There is a million-dollar question that needs answering about the 'golden赛道' of electronic gases.

In recent years, semiconductor chips have been one of the hottest sub-sectors in China's A-share market. Downstream chip manufacturing, packaging & testing, and chip design offer the largest market potential—and naturally attract the most speculation. Upstream equipment and materials suppliers—often dubbed the 'water sellers' of the industry—have smaller overall market sizes, yet their investment value remains substantial. Chip manufacturing requires numerous materials, one category of which—though perhaps unexpected by ordinary people—is critically important: gases. These are collectively known as electronic specialty gases (or 'electronic special gases'). Beyond the semiconductor integrated circuit industry, they are also widely used in two related sectors: LED lighting and photovoltaic solar energy. According to SEMI data, electronic gases accounted for 12.9% of global semiconductor manufacturing materials sales in 2018—second only to silicon wafers, which held a 36.6% share. Virtually all securities research reports describe electronic special gases as a 'golden赛道' with significant investment appeal. Let’s first examine the global giants in this sector. Overseas leaders—including U.S.-based Air Products (NYSE: APD), France’s Air Liquide Group, Japan’s Taiyo Nippon Sanso Corporation, U.S.-based Praxair (now merged with Linde), and Germany’s Linde Group (which merged with Praxair in 2018)—together command 94% of the global market. Air Products (NYSE: APD) has delivered sustained long-term growth in its stock price and currently boasts a market capitalization of $60 billion. Its annual report shows revenue nearing $9 billion and net profit approaching $2 billion. Linde (NYSE: LIN) currently commands a market cap of $120 billion. Seeing this, many investors wonder: Given the massive valuations of these foreign giants, could A-share electronic special gas companies—some valued at just several billion RMB—potentially deliver returns of 10x, or even 100x? However, securities research reports often fail to reveal the industry’s fundamental nature; their logical reasoning frequently contains serious flaws. Even deeply flawed domestic firms routinely receive 'buy' recommendations from analysts who benchmark them against Western giants and hype the next '10-bagger' or '100-bagger'. Every industry possesses its own unique essence. Without grasping that essence, decisions made by company executives, senior management, and investors alike will inevitably suffer from the classic problem: 'A miss is as good as a mile.' If we carefully examine the electronic special gases industry, we notice something unusual. Electronic special gases constitute only a subset of industrial gases. We can imagine industrial gases as a comprehensive university...

October 14 Morning Trading Plan Themes: [Xinkailai]-related stocks; low-valued sectors including [nuclear power] and [wind power] (power generation); [chemicals] tied to Q3 earnings reports; and intermittent rallies in [minor metals]. Stocks: [Xinkailai]-related: [Shenzhen Zhenye A]—up two consecutive days; hold strong performers, exit weak ones. [Kemate Gas] opened slightly higher today—still a viable entry point; continue monitoring. [New Laier Materials]—up two consecutive days; consider entering if it opens lower then rallies. Both [Kemate Gas] and [New Laier Materials] offered early entry opportunities yesterday. Minor Metals: [Pengxin Resources] and [Baiyin Nonferrous] surged strongly; [Change Mining] rose modestly—continue watching. Chemicals: [United Chemical] is the primary focus; monitor its performance near the 5-day moving average. Wind Power & Nuclear Power: Many stocks rallied yesterday, especially those with upward gaps. Today, apply a 'cut losers, keep winners' approach. [Yunda Shares] is trending along its 5-day moving average—if it breaks below, exit; if not, hold and observe further.

Air Products & Chemicals Stock Heads Into Open After Modest Friday Gain

Sep 14, 2026

Air Products & Chemicals stock closed higher on September 11, tracking broader market trends with normal volatility. Investors will monitor interest rates and commodity demand indicators for near-term performance.

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2026-04-09

UBS Adjusts Price Target on Air Products and Chemicals to $307 From $285, Maintains Neutral Rating

2026-04-09

Air Products and Chemicals (NYSE:APD) Given New $307.00 Price Target at UBS Group

2026-04-11

Air Products Tops Turnover Chart as $260 Million Surge Signals Deep Institutional Faith in Hydrogen Future

2026-04-12

Greenup Street Wealth Management Reduces Air Products and Chemicals Holdings

2026-04-13

BMO Capital Adjusts PT on Air Products and Chemicals to $325 From $282, Keeps Market Perform Rating