证券代码：002430 证券简称：杭氧股份 公告编号：2025-060 债券代码：127064 债券简称：杭氧转债 二、审议通过了《关于为全资子公司提供委托贷款的议案》 同意为全资子公司青岛杭氧通达电子气体有限公司提供7,700万元委托贷款，委 托贷款期限不超过3年，利率以实际协议为准。 杭氧集团股份有限公司 第八届董事会第二十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 杭氧集团股份有限公司（以下简称"公司"或"本公司"）于2025年7月8日以通讯方 式召开了第八届董事会第二十六次会议，本次会议的通知及会议资料于2025年7月2 日以传真、电子邮件等方式送达各位董事。会议由公司董事长郑伟先生主持，应参 加会议的董事9名，实际参加会议的董事9名。本次会议的召集和召开符合《公司法》 及《公司章程》的有关规定，合法有效。 会议审议了列入议程的议案。按照《公司章程》的规定，与会董事以书面表决 方式对以下议案进行了表决，通过了以下决议： 一、审议通过了《关于为控股子公司贷款提供担保的议案》 同意公司按持股比例为控股子公司衢州杭氧华友气体有限公司不超 ...

证券研究报告 氧氮价格拐点向上，液氧连续三周同比正增长 ——工业气体跟踪（6月） 行业评级：看好 2025年7月7日 | 分析师 | 邱世梁 | 分析师 | 王华君 | 分析师 | 李思扬 | | --- | --- | --- | --- | --- | --- | | 证书编号 | S1230520050001 | 证书编号 | S1230520080005 | 证书编号 | S1230522020001 | | 邮箱 | qiushiliang@stocke.com.cn | 邮箱 | wanghuajun@stocke.com.cn | 研究助理 | 张筱晗 | 工业气体：氧氮价格拐点向上，液氧连续三周同比正增长 ➢ 空分气价止跌回稳：6月，液氧/液氮/液氩均价位于历史28%/25%/10%分位值 2 1、中国工业气体行业近2000亿元市场，过去5年复合增速超过10%； 2、行业整合预期，龙头份额提升，竞争格局改善； 3、海外可比公司林德气体市值超万亿元； ➢ 电子气体：全球半导体景气逐步复苏；电子气体行业有望持续受益 1、半导体行业复苏进程中，电子气体是重要耗材； 2、自主可控，国产替代加速； 3、 ...

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3468.65 points, down by 0.11%, while the total trading volume reached 584.993 billion yuan, indicating a mixed performance in the market [1]. Group 1: Market Performance - As of 10:29 AM, the Shanghai Composite Index is at 3468.65 points, with a decrease of 0.11% [1]. - The total trading volume in the A-share market is 584.993 billion yuan [1]. Group 2: Stocks Breaking the Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including Guotou Zhonglu, Jigaofazhan, and Huate Gas, showing significant deviation rates of 8.45%, 6.51%, and 4.34% respectively [1]. - Stocks with smaller deviation rates that have just crossed the annual line include Pudong Jinqiao, Hengli Petrochemical, and Zhenyou Technology [1]. Group 3: Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - Guotou Zhonglu (Code: 600962) with a price increase of 9.98% and a deviation rate of 8.45% [1]. - Jigaofazhan (Code: 600807) with a price increase of 10.16% and a deviation rate of 6.51% [1]. - Huate Gas (Code: 688268) with a price increase of 4.36% and a deviation rate of 4.34% [1]. Group 4: Additional Stocks with Positive Performance - Other notable stocks with positive performance include: - Jingtou Fazhan (Code: 600683) with a price increase of 4.39% and a deviation rate of 2.45% [1]. - Huaihe Energy (Code: 600575) with a price increase of 2.23% and a deviation rate of 1.96% [1]. - ST Gaosi (Code: 002848) with a price increase of 2.88% and a deviation rate of 1.65% [1]. Group 5: Stocks with Lower Deviation Rates - Stocks with lower deviation rates that have recently crossed the annual line include: - Qianyuan Qian (Code: 600189) with a price increase of 1.80% and a deviation rate of 0.82% [2]. - Sifang Stock (Code: 601126) with a price increase of 0.79% and a deviation rate of 0.72% [2]. - Wentai Technology (Code: 600745) with a price increase of 0.94% and a deviation rate of 0.66% [2].

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Core Viewpoint - Compressed Air Energy Storage (CAES) is recognized as one of the most promising large-scale energy storage technologies, with significant growth potential in China due to strong government support and increasing demand for energy storage solutions [1][4][24]. Group 1: Industry Definition and Working Principle - CAES technology utilizes compressed air for energy storage, allowing for large capacity and long-duration energy storage [2][4]. - The system operates by compressing air, storing it, and then releasing it to generate electricity when needed, following a process similar to gas turbines [2][4]. Group 2: Current Industry Status - CAES has been commercially operational in developed countries since the 1950s, with the U.S. and Germany leading in technology development [4][5]. - As of May 15, 2025, China has 13 operational CAES projects with a cumulative installed capacity nearing 1000 megawatts [7][8]. Group 3: Industry Development Environment - The Chinese government has implemented various policies to promote the development of CAES, emphasizing its role in enhancing the stability and efficiency of the power system [14][16]. - The investment in China's power grid construction reached 527.7 billion yuan in 2023, with expectations to complete 600 billion yuan in 2024, supporting the growth of CAES [11][14]. Group 4: Competitive Landscape - The CAES industry in China features a limited number of participants due to high technical barriers, with key players including China Energy Engineering Group, China Power Construction Group, and others [17][19]. - China Energy Engineering Group is notable for its comprehensive involvement in CAES, from technology R&D to project investment [19][20]. Group 5: Future Development Trends - CAES is expected to play a crucial role in addressing energy shortages and environmental issues, with advancements in technology likely to enhance efficiency and economic viability [24]. - The integration of 5G, AI, and big data analytics is anticipated to elevate CAES systems to new levels, supported by increasing government policy backing [24].

证券代码：002430 证券简称：杭氧股份 公告编号：2025-058 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 关于"杭氧转债"预计触发转股价格向下修正条件的 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、可转债发行上市基本概况 （一）发行情况 经中国证券监督管理委员会《关于核准杭州制氧机集团股份有限公司公开发 行可转换公司债券的批复》（证监许可[2022]408号文）核准，并经深圳证券交易 所同意，杭氧股份于2022年5月19日公开发行了1,137万张可转换公司债券，每张 面值100元，按面值发行，发行总额为11.37亿元。发行方式采用向公司原股东优 先配售，原股东优先配售后余额部分（含原股东放弃优先配售部分）通过深交所 交易系统网上向社会公众投资者发行，认购金额不足11.37亿元的部分（含中签投 1、证券代码：002430，证券简称：杭氧股份 2、转债代码：127064，转债简称：杭氧转债 3、转股价格：25.98 元/股 4、转股期限：2022 年 11 月 25 日至 2028 年 5 月 18 日 资者放弃 ...

| | | 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司 2025年第二季度可转换公司债券转股情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： "杭氧转债"（转债代码：127064）转股期为2022年11月25日至2028年5月18 日，目前转股价格为人民币25.98元/股。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》的有关规定，杭氧集团股份有限公司（以下简 称"公司"）将2025年第二季度可转换公司债券（以下简称"可转债"）转股及公司 股份变动的情况公告如下： 一、 可转债发行上市概况 （一）可转换公司债券发行情况 中国证券监督管理委员会《关于核准杭州制氧机集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]408号文）核准，并经深圳证券交易 所同意，杭氧股份于2022年5月19日公开发行了1,137万张可转换公司债券，每张 面值100元，按面值发行，发行总额为11.37亿元，期限6年。 （二）可转换公司债券上市情况 经深圳证券交易所（以下简称 ...

浙商证券股份有限公司关于 杭氧集团股份有限公司 公开发行可转换公司债券 受托管理事务报告（2024 年度） 债券受托管理人 （浙江省杭州市五星路 201 号） 证券代码：002430 证券简称：杭氧股份 转债代码：127064 转债简称：杭氧转债 1 重要声明 浙商证券股份有限公司（以下简称"浙商证券"、"受托管理人"）根据《中 华人民共和国证券法》《公司债券发行与交易管理办法》《公司债券受托管理人执 业行为准则》等法律法规、自律规则等规范性文件要求，以及受托管理的杭氧集 团股份有限公司（以下简称"杭氧股份"、"公司"或"发行人"）存续期可转换 公司债券募集说明书、受托管理协议等债券发行信息披露文件约定要求进行编制。 浙商证券编制本报告的内容及信息均来源于发行人对外公布的《杭氧集团股 份有限公司 2024 年年度报告》及相关公开信息披露文件、第三方中介机构出具 的专业意见以及发行人向浙商证券提供的其他材料。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立判断，而不应将本报告中的任何内容据以作为浙商证券所作的 承诺或声明。 2 | 重要声明 | 2 | | --- | --- ...

Core Viewpoint - Hangyang Co., Ltd. is positioned as a leading supplier in the air separation and industrial gas industry, benefiting from strong government support and a strategic shift towards industrial gas services, particularly in the context of China's growing commercial aerospace sector [1][2][3]. Industry Overview - The aerospace industry is recognized as a strategic pillar for the nation, with policies driving robust growth. The commercial aerospace sector is expected to enter a golden development period from 2024 to 2029, with a projected market size of 6.6 trillion yuan by 2029, reflecting a compound annual growth rate of approximately 23% [1]. - The air separation equipment market in China is anticipated to reach 53.3 billion yuan by 2025, indicating significant growth potential [3]. Company Performance - In Q1 2025, the company reported revenue of 3.565 billion yuan, a year-on-year increase of 7.85%, and a net profit of 223 million yuan, up 13.81% year-on-year. The net cash flow from operating activities reached 424 million yuan, a 46.78% increase [2]. - The total assets of the company stood at 24.564 billion yuan at the end of the reporting period, reflecting a 2.05% year-on-year growth [2]. Technological Advancements - The company is leading the air separation equipment industry with a focus on modularization, intelligence, and low-carbon technology, transitioning towards high-tech and high-value-added sectors [3]. - Hangyang has established a comprehensive R&D system and has been recognized as a national-level "Science and Technology Reform Demonstration Enterprise," with R&D investment of 452 million yuan in 2024, accounting for 3.29% of revenue [5]. Market Position - Hangyang holds a significant market share in the air separation equipment sector, with a leading position in the production capacity and shipment of large equipment [3]. - The company has successfully transitioned from a single equipment manufacturer to a comprehensive service provider, enhancing its competitive edge in the industrial gas market [4][7]. Strategic Initiatives - The company aims to create a world-class gas industry enterprise, focusing on optimizing its engineering and equipment sectors while enhancing project profitability and expanding application scenarios [7]. - The company is also advancing its hydrogen energy, medical health, and electronic specialty gas business units, fostering a collaborative development model across multiple sectors [7].

股票代码：002430 股票简称：杭氧股份 公告编号：2025-057 转债代码：127064 转债简称：杭氧转债 杭氧集团股份有限公司（以下简称"杭氧股份"或"公司"）控股股东杭州杭 氧控股有限公司（以下简称"杭氧控股"）基于对公司长期投资价值的认可及未来 发展前景信心，计划自 2025 年 4 月 10 日起 6 个月内，通过二级市场增持公司股份， 包括集中竞价、大宗交易等方式，增持金额不低于人民币 1 亿元、不高于人民币 2 亿 元，本次增持不设置固定价格区间，结合资本市场行情择机开展股份增持。 杭氧集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、计划增持主体的基本情况 本次增持计划的具体内容详见公司于 2025 年 4 月 10 日、2025 年 4 月 29 日披露 的《关于控股股东增持公司股份计划的公告》（公告编号：2025-032）、《关于控股 股东获得增持专项贷款承诺函的公告》（公告编号：2025-041）。 二、增持计划的进展情况 截至 2025 年 6 月 18 日，杭氧控股通过深圳证券交易所交易系统以集中竞价交易 方 ...