Investment Rating - The industry investment rating is "Overweight" [5][16]. Core Insights - The average weekly price of liquid oxygen and nitrogen has slightly increased, while the price of liquid argon continues its significant year-on-year upward trend. Rare gases are experiencing low-level fluctuations [2][5]. - Hangyang Group has won a bid for a nitrogen production equipment project at a refinery in West Africa, which is the largest refining project in the region with an annual crude oil processing capacity of 10 million tons and a total investment of approximately 6 billion USD [2][5]. - The successful trial operation of a high-pressure CO2 compressor by ShanGu CCS marks a significant breakthrough in carbon capture and storage technology in China [2][5]. Price Trends - As of January 29, 2026, the weekly price data for gases is as follows: 1. Liquid Oxygen: Average price is 336 CNY/ton, with a 0.9% increase month-on-month and a 0.6% decrease year-on-year 2. Liquid Nitrogen: Average price is 364 CNY/ton, with a 0.5% increase month-on-month and a 2% increase year-on-year 3. Liquid Argon: Average price is 1104 CNY/ton, with a 3.83% decrease month-on-month and a 144.83% increase year-on-year 4. Rare Gases: High-purity helium gas (cylinder) is 80.21 CNY/cubic meter, with a 5.32% decrease month-on-month and a 17.85% decrease year-on-year [5][6][10]. Company Recommendations - Recommended stocks include Hangyang Co., Ltd. and ShanGu Power, with related stocks being Fostar and Zhongtai Co., Ltd. [5][6].

Group 1 - Hangyang Group is recognized as a "national heavy weapon" in the air separation equipment field and has established itself as a "specialized, refined, distinctive, and innovative enterprise incubator" [1] - The company has nurtured 5 national specialized "little giant" enterprises and 8 provincial specialized small and medium-sized enterprises, contributing to the enhancement of enterprise competitiveness and the strengthening of industrial chains [1] - Hangyang Group focuses on industrial gases as its core, driving the collaborative development of equipment, engineering, and services, ensuring stable gas supply through customized equipment manufacturing [1] Group 2 - The emphasis on independent innovation and deepening the industrial chain is crucial for Hangyang Group's internal growth, aligning with Hangzhou's goal of becoming a national specialized and innovative city [2] - By the end of 2025, Hangzhou aims to cultivate 600 national specialized "little giant" enterprises and over 4,000 specialized small and medium-sized enterprises, ranking fifth nationally and first in the province [2] - The city has introduced two new policy frameworks to support the development of quality enterprises, including measures for lifecycle support and incentives for innovative small and medium-sized enterprises [2][3] Group 3 - The core manufacturing link expansion and quality improvement implementation plan aims to achieve comprehensive coverage of key manufacturing links within the region by 2027 [3] - The measures for specialized and innovative cities include 15 initiatives designed to support enterprises at different development stages, such as tiered rewards for newly recognized enterprises and support for AI and 5G factory construction [3] - The goal is to reach 750 specialized "little giant" enterprises by 2028 and to enter the "thousand little giants" club by 2030 [3]

Group 1 - The company, Hangyang Co., Ltd. (002430.SZ), stated on an interactive platform that it can provide liquid air separation equipment, cryogenic storage equipment, as well as aerospace-grade krypton and xenon, and environmental control equipment [1] - The company is open to actively seeking suitable opportunities in the market [1]

Investment Rating - The industry investment rating is "Overweight" [4][15]. Core Insights - The weekly average price of liquid gas has slightly decreased, while the weekly average price of liquid argon continues to show a significant year-on-year increase. Rare gases are experiencing low-level fluctuations [2][4]. - Notable events include Guanggang Gas winning a supply contract for TCL's 8.6 generation OLED printing and Hangyang successfully winning contracts for four sets of 100,000 cubic meter air separation units for the National Energy Yulin Circular Economy Coal Comprehensive Utilization Project [2][4]. Price Trends - As of January 22, 2026, the weekly price situation for gases is as follows: 1. Liquid Oxygen: Average price of 333 RMB/ton, down 0.3% month-on-month, down 3.8% year-on-year 2. Liquid Nitrogen: Average price of 362 RMB/ton, up 0.2% month-on-month, down 1.6% year-on-year 3. Liquid Argon: Average price of 1,148 RMB/ton, down 2.63% month-on-month, up 131.22% year-on-year 4. Rare Gases: - High-purity helium (cylinder): Average price of 84.71 RMB/cubic meter, down 2.06% month-on-month, down 13.24% year-on-year - High-purity helium (40L cylinder): Average price of 607.14 RMB/cylinder, down 0.15% month-on-month, down 7.86% year-on-year - Xenon: Average price of 20,785.71 RMB/cubic meter, down 1.02% month-on-month, down 28.33% year-on-year - Krypton: Average price of 190 RMB/cubic meter, unchanged month-on-month, down 39.68% year-on-year - Neon: Average price of 110 RMB/cubic meter, unchanged month-on-month, down 12% year-on-year [4][6][7]. Company Recommendations - Recommended stocks include Hangyang Co., Ltd. and Shaanxi鼓动力, with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [4][5].

Investment Rating - The industry investment rating is "Overweight" [4] Core Insights - The report indicates a slight decline in the weekly average price of liquid gas, while the weekly average price of liquid argon continues to show a significant year-on-year increase. Rare gases are experiencing low-level fluctuations in their weekly average prices. Notable events include Guanggang Gas winning a supply contract for TCL's 8.6 generation OLED printing and Hangyang successfully winning contracts for four sets of 100,000 cubic meter air separation units for the National Energy Yulin Circular Economy Coal Comprehensive Utilization Project [2][4]. Price Trends - As of January 22, 2026, the weekly price data for gases is as follows: 1. Liquid Oxygen: Average price of 333 CNY/ton, down 0.3% month-on-month, down 3.8% year-on-year 2. Liquid Nitrogen: Average price of 362 CNY/ton, up 0.2% month-on-month, down 1.6% year-on-year 3. Liquid Argon: Average price of 1,148 CNY/ton, down 2.63% month-on-month, up 131.22% year-on-year 4. Rare Gases: - High-purity helium (cylinder): Average price of 84.71 CNY/cubic meter, down 2.06% month-on-month, down 13.24% year-on-year - Bottled high-purity helium (40L): Average price of 607.14 CNY/bottle, down 0.15% month-on-month, down 7.86% year-on-year - Xenon: Average price of 20,785.71 CNY/cubic meter, down 1.02% month-on-month, down 28.33% year-on-year - Krypton: Average price of 190 CNY/cubic meter, unchanged month-on-month, down 39.68% year-on-year - Neon: Average price of 110 CNY/cubic meter, unchanged month-on-month, down 12% year-on-year [4][5]. Company Recommendations - Recommended stocks include Hangyang Co., Ltd. and Shaanxi鼓动力, with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [4][5].

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].

Investment Rating - The report assigns an "Accumulate" rating for the controlled nuclear fusion industry [26]. Core Insights - The controlled nuclear fusion sector is experiencing significant growth, with increasing procurement demands and notable financing activities, such as the completion of a 1 billion RMB Series A funding round by Star Ring Fusion [3][22]. - The 2026 Nuclear Fusion Technology and Industry Conference highlighted advancements in plasma technology, including the successful operation of the "Xuanlong-50U" hydrogen-boron plasma high-confinement mode discharge, marking a significant milestone in fusion research [16][19]. - The establishment of the Fusion Financial Institutions Alliance aims to facilitate the transition of nuclear fusion from laboratory research to engineering and commercialization, involving 130 financial and technology service institutions [24][25]. Summary by Sections Market Performance - During the week of January 12-16, the nuclear fusion index fell by 3.22%, underperforming the broader market indices [8][11]. Tender and Bid Information - Significant procurement activities were reported, focusing on superconducting materials and structural components, with total procurement amounts nearing 100 million RMB [10][13]. Domestic and International News - The 2026 Nuclear Fusion Technology and Industry Conference, held in Hefei, attracted over 1,500 participants and featured major procurement projects and collaborations [14][19]. - Japan announced the opening of three top fusion research facilities to private enterprises, marking a shift towards public-private collaboration in fusion technology [19][20]. Investment Dynamics - Star Ring Fusion's 1 billion RMB Series A financing is one of the largest in the domestic fusion energy sector, indicating strong confidence in the commercialization of next-generation energy technologies [22]. - The Fusion Financial Institutions Alliance was formed to enhance capital efficiency and support the commercialization of nuclear fusion technologies [24][25]. Investment Recommendations - The report suggests focusing on key components of controlled nuclear fusion, including magnets, power supplies, and structural components, with specific companies highlighted for potential investment [26].

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on mining equipment, AI devices, and consumables [1]. Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant capital expenditure anticipated in mining due to rising prices of non-ferrous metals [6][8]. - The AI sector is experiencing rapid growth, leading to increased demand for high-performance servers, GPUs, and advanced PCBs, which are critical for AI applications [6][20]. - The report highlights key companies in various segments, including industrial control, robotics, machine tools, and testing industries, suggesting a broad range of investment opportunities [6][8]. Summary by Sections Industry Overview - The mechanical industry comprises 636 listed companies with a total market capitalization of approximately 70,956.73 billion yuan and a circulating market value of about 58,998.75 billion yuan [3]. Company Profit Forecasts and Valuations - Several companies are highlighted with strong profit forecasts and investment ratings, including: - Huichuan Technology (300124.SZ): EPS forecasted at 2.11 yuan for 2025, with a strong buy rating [2]. - Falan Technology (603966.SH): EPS forecasted at 0.60 yuan for 2025, with a strong buy rating [2]. - Xinjie Electric (603416.SH): EPS forecasted at 1.83 yuan for 2025, with a strong buy rating [2]. - Other notable mentions include companies like Anhui Heli (600761.SH) and Sany Heavy Industry (600031.SH), both receiving strong buy ratings [2]. Market Performance - The mechanical sector has shown a positive performance with a 1.4% increase in the index, while the overall market performance varied across different indices [10][13]. - The 3C equipment segment experienced the highest growth at 14.4%, indicating strong demand in this area [11]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the AI wave, such as: - Dingtai High-Tech and Zhongtung High-Tech in the consumables sector [20][21]. - Dazhu CNC and Xinqi Micro-Assembly in the equipment sector [20]. - The report emphasizes the importance of high-end equipment and consumables in the PCB market, projecting significant growth in this area [20][21]. Key Data Tracking - The report includes macroeconomic indicators and industry-specific data, such as the manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's health [32][36].

Core Insights - The company expects its hydrogen retail business to achieve a year-on-year growth of 100% by 2025, expanding its customer base across key strategic sectors such as semiconductors, advanced materials, and biomedicine [1] - The Luoyang hydrogen production project is anticipated to commence operations in the first half of 2026, with a projected annual hydrogen supply capacity of 22.6 million cubic meters, significantly boosting the company's hydrogen business and market share [1] - The "14th Five-Year Plan" emphasizes the strategic layout of future industries, positioning hydrogen energy alongside nuclear fusion and quantum technology as key growth points for the new economy [1] Industry Overview - Hydrogen is recognized as a crucial substance for transitioning from traditional to clean energy and supporting the upgrade of high-end manufacturing, with applications spanning energy, industry, transportation, electronics, and biomedicine [1] - Hydrogen serves as an ideal clean energy carrier and is essential in modern industrial systems, particularly in the production of ammonia and methanol, as well as in semiconductor manufacturing and advanced materials processing [2] - The company is expanding its industrial chain into high-value sectors, having established a comprehensive competitive capability from core equipment development to scenario-based solution delivery [2] Market Dynamics - According to Fortune Business Insights, the global hydrogen energy market is projected to grow from $229.53 billion in 2025 to $353.52 billion by 2032, with a compound annual growth rate of 6.36% [3] - The Asia-Pacific region is expected to dominate the global hydrogen energy market, holding a market share of 47.91% in 2024 [3] - The company has developed a synergistic model of "investment + manufacturing + sales + service," driving sales performance and diversifying application markets in the hydrogen energy sector [3] Strategic Positioning - The company is leveraging its full industrial chain layout to capitalize on industry development opportunities, aiming to solidify its benchmark position in the industrial gas sector and seize opportunities in emerging strategic sectors [4]

Group 1 - The core point of the article is that Hangyang Co., Ltd. reported a total of 43,757 shareholders as of January 10, 2026 [2]