Investment Rating - The report assigns an "Accumulate" rating for the industrial gas sector, consistent with the previous rating [1]. Core Insights - The report highlights a rebound in demand from downstream manufacturing industries, leading to a continuous increase in oxygen prices for five consecutive weeks. The prices of major gases such as oxygen, nitrogen, and argon have shown a week-on-week increase, indicating a positive trend in gas pricing [3][4]. Summary by Sections Price Trends - The average price of liquid oxygen as of March 14 is 412.9 RMB/ton, with a daily increase of 2.4%, weekly increase of 6.8%, monthly increase of 21.4%, and a year-on-year decrease of 3.3% [8]. - The average price of liquid nitrogen is 401.9 RMB/ton, with a daily increase of 0.6%, weekly increase of 0.7%, monthly increase of 11.1%, and a year-on-year decrease of 15.0% [8]. - The average price of liquid argon is 477.1 RMB/ton, with a daily increase of 2.9%, weekly increase of 6.0%, monthly increase of 16.4%, and a year-on-year decrease of 57.1% [8]. Demand and Supply Dynamics - Downstream demand from industries such as metallurgy, machinery manufacturing, and new materials has increased, contributing to the rise in gas prices. The report notes that the production of rebar steel reached 2.271 million tons for the week, reflecting a week-on-week increase of 4.75% and a year-on-year increase of 3.92% [7][8]. - The supply side shows an upward trend in the operating load rate of air separation units, leading to increased liquid oxygen production and a sufficient supply in the market [7]. Recommended Stocks - The report recommends stocks such as Hangzhou Oxygen Plant Co., Ltd. and Shaanxi鼓动力, while benefiting stocks include Huate Gas, Qiaoyuan Co., Ltd., Guanggang Gas, China Shipbuilding Special Gas, Kaimete Gas, Jinhong Gas, and Heyuan Gas [7][20].
工业气体周度跟踪：下游制造业需求回升，氧气价格连涨5周-2025-03-17
Guotai Junan Securities·2025-03-17 06:59