工业气体周报：工业气体氧氮氩价格环比均改善，期待后续复苏

Investment Rating - The industry is rated positively, with expectations for a recovery in the industrial gas sector [5][37]. Core Insights - The industrial gas market in China is approximately 200 billion RMB, with a compound annual growth rate (CAGR) of 11% over the past five years [5][37]. - The prices of oxygen, nitrogen, and argon have shown a month-on-month increase for three consecutive weeks, although they remain lower year-on-year [2][9]. - The rare gas market has seen stable prices, with krypton and neon prices remaining flat, while xenon prices have decreased [3][20]. - The semiconductor industry is expected to gradually recover in 2024, benefiting the electronic gas sector [31][37]. - The report highlights significant developments in hydrogen transportation and technology, marking advancements in the hydrogen energy sector [34][36]. Summary by Sections Price Trends - Oxygen, nitrogen, and argon prices for the third week of October are 390, 440, and 661 RMB per ton, respectively, with year-on-year declines of 12%, 14%, and 42% [2][9]. - The prices of liquid oxygen, nitrogen, and argon have shown a downward trend in September, with liquid oxygen at 369 RMB per ton, liquid nitrogen at 426 RMB per ton, and liquid argon at 621 RMB per ton [12][15]. Market Dynamics - The rare gas market is characterized by weak demand, with krypton averaging 350 RMB per cubic meter, xenon at 31,500 RMB per cubic meter, and neon at 125 RMB per cubic meter [3][20]. - The report notes that the industrial gas sector is undergoing consolidation, with leading companies expected to increase their market share [5][37]. Investment Opportunities - The report recommends focusing on companies such as Hangyang Co., Ltd., and others in the industrial gas and electronic gas sectors, anticipating continued growth in demand [37]. - The global electronic gas market is projected to exceed 50 billion RMB by 2025, driven by the recovery of the semiconductor industry [37]. Industry Developments - Significant projects in hydrogen transportation and technology have been initiated, including the first international liquid hydrogen transport demonstration and advancements in hydrogen blending technology [34][36].