工业气体周报（2024年11月第2周）：氧气价格同比增速转正，重要拐点

Investment Rating - The industry investment rating is "Positive" [1][48] Core Viewpoints - The industrial gas sector is expected to see a turning point as oxygen prices have shown a year-on-year increase, indicating a recovery in demand [4][10] - The market for industrial gases in China is approximately 200 billion RMB, with a compound annual growth rate exceeding 10% over the past five years [5][43] - The global leader in the industrial gas sector, Linde, has a market capitalization exceeding 1 trillion RMB [5][43] - The electronic gas sector is anticipated to benefit from the gradual recovery of the semiconductor industry, with global semiconductor sales increasing by 23.2% year-on-year in September [6][40] Summary by Sections Price Trends - The price of liquid oxygen as of November 7 is 410 RMB per ton, reflecting a 1% increase month-on-month and a 3% increase year-on-year [8][11] - Liquid nitrogen is priced at 447 RMB per ton, showing a 1% decrease month-on-month and a 7% decrease year-on-year [8] - Liquid argon is priced at 721 RMB per ton, with a 1% increase month-on-month but a significant 42% decrease year-on-year [8] Market Dynamics - The real estate sector has seen its first sales growth of the 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] - Steel industry supply-side reforms are underway, with the China Iron and Steel Association advocating for the prevention of "involution" and promoting mergers and the exit of outdated capacities [4] Investment Recommendations - The report recommends focusing on companies such as Hangyang Co., Ltd., and continues to recommend He Yuan Gas, China Shipbuilding Gas, Guang Steel Gas, Huate Gas, Qiaoyuan Co., Ltd., Kaimete Gas, and Shangu Power [6][42] - The electronic gas sector is expected to see sustained growth in downstream demand, with the global electronic gas market projected to exceed 50 billion RMB by 2025 [42][43]