Market Overview - The electronic chemicals sector increased by 3.17% on October 13, with Huate Gas leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Huate Gas (688268) closed at 77.18, up 12.52% with a trading volume of 111,800 shares and a transaction value of 822 million [1] - Nanda Optoelectronics (300346) closed at 45.73, up 9.66% with a trading volume of 1,129,500 shares and a transaction value of 4.978 billion [1] - Jingrui Electric Materials (300655) closed at 16.49, up 8.13% with a trading volume of 1,487,100 shares and a transaction value of 2.366 billion [1] - Other notable performers include Qiangli New Materials (300429) up 7.54% and Dinglong Co. (300054) up 5.53% [1] Capital Flow - The electronic chemicals sector saw a net inflow of 241 million from institutional investors, while retail investors experienced a net outflow of 113 million [2][3] - Major stocks like Jingrui Electric Materials and Qiangli New Materials attracted significant institutional investment, with net inflows of 103 million and 101 million respectively [3]

Market Size and Growth Trends - The Chinese standard gas market is projected to reach 17.6 billion yuan in 2024, an increase of 1.44 billion yuan from 2022, with a compound annual growth rate (CAGR) of approximately 4.3% over two years, indicating stable growth momentum [1][5] - The global standard mixed gas market is expected to reach approximately 813 million USD in 2024, with a forecast to grow to 1.272 billion USD by 2031, reflecting a CAGR of 6.6% from 2025 to 2031 [1][5] - The calibration specialty gas segment is anticipated to achieve global sales of 651 million USD in 2024, increasing to 883 million USD by 2031, with a CAGR of 4.6% [1][5] Future Growth Potential - The Chinese market size reached 150 billion yuan in 2023 and is expected to exceed 300 billion yuan by 2030, with a CAGR of over 10% from 2023 to 2030, driven primarily by industrial gas demand [2] - Chemical processing and refining are projected to account for 20% of the industrial gas market share in 2024, while emerging sectors like food and beverage processing are expected to grow at a CAGR of 5.22% by 2030 [2] Market Competition Landscape - The Chinese standard gas market features a dual competitive landscape dominated by international oligopolies and the rapid rise of domestic companies [6] - Major international players include Linde, Air Liquide, Air Products, Messer Group, and Taiyo Nippon Sanso, which hold a significant market share due to their technological advantages and global networks [6] - Domestic companies leverage policy support and cost advantages to gain market share, with firms like Dalian Datong Gas and Huate Gas expanding their presence through innovation and local production [7] Product Structure and Market Segmentation - The standard gas industry exhibits a two-dimensional segmentation based on product type and application area, with standard mixed gases at its core [8] - High-purity gases and electronic specialty gases are in high demand in advanced manufacturing sectors due to stringent purity requirements [8] Regional Market Distribution - The Asia-Pacific region is identified as a key growth engine, accounting for 43% of the industrial gas market in 2024, with a projected CAGR of 5.14% from 2025 to 2030 [10] - China is expected to contribute significantly to the global market, with its share projected to reach 30% by 2030 [10][15] Policy and Industry Drivers - Policies significantly influence the standard gas market, particularly in the environmental and semiconductor sectors, with the "dual carbon" strategy driving demand for calibration gases at a growth rate of 12% [13] - The semiconductor sector is also seeing accelerated growth due to domestic policies aimed at technological breakthroughs and import substitution [13] Key Data Indicators - The global industrial gas market, including standard gases, is expected to reach nearly 500 billion USD by 2030, with China's market projected to exceed 300 billion yuan [18] - The core growth drivers include the domestic semiconductor industry and the increasing demand for environmental monitoring gases [18]

Core Insights - The company is actively exploring business opportunities related to controlled nuclear fusion and has successfully integrated some products into relevant projects [1] Company Summary - The company, Jin Hong Gas (688106.SH), has acknowledged inquiries from investors regarding its products related to controlled nuclear fusion and nuclear power [1] - The company has indicated that it is continuously monitoring developments in the controlled nuclear fusion sector [1]

| 证券代码：688106 | 证券简称：金宏气体 | 公告编号：2025-052 | | --- | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | | 金宏气体股份有限公司 可转债转股结果暨股份变动公告 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。 重要内容提示： 累计转股情况：金宏气体股份有限公司（以下简称"公司"）向不特定 对象发行可转换公司债券"金宏转债"自 2024 年 1 月 21 日（非交易日顺延至下 一交易日，即 2024 年 1 月 22 日）起可转换为公司股份。截至 2025 年 9 月 30 日， "金宏转债"累计有人民币 113,000.00 元已转换为公司股票，转股数量为 5,587 股，占"金宏转债"转股前公司已发行股份总额 486,943,142 股的 0.0011%。 未转股可转债情况：截至 2025 年 9 月 30 日，"金宏转债"尚未转股的 可转债金额为 1,015,887,000.00 元，占"金宏转债"发行总量的 99.9889%。 本季度转股情 ...

Core Insights - The electronic chemicals sector experienced a rise of 1.36% on October 9, with Debang Technology leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance Summary - Debang Technology (688035) closed at 61.74, with a significant increase of 11.95%, and a trading volume of 123,300 shares, resulting in a transaction value of 745 million [1] - Guoci Materials (300285) also saw a notable rise of 11.56%, closing at 24.90, with a trading volume of 484,500 shares and a transaction value of 1.155 billion [1] - Other notable performers included Jin Hong Gas (688106) with an 8.20% increase, closing at 21.38, and Zhongju Chip (688549) with a 4.74% increase, closing at 10.39 [1] Fund Flow Analysis - The electronic chemicals sector saw a net outflow of 643 million from main funds, while retail investors contributed a net inflow of 367 million [2] - Speculative funds recorded a net inflow of 276 million into the sector [2]

Group 1 - The core point of the news is the performance and market position of Jin Hong Gas, which saw a stock price increase of 5.67% to 20.88 CNY per share, with a total market capitalization of 10.064 billion CNY [1] - Jin Hong Gas was established on October 28, 1999, and went public on June 16, 2020. The company specializes in the research, production, sales, and service of gases [1] - The revenue composition of Jin Hong Gas includes bulk gases (41.52%), specialty gases (31.64%), on-site gas production and rental (12.98%), gas (9.30%), and other supplementary services (4.55%) [1] Group 2 - From the perspective of fund holdings, Xin Yuan Fund has a significant position in Jin Hong Gas, with its Xin Yuan Specialized and Innovative Mixed A Fund holding 390,000 shares, unchanged from the previous period, representing 6.42% of the fund's net value [2] - The Xin Yuan Specialized and Innovative Mixed A Fund was established on June 17, 2022, with a current scale of 95.3868 million CNY and has achieved a year-to-date return of 25.53% [2] - The fund manager, Lu Yang, has been in position for 2 years and 78 days, with the best fund return during this period being 46.4% and the worst being 41.95% [3]

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 17th this week, with a decline of 0.95%, underperforming the Shanghai Composite Index by 1.16 percentage points and the ChiNext Index by 2.91 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated growth in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's performance this week was -0.95%, ranking it 17th among all sectors, while the top three performing sectors were power equipment, non-ferrous metals, and electronics [22][23] - The top three individual stocks in the chemical sector this week were Bluefeng Biochemical (61.16%), Shangwei New Materials (44.81%), and Huarsoft Technology (31.83%) [28] Key Industry Dynamics - A new plan for stable growth in the petrochemical industry was released by seven departments, aiming for an average annual growth of over 5% in value added from 2025 to 2026 [34] - The plan emphasizes the importance of technological innovation, digital empowerment, and environmental sustainability in the petrochemical sector [34] Investment Opportunities - Synthetic biology is highlighted as a key area for growth, with companies like Kasei Biotech and Huaheng Biological being recommended for investment [4][8] - The third-generation refrigerants are expected to enter a high prosperity cycle due to upcoming quota policies and stable demand growth from the air conditioning and cold chain markets [5] - The electronic specialty gases market presents significant domestic substitution opportunities, driven by rapid upgrades in the semiconductor and photovoltaic industries [6][8] - Light hydrocarbon chemicals are identified as a global trend, with a shift towards lighter raw materials expected to enhance the value of leading companies in this sector [8] - The COC polymer industry is accelerating its domestic industrialization process, with companies like AkzoNobel being recommended for attention [9] - Potash fertilizer prices are anticipated to rebound as supply tightens and demand increases due to rising agricultural planting intentions [10] - The MDI market is expected to improve due to oligopolistic supply dynamics and stable demand from polyurethane applications [12]

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。 金宏气体股份有限公司 2025年9月27日 吴佩芳女士简历 吴佩芳，女，1981年6月出生，中国国籍，无境外居留权，本科学历。2003年2月至今，历任金宏气体股 份有限公司财务部会计、大宗气体区域销售经理、大宗气体事业部总监、苏州区总经理兼大宗气体事业 部总监、华东区总经理兼大宗气体事业部总监、助理总经理兼华东区总经理。 截至本公告披露日，吴佩芳女士未直接或间接持有公司股票，与公司持股5%以上股东、其他董事、高 级管理人员之间不存在关联关系，具备与其行使职权相适应的任职条件，其任职资格符合《中华人民共 和国公司法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引 第1号一一规范运作》以及《公司章程》等有关规定，不存在被中国证监会确定为市场禁入者且尚在禁 入期的情形，也不存在被证券交易所公开认定不适合担任公司高级管理人员的情形，未受过中国证监 会、证券交易所及其他有关部门处罚和惩戒，不存在其他违法违规情形，亦不属于最高人民法院公布的 失信被执行人。 ...

证券日报网讯9月26日晚间，金宏气体发布公告称，公司聘任吴佩芳女士为公司副总经理。 ...

金宏气体股份有限公司 关于聘任高级管理人员的公告 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。 金宏气体股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日召开第六届 董事会第十二次会议，审议通过了《关于聘任高级管理人员的议案》，具体内容如 下： 根据公司实际经营需要，经公司总经理提名，并经第六届董事会提名委员会资 格审查，公司聘任吴佩芳女士（简历详见附件）为公司副总经理，任期自本次董事 会审议通过之日起至本届董事会届满之日止。 上述高级管理人员具备与其行使职权相适应的任职条件，其任职资格符合《中 华人民共和国公司法》《上海证券交易所科创板股票上市规则》等法律法规以及《公 司章程》等有关规定，具备履行高级管理人员职责的能力。 | 证券代码：688106 | 证券简称：金宏气体 公告编号：2025-051 | | --- | --- | | 转债代码：118038 | 转债简称：金宏转债 | 特此公告。 金宏气体股份有限公司 2025 年 9 月 27 日 附件： 吴佩芳女士简历 吴佩芳，女，1981 年 6 ...