工业气体周度跟踪：氧气价格环比回升，稀有气体价格稳定
Guotai Junan Securities·2024-10-20 10:09

Investment Rating - The report assigns an "Accumulate" rating for the industrial gas sector, consistent with the previous rating [2]. Core Viewpoints - The prices of bulk gases such as oxygen and nitrogen have rebounded month-on-month, while argon prices remain stable. Rare gases like neon and krypton have held steady, while xenon and helium prices have declined. There is a slight increase in demand from downstream steel mills, suggesting a potential recovery in bulk gas prices [3]. Summary by Sections - Bulk Gas Prices: Oxygen and nitrogen prices have increased month-on-month, while argon prices have remained unchanged. As of October 19, the average price of liquid oxygen is 392.38 RMB/ton, down 15.40% year-on-year but up 7.45% month-on-month. Liquid nitrogen averages 422.14 RMB/ton, down 15.25% year-on-year and up 2.96% month-on-month. Liquid argon is priced at 619.52 RMB/ton, down 44.86% year-on-year and up 5.86% month-on-month [4]. - Rare Gas Prices: Neon and krypton prices have remained stable, while xenon and helium prices have decreased. As of October 19, neon is priced at 120 RMB/m³, down 52% year-on-year and stable month-on-month. Krypton is at 330 RMB/m³, up 49.23% year-on-year and stable month-on-month. Xenon is priced at 29,500 RMB/m³, up 51.24% year-on-year and down 3.28% month-on-month. Helium in 40L bottles averages 633.46 RMB/bottle, down 44.92% year-on-year and down 0.60% month-on-month [4]. - Demand and Supply Dynamics: There is a slight increase in oxygen demand from steel mills, with a reported apparent consumption of rebar at 2.5784 million tons for the week, down 14% year-on-year but up 3.76% month-on-month. The steel price index is at 102.10, down 4.7% year-on-year but up 12.38% month-on-month. The overall outlook suggests a gradual recovery in bulk gas prices, while rare gas prices are expected to remain relatively stable [4]. - Investment Recommendations: The report recommends stocks such as Hangzhou Oxygen Plant and Shaanxi Blower, with beneficiary stocks including Huate Gas, Qiaoyuan Co., Guanggang Gas, China Shipbuilding Special Gas, Kaimite Gas, Jinhong Gas, and Heyuan Gas [4].