2026 年工业气体行业的投资逻辑是什么？ 工业气体行业在 2026 年的投资逻辑主要基于供给侧改革和市场集中度提升。 首先，当前气体价格处于周期底部，即便价格不立即反转，也已过最坏时期， 未来三年利润复合增速预计接近 20%。目前市盈率仅为 20 倍，估值较低，一 旦周期反转，利润和估值都有双升空间。此外，公司在可控核聚变领域与头部 公司紧密合作，这一新兴领域有望成为第二增长曲线。全球对标公司市值达万 亿人民币，而国内龙头企业杭氧股份市值仅 200 多亿人民币，有巨大成长空间。 杭氧股份 20251203 摘要 杭氧股份作为中国工业气体龙头企业，受益于管道气业务的稳定性和零 售气业务的弹性，具备显著的防御和进攻属性，预计 2025 年业绩约 10 亿元，主要由管道气贡献。 公司积极布局可控核聚变领域，已多次中标相关项目，该领域低温系统 价值量占比可观，有望显著提升公司成长性，并设立产业基金为进一步 布局奠定基础。 杭氧股份还积极拓展商业航天和氢能等新兴领域，这些领域符合国家 "十四五"规划重点发展方向，将为公司带来新的增长动力，提升其成 长属性。 中国工业气体市场集中度高，前五大企业占据 70%以上份额，杭 ...

成份股方面，钾肥、锂电、石化等板块部分个股涨幅居前。截至收盘，杭氧股份飙涨5.56%，亚钾国际 大涨4.37%，恒逸石化、藏格矿业、华峰化学等多股跟涨超2%。 化工板块今日（12月3日）逆市上涨！反映化工板块整体走势的化工ETF（516020）多数时间红盘震 荡，盘中场内价格最高涨幅达到1.39%，午后略有回落，截至收盘，逆市涨0.38%。 | 证券简称 | 库号 证券代码 | 区间涨跌幅 | | | --- | --- | --- | --- | | | | [区间首日] 2025-01-01 | | | | | [区间尾日] 2025-12-03 | | | | | [単位] % | | | :: 1 000813.CSI 细分化工 | | | 28.1279 | | ::: | 2 000001.SH 上证指数 | | 15.7003 | | ::: | 3 000300.SH 沪深300 | | 15.1500 | 注：统计区间为2025年1月1日至2025年12月3日，细分化工指数近5个完整年度的涨跌幅为：2020年， 51.68%；2021年，15.72%；2022年，-26.87%；2023年， ...

资金面上看，今日高压氧舱概念板块获主力资金净流出0.45亿元，其中，4股获主力资金净流入，净流 入资金居首的是三星医疗，今日主力资金净流入497.59万元，净流入资金居前的还有澳洋健康、盈康生 命、威奥股份等，主力资金分别净流入132.39万元、89.09万元、69.15万元。 资金流入比率方面，盈康生命、威奥股份、澳洋健康等流入比率居前，主力资金净流入率分别为 2.53%、1.60%、1.49%。（数据宝） 截至12月3日收盘，高压氧舱概念上涨0.92%，位居概念板块涨幅第2，板块内，8股上涨，杭氧股份、 大湖股份、金陵药业等涨幅居前，分别上涨5.56%、1.13%、1.09%。跌幅居前的有倍益康、铁建重工、 盈康生命等，分别下跌0.40%、0.20%、0.20%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 培育钻石 | 2.72 | 快手概念 | -3.56 | | 高压氧舱 | 0.92 | MLOps概念 | -3.32 | | 中韩自贸区 | 0.77 | DRG/DIP | -3.21 | ...

Core Viewpoint - Hangyang Co., Ltd. is identified as a leading player in China's industrial gas sector, characterized by both cyclical and growth potential, with a promising outlook for performance recovery as the industry is at the cyclical bottom [1] Industry Summary - The gas industry is currently at a cyclical low, indicating potential for upward performance recovery in the future [1] - The company is accelerating its layout in the controllable nuclear fusion field, which is expected to open a second growth curve [1] Company Summary - In the event of macroeconomic recovery, the retail gas segment shows significant potential for performance elasticity [1] - Even without considering economic recovery, the company can maintain steady performance growth through pipeline gas (volume delivery) and equipment business (Xinjiang coal chemical and overseas demand) [1] - The total signed oxygen production capacity for 2024 is projected to reach 3.5 million Nm³/h, representing an 8.6% year-on-year increase (300,000 Nm³/h), which supports steady growth in pipeline gas volume [1] - The potential performance elasticity from retail gas is expected to be substantial [1] - The company is also cultivating new growth points such as electronic special gases and aims to achieve integrated production and storage applications for neon, helium, krypton, and xenon, thereby expanding its growth space [1] - The investment rating is maintained at "Buy" [1]

| | | | | 商业航天板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 代码 | | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅%。 | | 7 | 002565 | 顺灏股份 | 1 | 9.99 | 113亿 | 254.08 | | 2 | 301136 | 招标股份 | 1 | 9.89 | 60.24 Z | 84.88 | | 3 | 301040 | 中环海陆 | | 8.56 | 28.40亿 | 129.22 | | ব | 300593 | 新雷能 | + | 7.46 | 151亿 | 148.21 | | 5 | 300455 | 航天智装 | | 7.27 | 198亿 | 113.12 | | 6 | 003009 | 中天火箭 | | 6.18 | 99.02亿 | 63.60 | | 7 | 002278 | 神开股份 | | 5.87 | 43.96 Z | 127.92 | | 8 | 002430 | 杭氧股份 | 1 | 5.82 | 278亿 | 32.62 | | ਰੇ | 30 ...

Core Viewpoint - The chemical industry is currently experiencing a dual bottom in valuation and profitability, with signs of recovery in profit margins and a potential upward trend in the economic cycle driven by demand recovery and resource supply contraction [1][2]. Group 1: Industry Performance - As of December 3, 2025, the chemical sector index rose by 0.87%, with notable gains from stocks such as Hangzhou Oxygen Plant (up 4.48%) and Yara International (up 4.42%) [1]. - The basic chemical sector's net profit increased by 7.45% year-on-year for the first three quarters of 2025, indicating a recovery trend despite mixed performance across sub-sectors [1]. - The overall chemical industry remains at a low level of prosperity, but a gradual improvement in profit margins is becoming evident [1]. Group 2: Market Dynamics - The industry is expected to benefit from reduced supply-side pressures and a global monetary easing environment, particularly with the anticipated interest rate cuts by the Federal Reserve, which could stimulate downstream demand [1]. - The focus on "anti-involution" policies is crucial as multiple sub-industries face competitive pressures, and the industry is likely to accelerate the release of high-performance new materials driven by AI demand [1][2]. Group 3: Investment Opportunities - Investors can track the chemical sector through the Jia Shi Chemical ETF (159129), which closely follows the China Securities Index for the chemical industry [2]. - There are also opportunities for off-market investors to engage with the chemical sector via the Chemical ETF Connect Fund (013527) [3].

从估值方面来看，当前化工板块仍具配置性价比。数据显示，截至昨日（12月2日）收盘，化工ETF（516020）标的指数细分化工指数市净率为2.33倍，位 于近10年来39.73%分位点的相对低位，中长期配置性价比凸显。 展望后市，中国银河证券表示，2024年以来化工行业资本开支迎来负增长，随着"反内卷"浪潮袭来及海外落后产能加速出清，供给端有望收缩。"十五五"规 划建议"坚持扩大内需"为未来五年定调，叠加美国降息周期开启，化工品需求空间打开。其认为，供需双底基本确立，政策预期强力催化，2026年化工行业 或迎周期拐点向上，开启从估值修复到业绩增长的"戴维斯双击"。 如何把握化工板块反弹机遇？借道化工ETF（516020）布局效率或更高。公开资料显示，化工ETF（516020）跟踪中证细分化工产业主题指数，全面覆盖化 工各个细分领域。其中近5成仓位集中于大市值龙头股，包括万华化学、盐湖股份等，分享强者恒强投资机遇；其余5成仓位兼顾布局磷肥及磷化工、氟化 工、氮肥等细分领域龙头股，全面把握化工板块投资机会。场外投资者亦可通过化工ETF联接基金（A类012537/C类012538）布局化工板块。 来源：沪深交易所等， ...

Market Overview - On December 2, the Zhejiang state-owned enterprise reform sector fell by 0.07% compared to the previous trading day, with Chuangyuan Co., Ltd. leading the decline [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Yilida (002686) saw a significant increase of 10.00%, closing at 7.37 with a trading volume of 197,100 shares and a transaction value of 142 million [1] - Ningbo Fuda (600724) also performed well, increasing by 9.96% to close at 5.85, with a trading volume of 440,900 shares and a transaction value of 254 million [1] - Other notable gainers included Dehong Co. (603701) up 3.64% and Qianjiang Biochemical (600796) up 2.71% [1] Fund Flow Analysis - The Zhejiang state-owned enterprise reform sector experienced a net outflow of 65.2 million from institutional investors and 79.2 million from speculative funds, while retail investors saw a net inflow of 144 million [2][3] - Ningbo Fuda (600724) had a net inflow of 70.2 million from institutional investors, despite a net outflow of 31.7 million from speculative funds and 38.6 million from retail investors [3] - Yilida (002686) also experienced a net inflow of 62.3 million from institutional investors, with outflows from both speculative and retail investors [3]

2）我们认为：2025 年气体价格已展现出触底回升趋势，且宏观 PPI 指标已经历 多年下行、期待周期触底向上。如果未来宏观经济复苏，零售气业绩潜在弹性 大。即使不考虑经济复苏的基础下，未来公司依靠管道气（量投放）+设备业务 （新疆煤化工+海外需求）、业绩基本盘仍能稳步向上。同时公司加速布局可控核 聚变领域，与安徽聚变新能等头部客户紧密合作，第二成长曲线打开。 证券研究报告 | 公司点评 | 化学制品 杭氧股份(002430) 报告日期：2025 年 12 月 02 日 中国工业气体龙头："周期+成长"，核聚变打开空间 ——杭氧股份点评报告 核心逻辑 ❑ 一句话逻辑 中国工业气体龙头，"周期+成长"兼备的纯内需标的；气体行业处于周期底部， 未来业绩有望拐点向上。加速布局可控核聚变领域，打开第二成长曲线 ❑ 超预期逻辑 1）市场认为：宏观经济承压，公司业绩增长存在不确定性。 （1）管道气：公司的"防御"属性，受宏观经济波动小，稳定增长。管道气的 商业模型相对稳定、一旦项目在客户端投产、将带来公司稳定的收益和现金流， 受宏观经济波动较小。2024 年公司总制氧量累计签单量 350 万 Nm³/h，同比增长 8.6 ...

智通财经APP获悉，12月2日共有5家上市公司的限售股解禁，解禁总市值约21.35亿元。 今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 爱旭股份 | 600732 | 股权激励限售流通 | 34.58万 | | 二六三 | 002467 | 股权激励限售流通 | 507万 | | 杭氧股份 | 002430 | 股权激励限售流通 | 31.98万 | | 宇新股份 | 002986 | 股权激励限售流通 | 328.92万 | | 三未信安 | 688489 | | 6277.03万 | ...