化工新材料行业周报：Claude 3大模型发布，AI“装备竞赛”催生特种树脂需求

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5]. Core Insights - The basic chemical sector is expected to experience a high-level oscillation throughout 2024, influenced by OPEC+'s decision to extend production cuts and signs of economic slowdown in the U.S. [10][24]. - The report highlights the potential for domestic substitution in the fine chemicals and new materials sector, particularly in electronic gases, due to price increases from Japanese gas companies [2][10]. - The launch of the Claude 3 model is anticipated to drive long-term demand for computing power and high-speed communication, which will benefit upstream specialty resins [2][10]. Summary by Sections 1. Core Insights and Investment Recommendations - OPEC+ has announced an extension of production cuts until Q2 2024, but U.S. non-farm payroll data suggests a potential economic slowdown, which may offset the effects of these cuts [10]. - The report suggests focusing on upstream oil resource varieties as oil prices are expected to maintain a high-level oscillation throughout 2024, providing support for chemical prices [10][24]. 2. Market Review - The basic chemical index saw a decline of 0.81% this week, ranking 21 out of 31 sectors, with a year-to-date decline of 7.24% [3][25]. - The fine chemicals and new materials index also declined by 0.68% this week, with a one-year decline of 27.05% [3][25]. 3. Industry Dynamics and Important Announcements - The report notes that Japanese gas companies will increase prices by 10-30% starting April 1, 2024, which may enhance domestic substitution opportunities in electronic gases [2][10]. - The AI industry is expected to drive demand for computing power and high-speed communication, particularly benefiting the specialty resin market [2][10]. 4. Investment Suggestions - The report recommends focusing on leading companies in the basic chemical sector, such as Wanhua Chemical, Baofeng Energy, and Hualu Hengsheng, due to the expected support from high oil prices [4][24]. - In the new materials sector, it suggests focusing on electronic gases with low domestic substitution rates and companies like Yake Technology and Huate Gas [4][24].