Major tech stocks like Tesla and Apple saw significant declines, with Tesla dropping 10.4% and Apple falling 7.3% [11][13]. - The semiconductor sector also faced severe losses, with the Philadelphia Semiconductor Index down 7.6% [13]. - Commodity markets experienced widespread declines, with crude oil prices falling nearly 10% and gold prices dropping over 3% [13]. Group 4: Global Economic Outlook - The ongoing trade war and the Fed's policy deadlock have led to a loss of investor confidence in global economic recovery [17]. - Analysts warn that continued trade protectionism and delayed monetary policy responses could push the global economy into a recession [18].

Economic Indicators - Major stock indexes are experiencing significant declines, with the Dow down -1000 points, S&P 500 down -150 points, and Nasdaq down -500 points, reflecting a broader market collapse of -4% to -6% [2] - The U.S. Bureau of Labor Statistics reported an unexpected increase in nonfarm payrolls, with +228K jobs created in March, surpassing the +140K estimate, while the unemployment rate rose to +4.2% [6][7] - Hourly wages remained steady at +0.3%, with year-over-year growth decreasing to +3.8%, the lowest since July [8] Federal Reserve Actions - The Federal Reserve has shifted its stance dramatically, indicating a potential for five interest rate cuts this year, with a 100% chance for a cut in June [4][5] - If all proposed cuts occur, the Fed funds rate could be reduced to +3.00-3.25% by the end of the year, suggesting a long-term expectation of high tariffs impacting the economy [4][5] Trade Relations - China has implemented a retaliatory measure by imposing 34% additional tariffs on all imported U.S. goods, which is expected to adversely affect U.S. agriculture and chemical sectors, notably impacting companies like DuPont [3]

Group 1 - DuPont China Group Co., Ltd. is under investigation by the State Administration for Market Regulation for allegedly violating the Anti-Monopoly Law of the People's Republic of China [1] - Following the announcement of the investigation, DuPont's pre-market stock price plummeted, with a decline of nearly 10% [3]

Core Insights - DuPont de Nemours, Inc. has launched the Liveo Pharma TPE Ultra-Low Temp Tubing, designed for biopharmaceutical processing applications that require low-temperature resistance [1][2][3] Product Details - The new tubing is manufactured in an ISO Class 7 cleanroom, is sterilizable, weldable, and sealable, offering improved toughness and ductility [2] - It features resistance to bending, good pumpability, low spallation, and is phthalate-free, making it suitable for the biopharmaceutical industry [2] - This product is the second TPE tubing introduced by DuPont, complementing the existing Liveo Pharma TPE Tubing in their biopharma processing solutions [3] Financial Performance - DuPont's stock has decreased by 2.4% over the past year, while the industry has seen a decline of 18.8% [5] - The company anticipates full-year 2025 net sales to be between $12,800 million and $12,900 million, with operating EBITDA forecasted at $3,325 million to $3,375 million [6] Market Position - DuPont currently holds a Zacks Rank of 3 (Hold), with better-ranked stocks in the Basic Materials sector including Ingevity Corporation, Axalta Coating Systems, and Carpenter Technology Corporation [7] - Ingevity's current-year earnings estimate is $4.45 per share, while Axalta's is $2.51 per share, and Carpenter Technology's is $6.95 per share, with all showing positive earnings surprises in recent quarters [8][9]

About DuPont™ Liveo™ Healthcare Solutions DuPont™ Liveo™ is a globally recognized leader in technology for a broad range of innovations in medical devices, biopharmaceutical processing and pharmaceutical solutions. DuPont high-performance materials help create safer healthcare environments and protect the health of patients and healthcare providers worldwide. We help enable smarter healthcare and positive patient outcomes. More information can be found at liveo.dupont.com. About DuPont DuPont (NYSE: DD) is ...

Core Insights - DuPont de Nemours, Inc. is leveraging innovation-driven investments and strategic acquisitions to enhance its market position, particularly in the healthcare sector, despite facing challenges from pricing pressures and significant separation costs [1][3][6][7]. Group 1: Innovation and Acquisitions - The company is focused on growth through innovation and new product development, particularly in high-growth areas [2]. - The acquisition of Spectrum Plastics Group strengthens DuPont's position in the healthcare market, aligning with its focus on customer-driven innovation [3]. - The purchase of Donatelle Plastics enhances DuPont's expertise in medical devices, introducing advanced technologies such as injection molding and precision machining [3]. Group 2: Cost Management and Financial Performance - DuPont is implementing cost synergy savings and productivity improvements, with structural cost actions expected to yield benefits by 2025 [4]. - The company anticipates annualized cost savings of $150 million from ongoing restructuring efforts [4]. - DuPont aims to boost cash flow through working capital productivity and earnings growth, having raised its quarterly dividend by 8% to 41 cents per share [5]. Group 3: Market Challenges - The company is experiencing pricing pressure, with lower prices across segments impacting volume growth [6]. - DuPont expects continued pricing headwinds in 2025, which may affect sales and margins [6]. - Significant costs related to the separation of its electronics business are projected to be around $700 million, primarily impacting performance in 2025 [7]. Group 4: Financial Projections - For the full year 2025, DuPont anticipates net sales in the range of $12.8-$12.9 billion and operating EBITDA of $3.325-$3.375 billion [8]. - Adjusted earnings per share (EPS) are projected to be between $4.30 and $4.40 for 2025 [8].

Core Insights - DuPont has been awarded the Silver Medal from EcoVadis for its sustainability performance, indicating significant progress in this area [1][3] - The company achieved an overall score of 71, placing it in the 91st percentile and among the top 15% of companies evaluated globally [2] - DuPont's highest scores were in the Environment and Sustainable Procurement categories, with notable improvements in Labor & Human Rights and Ethics [2][3] Sustainability Performance - EcoVadis evaluates over 150,000 companies using a framework based on 21 sustainability criteria across four core themes: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement [3] - The evaluation aligns with international sustainability standards, including the UN Global Compact, ILO conventions, GRI standards, and ISO 26000 [3] Company Overview - DuPont is recognized as a global innovation leader, providing technology-based materials and solutions across various industries, including electronics, transportation, construction, water, healthcare, and worker safety [5]