20240606-太平洋-基础化工行业化工可转债_定增双周报_电子化学品个券受政策催化上涨_24页_2mb

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Staying True to Principles and Achieving the Unexpected: Adhering to the Grand Plan, We Strive for Long-Term Success

Pacific Securities Co., Ltd. Industry Research Report
June 6, 2024

Industry Weekly Report
Rating:看好/维持 (Strongly Recommended/Maintain)
Basic Chemicals

Industry Focus: Resin and Epoxy Chemicals

Report Highlights:

1. Market Overview (Past Two Weeks, Apr 20-30, 2024):

   • CSPI Basic Chemicals Index fell by -4.17%, outperforming the CSI 300 Index (-3.59%) by -0.58 percentage points.
   • Semiconductor materials-related convertible bonds demonstrated significant upside, driven by positive policy catalysts following the National Integrated Circuit Industry Investment Fund's (Big Fund III) capital commitment announcements by the six major state-owned banks on May 27.
   • Convertible Bond Market: Among 65 liquid chemical industry convertible bonds, 33 rose while 32 fell, showcasing divergent performance. Notable gainers included Guo Guang (243.5%), Yue Li (524%), Tong Cheng (392%), Jing Rui 2 (273%), and Fei Kai (237%). Notable decliners included Zheng Dan (-2148%), Jing Rui (-103%), Ju Long (-604%), Rui Ke (-383%), and Meng Tai (-352%).
   • Debt-Issuance (D&I) Market: Newly issued and under-procurement D&I projects involve significant investments, notably in solar energy encapsulation materials, semiconductor materials, and other production bases. Specific companies like Lushan New Materials, Huayu Gas, CosmeTech, and Lan Xiao Technology have raised funds for core capacities.

2. Key Policy Drivers & Company Announcements:

   • The landmark agreement by six major banks to invest in the National Integrated Circuit Fund III (Big Fund III) significantly boosted semiconductor industry confidence, directly leading to substantial price increases for related convertible bonds.
   • Several companies announced adjustments to their bond conversion terms or decisions not to exercise downward price adjustments, along with operational updates and sales activity.

3. Emerging Investments and Market Dynamics:

   • Investment logic should increasingly prioritize sectors and links within the chemical industry showing resilience and response to policy guidance, with a keen eye on areas prepared for take-off by national strategic funds.

Disclaimer: This report is for information purposes only. Past performance does not guarantee future returns. Market and company data involve significant risks and uncertainties.

(This report has been generated to summarize Pacific Securities' key points. It is based on the original report but distinctly represents the views of DeepSeek. This is intended for informational purposes only, and any investment decisions based on this summary are made by users solely on their own discretion and risk assumption.)