工业气体周报（10月第4周）：氧氮氩价格连续3周环比上涨，看好后续复苏

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The industrial gas industry is expected to recover, with oxygen, nitrogen, and argon prices rising for three consecutive weeks [3] - The Chinese industrial gas market is nearly 200 billion RMB, with a compound annual growth rate of 11% over the past five years [3] - The market is experiencing a consolidation trend, which is expected to improve the supply-side dynamics [3] - The electronic gas sector is anticipated to benefit from the gradual recovery of the semiconductor industry, with significant growth potential in domestic electronic gas production [4] Price Tracking - The prices of air separation gases have increased for three consecutive weeks, with liquid oxygen at 398 RMB/ton (up 2% MoM), liquid nitrogen at 451 RMB/ton (up 2% MoM), and liquid argon at 688 RMB/ton (up 4% MoM) [3][5] - Rare gases have remained stable in price, with no significant changes in demand, indicating a loose supply situation [3][12] - The price of carbon dioxide has been low throughout the year, with an average price of 322 RMB/ton in September, down 17% YoY [14] Investment Recommendations - The report recommends focusing on companies such as Hangzhou Oxygen Plant, He Yuan Gas, and others in the industrial gas and electronic specialty gas sectors [4][28] - The global electronic gas market is projected to exceed 50 billion RMB by 2025, driven by the recovery in the semiconductor industry [27][28] Market Dynamics - The demand for liquid oxygen is closely tied to the steel and metal smelting industries, while nitrogen and argon are used in various sectors including chemicals and electronics [18][24] - The semiconductor industry's recovery is expected to drive demand for electronic gases, with a notable increase in global semiconductor sales [25]