工业气体月报（2024年10月）：【工业气体】氧气价格即将转正

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The industrial gas sector is expected to benefit from recent improvements in real estate sales, steel supply-side reforms, and a recovery in gas prices [4][6] - The Chinese industrial gas market is valued at nearly 200 billion RMB, with a compound annual growth rate of 11% over the past five years [6] - The electronic gas sector is anticipated to benefit from a gradual recovery in the semiconductor industry, with significant growth potential in domestic and overseas markets [7][45] Summary by Sections Recent Changes - Real estate data showed a monthly sales increase for the first time this year, with top 100 real estate companies achieving sales of 435.5 billion RMB in October, a 73% month-on-month increase and a 7.1% year-on-year increase [4] - The China Iron and Steel Association is advocating for the prevention of "involution" in the steel industry, suggesting that supply-side improvements could enhance operational rates in the industrial gas sector [4] - Gas prices have increased for four consecutive weeks, with oxygen prices expected to turn positive year-on-year soon [4][5] Gas Price Trends - As of October 31, 2024, the prices for industrial gases are as follows: Liquid Oxygen at 406 RMB/ton (up 2% month-on-month, down 0.5% year-on-year), Liquid Nitrogen at 452 RMB/ton (up 0.2% month-on-month, down 7% year-on-year), and Liquid Argon at 716 RMB/ton (up 4% month-on-month, down 42% year-on-year) [5][9] Market Outlook - The industrial gas industry is viewed positively, with expectations of market consolidation and increased market share for leading companies [6] - The electronic gas sector is projected to see sustained demand growth, particularly in the semiconductor industry, with a potential market size exceeding 50 billion RMB by 2025 [45][46] - Key companies recommended for investment include Hangyang Co., Ltd., He Yuan Gas, and others in the industrial gas and electronic gas sectors [46]