环保行业月报：关注半导体行业回升动能正积蓄，电子特气国产替代方兴未艾

Equity Research·Industry Research·Environmental Protection Environmental Protection Industry Research 1 / 6 东吴证券（香港） 请务必阅读正文之后的免责声明部分 [Table_Main] There is a broad space for domestic alternatives of electronic special gas, and the semiconductor industry is very likely to recover Outperform (Maintain) Investment Thesis ◼ We strongly recommend: Huate Gas; Kaimeite Gases. ◼ We recommend: Peric Special Gases; Hubeiheyuan Gas; Henan Silane Technology; Sichuan Qiaoyuan Gas; Jiangsu Yoke Technology; Shanghai Gentech. ◼ The market supply and demand are stable, and the prices of various gases have fallen slightly. As of June 30, 2023, 1) Xenon: the average price of 5N pure xenon in June was Rmb74,750/cubic meter, down 29.24% MoM; 2) Krypton: the average price of 5N pure krypton gas in June was Rmb888.33/cubic meter, down 25.47% MoM; 3) Neon: the average price of 5N pure neon gas in June was Rmb378.33/cubic meter, down 21.94% MoM; 4) Helium: The average price of 40L bottled high-purity helium in June was Rmb1473.64/bottle, down 10.91% MoM. ◼ The semiconductor industry has a broad space for domestic substitution, and fabs are actively expanding production. Domestic policy support: 1) The MIIT supports the development of key chips and high-precision sensors. 2) The NDRC has deeply promoted the integration of industry and education in key industries such as integrated circuits and artificial intelligence. 3) The Netherlands announced that it will expand export restrictions on semiconductor equipment from September, reflecting the importance of domestic substitution. The counter-cyclical expansion of mainland head wafer fabs supports the demand for electronic special gas. ◼ PMI shows a positive trend, and the demand of the industrial gas is picking up. In June 2023, PMI increased by 0.2pct MoM to 49.0%, showing a positive trend. The semiconductor industry continues to show the characteristics of destocking. We expect that the semiconductor is very likely to recover in 23Q3, driving the demand of industrial gases to further recover. ◼ Pay attention to the investment opportunities in the supply safety in the environmental protection industry. Huate Gas: special gas leader grow rapidly due to category and capacity expansion. Kemet Gas: Orders are expected to increase due to customers and production capacity expansion. ◼ PMI shows a positive trend, and the demand of the industrial gas is picking up. In June 2023, PMI increased by 0.2pct MoM to 49.0%, showing a positive trend. The semiconductor industry continues to show the characteristics of destocking. We expect that the semiconductor is very likely to recover in 23Q3, driving the demand of industrial gases to further recover. ◼ Risks: Weaker-than-expected policy enforcement, less-than-expected downstream demand, failures in reaserch projects, intensified market competition. [Table_PicQuote] Industry Performance [Table_Report] Related reports 《生态环境部就《关于进一步优化环境影响评价工作的通知》征求意见》 2023-07-2