工业气体月度跟踪：5月气体均价环比小幅波动；杭氧设备出海加速

Investment Rating - The report suggests to continuously pay attention to Hangzhou Oxygen Plant Group, Suzhou Jinhong Gas, Xi'An Shaangu Power, Hunan Kaimeite Gases, and Guangdong Huate Gas [5]. Core Insights - In May, liquid oxygen prices slightly increased, while liquid nitrogen and liquid argon prices slightly decreased. The average price for liquid oxygen was RMB 444 per ton, up 0.31% month-on-month (MoM), and down 5.7% year-on-year (YoY). Liquid nitrogen's average price was RMB 458 per ton, down RMB 10.06 per ton MoM, and down RMB 84.68 per ton YoY. Liquid argon's average price was RMB 1072.68 per ton, down 4.48% MoM, and down 1.04% YoY [2][13]. - The report highlights that Hangzhou Oxygen Plant Group has accelerated its equipment exports and is developing its gas business in multiple fields. The company won a large air separation equipment order for the European and American markets, providing 50000-grade air separation equipment to a Mexican customer [4][13]. - Guangzhou Huate Gas's intelligent equipment manufacturing base project held a groundbreaking ceremony in May, focusing on advanced semiconductor manufacturing requirements [5][13]. Summary by Sections Price Trends - Liquid oxygen: Average price RMB 444 per ton, up 0.31% MoM, down 5.7% YoY [2]. - Liquid nitrogen: Average price RMB 458 per ton, down RMB 10.06 per ton MoM, down RMB 84.68 per ton YoY [2]. - Liquid argon: Average price RMB 1072.68 per ton, down 4.48% MoM, down 1.04% YoY [2]. - Helium: Bulk 40L high-purity helium was RMB 736.87 per bottle, down RMB 14.26 per bottle MoM, down RMB 921.07 per bottle YoY [2]. - Xenon: Average price RMB 40200 per cubic meter, down RMB 1100 per cubic meter MoM, down RMB 65400 per cubic meter YoY [2]. - Krypton: Average price RMB 400 per cubic meter, down RMB 31.33 per cubic meter MoM, down RMB 791.94 per cubic meter YoY [2]. - Neon: Average price RMB 137.07 per cubic meter, up RMB 0.9 per ton MoM, down RMB 347.61 per cubic meter YoY [2]. Operating Load Rate - As of May 29, 2024, China's industrial gas weekly operating load rate was 67.9%, up 0.38 percentage points MoM [3][13]. Important Events - Hangzhou Oxygen Plant Group signed a strategic cooperation agreement with Yidao New Energy, focusing on gas and PV product applications, new energy development, and joint technology R&D [4][13]. - The company has also established a strategic partnership with Lingang Science and Technology Investment Company to leverage strengths in gas services and hydrogen energy technology R&D [4][13].