Investment Rating - The report assigns an "Accumulate" rating for the industrial gas industry [2][7]. Core Insights - The average weekly price of liquid oxygen and liquid nitrogen remains stable year-on-year, while the average price of liquid argon continues to rise year-on-year. Rare gases are experiencing low-level fluctuations [3][6]. - The acquisition of South Korean gas company DIG Airgas by Air Liquide has been completed, which will double the number of employees in Korea and increase total sales to €900 million, enhancing the group's position in this growing economy [3][6]. Price Trends - As of January 15, 2026, the weekly price data for gases is as follows: 1. Liquid Oxygen: Average price of 335 CNY/ton, down 0.3% month-on-month, down 8.7% year-on-year 2. Liquid Nitrogen: Average price of 361 CNY/ton, down 0.6% month-on-month, down 5% year-on-year 3. Liquid Argon: Average price of 1179 CNY/ton, down 1.01% month-on-month, up 117.83% year-on-year 4. Rare Gases: High-purity helium (cylinder): Average price of 86.5 CNY/cubic meter, down 0.98% month-on-month, down 12.18% year-on-year; Xenon: Average price of 21,000 CNY/cubic meter, stable month-on-month, down 27.59% year-on-year; Krypton: Average price of 190 CNY/cubic meter, stable month-on-month, down 39.68% year-on-year; Neon: Average price of 110 CNY/cubic meter, stable month-on-month, down 12% year-on-year [6][8][11]. Industry Operating Rates - The average weekly operating load rate for China's industrial gas sector is 66.73% as of December 31, 2025, with a month-on-month decrease of 1.88 percentage points [5][9]. Recommended Stocks - Recommended stocks include Hangzhou Oxygen Plant (杭氧股份) and Shaanxi鼓动力 (陕鼓动力), with related stocks being Zhengfan Technology (正帆科技), Fostar (福斯达), and Zhongtai Co. (中泰股份) [6][7].

Group 1 - The core viewpoint of the news is that Shaanxi Guo Power's stock performance shows a slight increase, with a market capitalization of 17.648 billion yuan and a recent net inflow of funds [1] - As of November 28, the number of shareholders for Shaanxi Guo Power decreased by 10.28% to 28,900, while the average circulating shares per person increased by 11.49% to 59,128 shares [2] - For the period from January to September 2025, Shaanxi Guo Power reported a revenue of 7.186 billion yuan, a year-on-year decrease of 1.42%, and a net profit attributable to shareholders of 617 million yuan, down 7.31% year-on-year [2] Group 2 - Since its A-share listing, Shaanxi Guo Power has distributed a total of 7.560 billion yuan in dividends, with 2.329 billion yuan distributed in the last three years [3] - As of September 30, 2025, the fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 14.4857 million shares, an increase of 777,000 shares from the previous period [3] - The ninth largest circulating shareholder is Southern CSI 1000 ETF, holding 6.3137 million shares, which is a decrease of 58,100 shares from the previous period [3]

Core Viewpoint - The successful trial operation of the air separation compressor unit by Xi'an Shaangu Power Co., Ltd. for Tianjin Steel Group marks a significant advancement in Tian Steel's energy-saving and consumption-reduction project, enhancing its green and efficient operational capabilities [1][2] Group 1: Project Overview - The air separation equipment upgrade project aims to improve energy efficiency by over 14%, saving approximately 30.72 million kilowatt-hours of electricity annually, which is equivalent to reducing coal consumption by over 9,000 tons and cutting carbon dioxide emissions by about 27,000 tons [1] - This project reflects Tian Steel's commitment to the "dual carbon" goals and demonstrates Shaangu's capability in supporting customers' green development through high-end equipment [1] Group 2: Industry Context - The project aligns with national strategies for large-scale equipment upgrades and the optimization of traditional industries, promoting green and low-carbon development [1][2] - The demand for high-quality and safe industrial gases is expected to continue growing as China's traditional manufacturing sector undergoes transformation and upgrading [2] - The successful collaboration between Shaangu and Tian Steel serves as a model for energy-saving and carbon reduction in the steel industry, providing a practical path for similar enterprises in equipment upgrades and energy-saving transformations [2]

Investment Rating - The report assigns an "Accumulate" rating for the industrial gas industry [1]. Core Insights - The average price of liquid argon continues to show a year-on-year increase, while rare gases are experiencing low-level fluctuations in weekly prices. Notable events include the opening of Qidong Jinhong and Nanda Optoelectronics' plan to increase its stake in its Ulanqab subsidiary to enhance its electronic specialty gas business [2][4]. Summary by Sections Price Trends - Liquid argon has an average price of 1191 RMB/ton, reflecting a 1.43% decrease week-on-week but a significant 113.84% increase year-on-year. Other gases show varied trends: - Liquid oxygen: 335 RMB/ton, down 3.18% week-on-week, down 8.7% year-on-year - Liquid nitrogen: 363 RMB/ton, down 1% week-on-week, down 5% year-on-year - Rare gases such as high-purity helium and xenon also show declines in price [4][5]. Production Capacity - The average operating load rate for China's industrial gas sector is reported at 66.73%, which is a decrease of 1.88 percentage points week-on-week [6]. Key Events - The opening ceremony of Qidong Jinhong took place on January 10, 2026, aimed at providing high-quality gas products and solutions for key industries in the region. Additionally, Nanda Optoelectronics plans to invest 77.6 million RMB to acquire an additional 16.17% stake in its Ulanqab subsidiary, increasing its ownership to 91.05% [4][5]. Recommended Stocks - The report recommends stocks such as Hangyang Co., Ltd. and Shaangu Power, with related stocks including Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [4].

Investment Rating - The industry investment rating is "Increase" [6] Core Insights - The average price of liquid argon has doubled year-on-year, while the average price of rare gases remains low and fluctuating [2][6] - The operating load rate of China's industrial gas sector has decreased on a month-on-month basis, averaging 66.73% as of December 31, 2025, down by 1.88 percentage points [4][8] - Hangyang Group has joined the Controlled Nuclear Fusion Innovation Consortium, adding 42,000 Nm³/h of industrial gas services [4][6] Price Trends - Liquid argon price: 1,193 RMB/ton, up 3.56% month-on-month and up 106.35% year-on-year [6] - Liquid oxygen price: 346 RMB/ton, down 1.7% month-on-month and down 7.5% year-on-year [6] - Liquid nitrogen price: 367 RMB/ton, down 1% month-on-month and down 6% year-on-year [6] - Rare gases prices: - High-purity helium (cylinder): 89.17 RMB/m³, down 2.01% month-on-month and down 8.54% year-on-year [6] - Xenon: 21,250 RMB/m³, down 1.16% month-on-month and down 27.97% year-on-year [6] - Krypton: 196.67 RMB/m³, down 4.73% month-on-month and down 43.81% year-on-year [6] - Neon: 110 RMB/m³, unchanged month-on-month and down 12% year-on-year [6] Company Recommendations - Recommended stocks include Hangyang Co. and Shandong Energy Group, with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co. [6][7]

Group 1 - The chemical fiber sector experienced a decline of 1.41% on December 31, with C Shuangxin leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the chemical fiber sector showed varied performance, with Huillong New Materials rising by 4.60% and C Shuangxin falling by 16.11% [1][2] Group 2 - The main funds in the chemical fiber sector saw a net outflow of 244 million yuan, while retail investors had a net inflow of 177 million yuan [2] - The trading volume for C Shuangxin was 1.0414 million shares, with a total transaction value of 1.82 billion yuan [2] - The fund flow analysis indicates that Suzhou Longjie had a net inflow of 27.84 million yuan from main funds, while Jilin Chemical Fiber experienced a net outflow of 38.83 million yuan from retail investors [3]

Group 1 - The core viewpoint of the news is that Xi'an Shaangu Power Co., Ltd. experienced a decline in stock price, closing at 10.04 yuan per share, with a market capitalization of 17.304 billion yuan as of December 31 [1] - The company specializes in the development, manufacturing, and sales of various turbine machinery and systems, with its main business revenue composition being: energy conversion equipment 46.04%, energy infrastructure operation 45.34%, industrial services 8.42%, and others 0.14% [1] - The trading volume for the stock was 53.9978 million yuan, with a turnover rate of 0.31% [1] Group 2 - According to data, Yimi Fund has one fund heavily invested in Shaangu Power, specifically the Yimi Kaixin Value Selected Mixed A (015663), which held 420,000 shares, accounting for 2.54% of the fund's net value [2] - The fund has reported a year-to-date return of 12.94% and a one-year return of 12.69%, ranking 5374 out of 8085 and 5272 out of 8085 in its category, respectively [2] - The fund manager, Bao Lihua, has been in position for 3 years and 153 days, with the fund's total asset size at 221 million yuan [3]

Core Viewpoint - The company held its 20th meeting of the 9th Board of Directors on December 29, 2025, where several key resolutions were passed, including approval for related party transactions and borrowing limits for subsidiaries [1][2][3][4][5][6]. Group 1: Board Meeting Resolutions - The company approved the proposal for 2026 annual related party transactions, with all non-related directors voting in favor [2][3][13]. - The company approved a borrowing limit of up to 500 million yuan for its wholly-owned subsidiary, Changqing Leasing, to support its business development [4][32][33]. - The company approved a borrowing limit of up to 500 million yuan for its controlling subsidiary, Qin Feng Gas, to enhance liquidity [5][8][12]. - The company approved a financing lease business for its controlling subsidiary, Hohhot Gas, with a financing amount not exceeding 100 million yuan [6][37][39]. Group 2: Borrowing Details - Qin Feng Gas plans to apply for a bank loan with a limit of up to 500 million yuan, aimed at supplementing its liquidity needs [8][12]. - The loan will have a term of up to 3 years and an interest rate not exceeding the current LPR [12][34]. - Changqing Leasing will also seek a loan with similar terms to support its operational needs [32][34]. Group 3: Financing Lease Business - Hohhot Gas intends to engage in a financing lease with Changqing Leasing, using its fixed assets as collateral, with a total financing amount not exceeding 100 million yuan [37][39]. - The lease term will not exceed 3 years, and the specific terms will be defined in the lease agreement [42][43].

Group 1 - Company announced the convening of the 20th meeting of the 9th Board of Directors on December 29, 2025, in Xi'an [1] - The meeting reviewed the proposal regarding the company's routine related party transactions for the year 2026 [1]

Core Viewpoint - Shaan Gu Power announced the approval of several proposals, including the proposal for the company's 2026 annual routine related party transactions during the 20th meeting of the 9th Board of Directors [2] Group 1 - The company held its 20th meeting of the 9th Board of Directors on December 30 [2] - The meeting resulted in the approval of the proposal regarding routine related party transactions for the year 2026 [2]