According to the Zheshang Securities Research Report, the global semiconductor boom is expected to gradually recover in 2024, and the electronic gas industry is expected to continue to benefit. 1) Recovery at the bottom of the cycle: The semiconductor industry continues to recover, and electronic gas is expected to continue to grow as an important consumable for semiconductor processing; 2) Domestic substitution is accelerating: the domestic electronic gas market is dominated by foreign investment, and the domestic substitution trend is obvious and the potential is huge. Optimistic about the electronic gas sub-sector, the performance is expected to continue to grow rapidly in the next 3-5 years; 3) Focus on overseas markets: excellent domestic electronic gas manufacturers are gradually entering advanced overseas 3nm and 5nm processes, and their overseas share is far lower than their domestic market share, and there is more room for growth. Recommended attention: Hangzhou Oxygen Co., Ltd., Guangzhou Steel Gas, China Shipbuilding Special Gas, etc.