工业气体月度跟踪：液态气10月均价环比回升，期待下游持续好转

Investment Rating - The investment rating for the mechanical industry is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report highlights a recovery in the prices of liquid oxygen, nitrogen, and argon in October, with liquid oxygen averaging 380 RMB/ton (up 3% month-on-month, down 14.8% year-on-year), liquid nitrogen at 435 RMB/ton (up 2.4% month-on-month, down 16.7% year-on-year), and liquid argon at 647 RMB/ton (up 3.85% month-on-month, down 42.69% year-on-year) [3][4]. - The report also notes a significant breakthrough in liquid hydrogen storage and transportation equipment by Hangyang Group, which successfully shipped a 100m³ horizontal liquid hydrogen high-vacuum insulated storage tank [4]. - The report recommends continued investment in Hangyang Co., Ltd. and suggests attention to other companies such as Jinhong Gas, Guanggang Gas, and Shaanxi Guo Power [4]. Summary by Sections Price Trends - Liquid oxygen average price in October was 380 RMB/ton, with a month-on-month increase of 3% and a year-on-year decrease of 14.8% [3]. - Liquid nitrogen average price was 435 RMB/ton, with a month-on-month increase of 2.4% and a year-on-year decrease of 16.7% [3]. - Liquid argon average price was 647 RMB/ton, with a month-on-month increase of 3.85% and a year-on-year decrease of 42.69% [3]. Production Capacity and Utilization - The weekly operating load rate for China's industrial gases was reported at 67.41% as of October 30, 2024, reflecting a month-on-month increase of 0.54 percentage points [4]. Key Events - Hangyang Group achieved a key breakthrough in liquid hydrogen storage technology with the successful shipment of a high-capacity storage tank [4]. - The report mentions the successful operation of the largest single-plant scale ethylene production facility in China, which integrates green hydrogen with modern coal chemical processes [4].