Investment Rating - The industry investment rating is optimistic [1] Core Insights - The industrial gas market is expected to reach 1.3 trillion yuan by 2026, with a CAGR of 6.8% over the next four years [3] - The competitive landscape is becoming more concentrated, with the top four companies holding 54% of the global market share and the top six in China holding 72% [3] - Growth drivers include increased outsourcing of gas supply, accelerated demand from sectors like semiconductors and new energy, and short-term benefits from macroeconomic recovery and gas price elasticity [3] Market Space - The global industrial gas market is valued at over 1 trillion, while the domestic market is around 200 billion [3] - The market is projected to grow to 284.2 billion yuan in China by 2026, with a CAGR of 9.68% from 2022 to 2026 [21] - The market is characterized by high concentration, with the top five companies holding approximately 69% of the market share [21] Equipment Market - The domestic air separation equipment market is valued at 34.1 billion yuan in 2022, with a growth rate of 25% year-on-year [4] - The market is expected to grow at a CAGR of 22% from 2019 to 2024, driven by larger equipment sizes and increased export demand [4] Electronic Specialty Gases - The semiconductor market is expected to remain strong, with a projected 30% year-on-year increase in global semiconductor sales by November 2025 [5] - There is significant potential for domestic electronic specialty gas manufacturers to replace imports and expand into global markets [5] Investment Recommendations - The report recommends focusing on leading companies in the industrial gas sector, such as Hangyang Co., and key players in electronic specialty gases like China Shipbuilding Gas and Guanggang Gas [6]

Project Progress - The Yingkou Jianfa air separation project is expected to begin trial production in Q3 2026 [2] - The Shandong Ruilin high polymer air separation gas supply project is anticipated to start trial production by the end of 2026, with full production expected in Q1 2027 [2] - The on-site gas production project in Spain is projected to be operational by Q4 2026 [2] - The Xinjiang BOG helium extraction project is steadily advancing in construction [2] Product Development - The high-purity carbon dioxide product is undergoing the third round of testing with SK Hynix [3] - The electronic-grade dichlorodihydrosilane product has entered the trial production phase, with an expected annual capacity of 200 tons upon reaching full production, and the company is advancing its testing and certification with semiconductor clients [3] Strategic Initiatives - The wholly-owned subsidiary Jin Hong Run plans to acquire a portion of the property shares of the Turing Zhuohui No. 2 Fund, which is focused on investments in high-end equipment [4]

Investment Rating - The report does not explicitly provide an investment rating for the semiconductor materials industry Core Insights - The global semiconductor materials market is characterized by "long-term growth and cyclical fluctuations," with the market size expected to grow from $27.5 billion in 2000 to $67.47 billion by 2024, driven by the demand for advanced semiconductor materials in various high-tech applications [3][5] - China's semiconductor materials industry has made significant progress in mid-to-low-end products but still relies heavily on imports for high-end materials, indicating a substantial opportunity for domestic production and technological breakthroughs [1][10] - The report emphasizes the need for a dual approach of technological breakthroughs and ecosystem building to drive the development of the semiconductor materials industry, supported by government policies and strategic collaborations [1][23] Industry Overview - Semiconductor materials are critical strategic materials for the semiconductor industry, with the market experiencing long-term growth and cyclical fluctuations due to factors such as industry cycles and end-user demand [2][3] - The market structure is shifting as the industry chain relocates and domestic production increases, with China rapidly expanding its market share driven by local demand and government policies [5][10] - The report highlights the significant market concentration in the semiconductor materials sector, with a few leading companies dominating the market [10] Industry Bottlenecks - Despite achieving local supply capabilities in mid-to-low-end products, China still faces challenges in high-end semiconductor materials, which remain heavily reliant on imports [10][13] - Key areas such as silicon wafers, electronic specialty gases, and photoresists are identified as critical segments where domestic production is lagging behind, with high-end products still largely imported [13][18][21] - The report notes that the domestic supply of electronic specialty gases is weak, with an overall localization rate of about 15% expected in 2024, indicating a significant gap in high-end product capabilities [16] Path to Breakthrough - The semiconductor materials industry must focus on technological advancements and ecosystem development, emphasizing collaboration between academia, research institutions, and leading enterprises to address core technological challenges [23][24] - Establishing a robust and efficient results transformation chain is crucial, with a focus on concept validation, pilot testing, and mass production to enhance the commercialization of technological innovations [24][25] - The report advocates for a self-sufficient and sustainable industry ecosystem, extending upstream to secure high-purity raw materials and key equipment while deepening collaboration with downstream chip design and manufacturing companies [25] Policy Empowerment - National policies are increasingly directing the industry towards key areas, with a focus on advanced semiconductor materials as a strategic priority [26][27] - The establishment of pilot platforms for new materials is highlighted as a key initiative to support the industry's development, with plans to create approximately 300 local pilot platforms by 2027 [28] - Financial policies are also being implemented to support innovation and market transformation in the new materials sector, including insurance compensation for high-risk areas [29] Future Outlook - The semiconductor materials industry is expected to evolve towards a high-quality development phase, balancing quality and safety while fostering collaboration between domestic and international players [34] - The focus will shift from isolated breakthroughs to collaborative ecosystems, with an emphasis on meeting the increasing demands for material purity, performance, and stability from downstream applications [34]

Core Viewpoint - Jin Hong Gas (688106.SH) is advancing its strategic layout and seeking industrial cooperation through the acquisition of a 41.00% stake in the Turing Zhuohui No. 2 Fund from Mr. Wei Wei, with a total subscription amount of 82.5 million yuan [1] Group 1: Acquisition Details - Jin Hong Run, a wholly-owned subsidiary of Jin Hong Gas, will acquire a 24.85% stake (5 million yuan) from Mr. Wei Wei at zero cost [1] - Mr. Jin Xianghua will also acquire a 16.15% stake (3.25 million yuan) from Mr. Wei Wei at zero cost [1] - Prior to this transfer, Mr. Wei Wei had not fulfilled his actual capital contribution obligations, with an actual contribution amount of zero [1] Group 2: Fund Information - The Turing Zhuohui No. 2 Fund was established on October 24, 2025, and was registered with the Asset Management Association of China on January 23, 2026, with fund number SBNU62 [1] - The fund is focused on targeted investments in mature enterprises within the high-end equipment sector [1]

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 关于与关联人共同投资暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资标的名称：青岛图灵卓辉贰号创业投资基金合伙企业（有限合伙） （以下简称"图灵卓辉贰号基金"或"合伙企业"） 投资金额：金宏气体股份有限公司（以下简称"金宏气体"或"公司"） 全资子公司苏州金宏润投资有限公司（以下简称"金宏润"）拟与公司实际控制 人金向华先生共同受让魏巍先生持有图灵卓辉贰号基金的 41.00%财产份额（对 应认缴出资额 8,250 万元）（以下简称"本次投资"），其中：金宏润拟以 0 元受 让魏巍先生持有的合伙企业 24.85%财产份额（对应认缴出资额 5,000 万元）；金 向华先生拟以 0 元受让魏巍先生持有的合伙企业 16.15%财产份额（对应认缴出 资额 3,250 万元）。本次受让的 41. ...

Industry Overview - The nitrous oxide (N₂O) industry in China is undergoing a profound transformation characterized by stable overall growth, deep structural adjustments, and strong policy-driven changes. The market size is projected to reach approximately 4.762 billion yuan in 2024, representing a year-on-year growth of 12.87% [1][5]. - N₂O, also known as laughing gas, is a colorless gas with a sweet taste, used in various applications including medical, food, and industrial sectors. It is a potent greenhouse gas with a global warming potential approximately 300 times that of carbon dioxide [2][4]. Industry Chain - The upstream of the N₂O industry includes raw materials such as ammonium nitrate, sulfuric acid, sodium nitrite, and production equipment like reactors and condensers. The midstream involves the production of N₂O, while the downstream applications span semiconductors, medical, food, and industrial sectors [4]. - The price of ammonium nitrate is expected to decrease to 1,780 yuan per ton by the end of 2025, down 24.70% year-on-year, which will positively impact the N₂O industry by expanding profit margins [4]. Market Size - The N₂O industry is experiencing a shift towards high-purity applications, particularly in the semiconductor sector, which demands gases with purity levels reaching 6N. This sector is becoming a core driver for the industry's upward movement along the value chain [5][6]. Key Companies - The industry structure is characterized by a few strong players, with Chongqing Tonghui Gas and Jinhong Gas leading in electronic-grade N₂O production. Jinhong Gas reported a revenue of 2.031 billion yuan in the first three quarters of 2025, a 9.33% increase year-on-year, although its net profit decreased by 44.90% [6][8]. - Chongqing Tonghui Gas has a production capacity of 60,000 tons of electronic-grade N₂O and is involved in various specialty gases for the semiconductor and food industries [6][7]. Industry Development Trends 1. The industry is shifting towards a green circular economy, driven by policies that encourage the recycling of industrial waste gases into high-value resources. This aligns with national goals for carbon reduction and pollution control [8]. 2. High-end applications in the semiconductor and display panel sectors are becoming the main growth engines, with increasing demand for high-purity N₂O products. Companies like Jinhong Gas are successfully penetrating the semiconductor market, reflecting robust downstream demand [9]. 3. Competition in the industry is intensifying, with a focus on technological and scale advantages. Achieving high purity levels (6N and above) requires significant R&D investment, and obtaining certifications from leading semiconductor clients poses additional barriers [10].

Fundraising Overview - The company has been approved to publicly issue 12,108,340 shares at a price of RMB 15.48 per share, raising a total of RMB 1,874.371 million, with a net amount of RMB 1,759.511 million after deducting issuance costs of RMB 114.8604 million [1][2] - As of June 11, 2020, all raised funds have been received and verified by the accounting firm Rongcheng [1] Fund Management - The company has established a regulatory framework for managing the raised funds, ensuring compliance with relevant laws and regulations, including the "Regulations on the Supervision of Fundraising by Listed Companies" and the "Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board" [1] - The company, its subsidiaries, and the sponsor, Dongwu Securities, have signed tripartite and quadripartite agreements with the commercial bank holding the raised funds to oversee the storage and usage of the funds [1] Account Closure - The special account for the raised funds related to the "Northern Integrated Circuit Phase II Electronic Bulk Gas Project" has been closed after using RMB 82.7389 million, with no remaining funds expected [2] - The company has completed the closure of the special account at CITIC Bank, and the corresponding regulatory agreement has been terminated [2]

证券代码：688106 证券简称：金宏气体 公告编号：2026-002 转债代码：118038 转债简称：金宏转债 金宏气体股份有限公司 关于注销部分募集资金专项账户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会于 2020 年 5 月 20 日出具的《关于同意苏州金 宏气体股份有限公司首次公开发行股票注册的批复》（证监许可〔2020〕941 号）， 金宏气体股份有限公司（以下简称"公司"）获准向社会公开发行人民币普通股 （A 股）12,108.34 万股，每股面值为人民币 1 元，发行价格为每股人民币 15.48 元，募集资金总额为人民币 187,437.10 万元。扣除发行费用人民币 11,486.04 万 元后，公司本次募集资金净额为人民币 175,951.06 万元。截至 2020 年 6 月 11 日， 上述募集资金已全部到位，并经容诚会计师事务所（特殊普通合伙）审验，于 2020 年 6 月 11 日出具了"容诚验字[2020]230Z0085 号"的《 ...

Group 1 - The core point of the news is that Jin Hong Gas experienced a decline of 5.02% in its stock price, reaching 24.24 yuan per share, with a trading volume of 308 million yuan and a turnover rate of 2.59%, resulting in a total market capitalization of 11.683 billion yuan [1] - Jin Hong Gas Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 28, 1999, with its listing date on June 16, 2020. The company's main business involves the research, production, sales, and service of gases [1] - The revenue composition of Jin Hong Gas includes bulk gases at 41.52%, specialty gases at 31.64%, on-site gas production and rental at 12.98%, gas at 9.30%, and other supplementary sources at 4.55% [1] Group 2 - From the perspective of major circulating shareholders, Xingsheng Global Fund holds a position in Jin Hong Gas, specifically through the fund "Xingquan Multi-Dimensional Value Mixed A" (007449), which held 3.3655 million shares, unchanged from the previous period, accounting for 0.7% of circulating shares [2] - The estimated floating loss for the fund today is approximately 4.3078 million yuan [2] - The fund "Xingquan Multi-Dimensional Value Mixed A" was established on June 12, 2019, with a current scale of 4.3 billion yuan. Year-to-date returns are 9.69%, ranking 1369 out of 8846 in its category; the one-year return is 64.51%, ranking 1064 out of 8091; and since inception, the return is 179.52% [2]

Group 1 - The core viewpoint of the article highlights that Jin Hong Gas has achieved significant overseas sales revenue and is expanding its global operations through the establishment of a subsidiary in Spain [2] - In 2024, the company reported overseas sales revenue of 65.67 million yuan, utilizing a dual model of direct and trade exports to ensure stable supply and service efficiency in international markets [2] - The establishment of the Spanish subsidiary in 2025 marks a strategic shift from "product export" to "business model expansion," reinforcing the company's global service network and supporting its globalization strategy [2]