工业气体周报（2024年11月第3周）：【工业气体】液氧价格同比上涨近3%

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The gas prices are at historical lows, with expectations for a turning point as economic recovery is anticipated [3][4] - The industrial gas market in China is nearly 200 billion RMB, with a compound annual growth rate exceeding 10% over the past five years [6][72] - The report highlights the potential for price recovery in industrial gases due to improved market liquidity and real estate sales growth [4][22] Summary by Sections Price Trends - As of November 14, 2024, the prices for liquid oxygen, nitrogen, and argon are 403 RMB/ton, 433 RMB/ton, and 705 RMB/ton respectively, with year-on-year changes of +3%, -9%, and -42% [3][11] - The average monthly prices for oxygen, nitrogen, and argon are at historical 5% percentile levels, with significant declines from their peak prices [37][29] Economic Factors - The introduction of a 10 trillion RMB debt policy is expected to enhance market liquidity and boost market expectations [4] - Real estate sales among the top 100 companies reached 435.5 billion RMB in October, marking a 73% month-on-month increase and a 7.1% year-on-year increase, which is expected to positively impact gas prices [4][22] Industry Dynamics - The report notes a trend of industry consolidation, with leading companies increasing their market share and improving competitive dynamics [6][72] - The semiconductor industry is projected to recover gradually in 2024, benefiting the electronic gases sector [7][68] Investment Recommendations - The report recommends key companies such as Hangzhou Oxygen Plant, He Yuan Gas, and others for investment, highlighting their potential for growth in the industrial gas and electronic gas sectors [72][73]