化工新材料行业周报：国内首个金融大模型发布，新质生产力或带来特种树脂新需求

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [4]. Core Insights - The Federal Reserve's March meeting indicated a dovish stance, maintaining the federal funds rate target range at 5.25%-5.50%, with potential for three rate cuts in 2024. This has led to a high net long position in crude oil, resulting in short-term profit-taking and price fluctuations. However, supply concerns due to ongoing conflicts in Ukraine are expected to support prices [10][14]. - The report anticipates a resistance-based high-level fluctuation in oil prices throughout 2024, which may provide support for chemical product prices, particularly in upstream oil resources [10][14]. Summary by Sections 1. Core Insights and Investment Recommendations - The basic chemical sector is expected to experience high-level fluctuations in oil prices, which will support chemical product prices. Key companies to watch include Wanhua Chemical, Baofeng Energy, Hualu Hengsheng, and Tongkun [25]. - In the new materials sector, focus on domestic substitution, industry marginal improvements, and technological innovation. Recommended stocks include Yake Technology and Huate Gas for low domestic substitution rates, and Srey New Materials, Shengquan Group, Changyang Technology, and Akole for improving demand [25]. 2. Market Review 2.1 Basic Market Conditions - The basic chemical index decreased by 0.48% during the week of March 18-22, 2024, underperforming the CSI 300 index, which fell by 0.70%. Year-to-date, the basic chemical index has dropped by 6.53% [26]. 2.2 Valuation Tracking - The basic chemical sector's PE-TTM is above the 5-year historical median, indicating a reasonable margin of safety for valuations [26]. 2.3 Individual Stock Performance - Notable stock performances include Shuangyi Technology with a 39.20% increase and Yongyue Technology with a 31.89% increase. Conversely, Lingpai Technology saw a decline of 10.36% [41]. 3. Industry Dynamics and Important Announcements 3.1 Industry Dynamics - The Federal Reserve's decision to maintain interest rates has been perceived as dovish, impacting market sentiment positively. The chemical industry is experiencing increased demand domestically and internationally, with significant growth in marine chemical production [67]. 3.2 Company Announcements - Dinglong Co. plans to raise 920 million yuan through convertible bonds for semiconductor material projects, indicating a focus on expanding production capabilities [68]. 4. Market Trends - The report highlights the expected growth in the electronic gas market, projected to reach $9.2 billion by 2027, with a CAGR of 6.3% from 2022 to 2027. The demand for electronic gases is anticipated to increase significantly due to advancements in semiconductor technology [15][19].