Guoxin Securities·2026-04-01 03:29Investment Rating - The report maintains an "Outperform" rating for the helium industry [1][5][20]. Core Insights - Qatar's helium supply disruption due to military attacks has led to a tightening of global helium supply, with approximately 30% of helium supply affected [2][10]. - The report emphasizes the need for China to diversify its helium import sources, enhance storage and transportation capabilities, and develop domestic helium extraction industries to ensure supply chain security [2][12]. - The domestic helium prices in China have been rising, with prices for high-purity helium reaching 80-146 RMB per cubic meter, an increase of 19-56 RMB compared to pre-conflict levels [11]. Summary by Sections Industry Overview - Major helium resource countries include the USA, Qatar, Russia, and Algeria, with China relying on imports for nearly 90% of its helium needs [3][6]. - The global helium supply is primarily extracted from natural gas, and helium is crucial for various sectors including aerospace, defense, deep-sea diving, electronics, and healthcare [3]. Supply Chain and Pricing - The disruption in Qatar's Ras Laffan industrial city has caused a significant supply shortage, with recovery timelines uncertain [10]. - Domestic helium prices are expected to continue rising due to the ongoing supply constraints from Qatar [11]. Investment Opportunities - Companies such as Jin Hong Gas and China National Petroleum Corporation (CNPC) are highlighted as key players due to their strategic positioning in helium sourcing and storage capabilities [18][19]. - Jin Hong Gas is expanding its helium import sources and storage capabilities, while CNPC is leveraging its resource advantages to enhance domestic helium supply [18][19]. Future Projections - China's helium production capacity is projected to reach 14.66 million cubic meters by 2025, with a compound annual growth rate of 116% from 2019 to 2025 [13]. - The report suggests that the development of helium extraction technologies and facilities in China will play a critical role in reducing reliance on imports and ensuring supply stability [19].