基础化工债券&定增&ETF双周报：贵州轮胎拟建设越南年产600万条半钢子午线轮胎智能制造项目

Investment Rating - The report suggests focusing on convertible bonds in the chemical sector, specifically recommending Guizhou Tyre, Huaheng Biological, and several others for investment opportunities [2][3]. Core Insights - The chemical sector is experiencing a recovery, with a notable narrowing of product price declines as the economy rebounds in Q3 2023. The report emphasizes the importance of investing in leading chemical companies and high-barrier new materials [2][3]. - Guizhou Tyre plans to invest approximately USD 22.78 million in a smart manufacturing project in Vietnam, aiming for an annual production capacity of 6 million semi-steel radial tires. This investment aligns with the company's strategic goals of internationalization and modernization [3]. - Huaheng Biological intends to invest up to RMB 700 million to expand its production capacity for amino acids, which is expected to enhance profitability and market competitiveness [3]. Summary by Sections Convertible Bonds Overview - The report highlights the performance of various convertible bonds in the basic chemical sector, with notable increases in prices for Kesi Convertible Bond (up 9.27%), Qilin Convertible Bond (up 2.42%), and Guoguang Convertible Bond (up 2.37%) during the week of March 4-8, 2024 [19][20]. - Conversely, some bonds like Zhenyang Convertible Bond and Huate Convertible Bond experienced declines of 5.80% and 4.76%, respectively [19][20]. ETF Analysis - The report reviews chemical ETFs, noting that the Huabao and Penghua ETFs have significantly larger scales compared to others, indicating higher market liquidity and recognition [2][3]. Key Announcements - Huaheng Biological's investment project aims to produce 60,000 tons of branched-chain amino acids and 10,000 tons of refined amino acids, with a construction period of 24 months [3]. - Guizhou Tyre's investment in Vietnam is part of a broader strategy to enhance its international presence and operational efficiency [3].