Huatai Securities: Electronics Gas Boom May Accelerate Amid Improving Supply-Demand Dynamics

On March 20, Huatai Securities pointed out that electronic gases are key raw materials for chips, ranking second only to silicon wafers in wafer manufacturing costs. As chips develop toward new storage technologies, advanced processes, and advanced packaging, TECHCET forecasts that the global electronic gas market size will reach $6.8 billion in 2026, an 8% year-over-year increase. Huatai Securities believes that with the expansion of domestic storage and wafer factories, and under geopolitical conflicts in the Middle East limiting supplies of gases like helium, the electronic gas industry in China is expected to accelerate in 2026. In 2024, Chinese listed companies hold a 40% share of the domestic electronic gas market. With increasing demands for self-control and events like anti-dumping, the localization rate is expected to rise, allowing leading Chinese electronic gas companies to benefit fully.

Additionally, Huatai Securities noted that in the era of anti-monopoly and post-privacy policies, overseas advertising is experiencing a revolution in monetization efficiency driven by AI. The core industry logic is shifting from label tracking to real-time intent prediction. The previously closed ecosystem based on user ID systems is loosening, and top platforms with full-stack AI infrastructure are emerging strongly in open networks. With leading monetization efficiency and profit flexibility, they are driving structural changes in budgets and enjoying valuation premiums. It is recommended to focus on targets with relatively complete industry chain layouts, deep vertical data accumulation, self-developed algorithms, and strong engineering capabilities in this long-term technological cycle.