液氩均价延续同比上涨趋势；南大光电增 持乌兰察布子公司加码电子特气布局 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2026.01.11 [Table_Industry] 机械行业 工业气体行业周度跟踪（2026 年 1 月第 2 周） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | 本报告导读： 数据端看，2026 年 1 月第 2 周，液氩延续同比上涨趋势；稀有气体周均价低位震荡； 事件端看，启东金宏开业；南大光电拟 7760 万元增持乌兰察布子公司股权，加大电 子特气业务布局。 投资要点： [Table_Report] 相关报告 机械行业《量产版 Atlas 亮相 CES 2026，人形机 器人产业发展持续加速》2026. ...

证券研究报告 2026年1月9日 行业：基础化工 增持 （维持） 分析师：于庭泽 SAC编号：S0870523040001 分析师：郭吟冬 SAC编号：S0870525110001 主要观点 周期有望回暖，新兴需求成长可期 ——化工行业2026年度投资策略 u 建议关注： 风险提示：原油价格波动、需求不达预期、宏观经济下行。 2 u 化工行业景气回升，周期有望回暖。行业供给增速预期放缓，补库周期已经开启，国家层面持续强化政策 引导，新一轮供给侧改革蓄势待发。关注制冷剂、钾肥、有机硅、磷化工等景气上行板块。 u 关注新材料成长性机会。（1）锂电材料：固态电池产业化进程加速，利好相关材料；（2）光刻胶：下游 半导体需求旺盛，光刻胶作为产业链关键材料，国产替代加速。 行情回顾：2025年基础化工指数回升，化工品价格弱势运行 图1 2024年至今基础化工指数走势 图2 CCPI化工品价格指数 资料来源：iFinD，上海证券研究所 资料来源： iFinD，上海证券研究所 1. 制冷剂：金石资源、巨化股份、三美股份、永和股份； 2. 钾肥：亚钾国际、盐湖股份； 3. 有机硅：东岳硅材、兴发集团、新安股份、鲁西化工； 4. ...

消息面上，商务部1月7日发布公告，决定自2026年1月7日起对原产于日本的进口二氯二氢硅进行反倾销 立案调查。 光大证券指出，随着半导体、新能源等下游行业的崛起，我国电子气体的需求快速增长。同时，当下海 外半导体行业出口管制持续收紧，国内高端半导体材料自给能力亟需提升，进一步加速了国产化替代进 程。2022年我国电子特气的市场规模已增至220.8亿元，中国半导体工业协会预计2025年将增至316.6亿 元，三年CAGR达12.8%。 该机构表示，我国工业气体行业发展迅速，市场规模持续扩容，现已涌现出一批优质的工业气体企业， 看好具有一定营收规模，且拥有稳健现金流的工业气体企业。与此同时，在电子特气国产化浪潮的推动 下，也应持续关注这些工业气体企业进军电子特气领域后其产品研发及导入进度，以及相关新增产能的 落地进展。看好工业气体行业的领先公司以及专注电子特气领域布局的相关公司。 工业气体概念8日盘中强势拉升，截至发稿，金宏气体涨超15%，盘中一度涨停；硅烷科技涨超10%， 和远气体涨停，华特气体涨超8%。 据悉，工业气体被誉为"工业的血液"，随着产业结构的升级其应用领域正在持续拓宽。根据制备方式和 应用领域的不 ...

数据显示，汇添富基金旗下1只基金重仓凯美特气。汇添富中证环境治理指数(LOF)A（501030）三季度 持有股数41.98万股，占基金净值比例为3.88%，位居第二大重仓股。根据测算，今日浮盈赚取约48.28 万元。连续3天上涨期间浮盈赚取55.84万元。 汇添富中证环境治理指数(LOF)A（501030）成立日期2016年12月29日，最新规模1.82亿。今年以来收 益2.13%，同类排名4659/5488；近一年收益26.57%，同类排名3011/4192；成立以来亏损41.5%。 汇添富中证环境治理指数(LOF)A（501030）基金经理为赖中立。 截至发稿，赖中立累计任职时间13年71天，现任基金资产总规模19.3亿元，任职期间最佳基金回报 94.17%， 任职期间最差基金回报-47.54%。 1月7日，凯美特气涨5.16%，截至发稿，报23.45元/股，成交18.02亿元，换手率11.32%，总市值163.06 亿元。凯美特气股价已经连续3天上涨，区间累计涨幅6.34%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理 ...

Core Insights - The report emphasizes a positive outlook for the mechanical industry in 2026, driven by structural transformation and a rebound in external demand [3][4] - The report introduces a "risk排雷" manual to proactively identify potential market misjudgments and challenges within various sectors [3][4] Industry Overview - The mechanical industry is expected to experience a cyclical reversal, with growth in engineering machinery, industrial gases, shipbuilding, photovoltaic equipment, and lithium battery equipment [6][8] - Key assumptions include continued government support for emerging technology industries and a stable macroeconomic recovery [11][16] Engineering Machinery - The engineering machinery sector is witnessing a cyclical upturn, with increased overseas market share and a gradual domestic renewal cycle [17] - Key growth drivers include global market expansion, improved domestic demand due to favorable macro policies, and a stabilizing domestic infrastructure and real estate market [17] Shipbuilding - The shipbuilding industry is on an upward trend, with demand supported by a variety of vessel types and improving profitability for shipyards [19] - The sector is expected to benefit from supply constraints driving up ship prices and a focus on high-end, large-scale, dual-fuel vessels [20] Export Chain - The export chain is optimistic about demand recovery, particularly in the U.S. market, with a focus on strategic exports and emerging markets [22] - Key assumptions include a favorable trade environment and ongoing industrial shifts towards resource-rich countries [22] Industrial Gases - The industrial gases sector is viewed positively, with expectations of volume and price increases leading to improved valuations [27] - The report highlights the importance of leading companies in the sector and recommends focusing on those with operational highlights in niche markets [30] Lithium Battery Equipment - The lithium battery equipment sector is expected to emerge from a downturn, with solid-state battery technology creating significant market opportunities [51] - The report anticipates a substantial increase in market size, projecting a growth from 2.06 billion in 2025 to 33.62 billion by 2030 [51] Wind Power Equipment - The wind power industry is projected to maintain high growth, particularly in offshore wind projects, with significant investments expected [63] - The report recommends focusing on leading manufacturers and components that support the offshore wind market [64] Testing and Inspection - The testing and inspection sector is expected to see upward momentum, driven by increasing demand and a trend towards consolidation among leading firms [71] - The report emphasizes the importance of focusing on emerging fields and the long-term growth potential of comprehensive testing companies [71] Rail Transit Equipment - The rail transit equipment sector is expected to benefit from steady investment in fixed assets and high demand for passenger and freight transport [75] - The report highlights the potential for continued growth in the high-speed train sector and recommends key players in the industry [76] Oil Service Equipment - The oil service equipment sector is anticipated to thrive due to sustained demand driven by oil prices and energy security concerns [79] - The report suggests focusing on companies with strong technical barriers and those benefiting from domestic and international market opportunities [80]

股 票 研 究 液氩均价同比翻倍；杭氧加入可控核聚变 创新联合体 |  | 工业气体行业周度跟踪（2025 | | 年 12 | 月第 | 5 | 周） | | --- | --- | --- | --- | --- | --- | --- | | | [姓名table_Authors] 电话 | 邮箱 | | | | 登记编号 | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | --- | --- | --- | --- | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | 本报告导读： 数据端看，2025 年 12 月第 5 周，液氩延续上涨趋势；稀有气体周均价低位震荡。 负荷率端看，中国工业气体周度开工负荷率环比下降；事件端看，杭氧集团加入可 控核聚变创新联合体，新增 4.2 万 Nm³/h 工业气体服务。 投资要点： 中国工业气体周度开工负荷率环比下降。根据卓创数据，截至 2025 年 12 月 31 日，中国工业气体周度开工负 ...

Market Outlook - The A-share market has shown a fluctuating upward trend over the past 25 years, with expectations for a continued bull market in 2026, although the growth rate is anticipated to slow down. Investors are expected to focus more on fundamental improvements and economic verification [1] - The comprehensive competition between China and the U.S. may significantly impact A-share investments, with a warning about potential structural or phase pullbacks in the technology sector [1] Geopolitical Changes - A surprising news event during the New Year holiday was the U.S. military's operation, codenamed "Southern Spear," against Venezuela, which involved the swift capture of President Maduro and his wife, justified by the U.S. as a measure against drug-related terrorism but described as a military action aimed at resource control [4] Motivations for Action - **Heavy Crude Oil**: Venezuela holds the world's largest proven oil reserves at 303 billion barrels, accounting for nearly one-fifth of global reserves. The U.S. relies on high-sulfur crude oil for its extensive refining capacity, and with Mexico achieving energy independence and Canada seeking to diversify its oil exports, the U.S. faces risks to its industrial system if it does not secure Venezuelan heavy oil [7] - **Strategic Minerals**: The Orinoco mining belt in southern Venezuela contains vast strategic resources, including gold, niobium iron ore, and rumored uranium deposits. Venezuela's defense systems were reportedly unresponsive during the U.S. operation, raising questions about their preparedness [8][9] Future of Venezuela - Venezuela may face a future resembling either the "Panama model" (establishing a pro-U.S. government with oil flowing to the U.S.) or the "Iraq model" (entering prolonged turmoil and guerrilla warfare). Following the military action, former President Trump indicated that the U.S. would deeply engage in Venezuela's oil industry, promising significant investments to restore its infrastructure [11] Longxin Storage IPO - Longxin Storage, a leading domestic DRAM manufacturer, has disclosed plans for an IPO to raise 29.5 billion yuan for three major projects, including upgrades to its manufacturing lines and R&D for DRAM technology [12][13] Jingyi Equipment - Jingyi Equipment specializes in semiconductor equipment, particularly temperature control devices, and has broken foreign monopolies. The company has confirmed its products are compatible with advanced 3D NAND manufacturing lines, positioning itself to benefit from the domestic storage expansion wave [15] - The company is also expanding into the vacuum pump market, which has low domestic penetration, with products expected to be validated by Q1 2026 [16] Guang Steel Gas - Guang Steel Gas focuses on industrial gases for semiconductor manufacturing and has established a strong position in the market by breaking foreign monopolies. The company has secured significant contracts and is deeply integrated into the domestic storage chip supply chain [20][19] Wangzi New Materials - Wangzi New Materials is involved in controllable nuclear fusion and commercial aerospace, with significant developments in superconducting magnetic energy storage systems and electromagnetic launch technologies. The company is positioned to capitalize on the growing demand for these advanced technologies in various sectors [25][24]

| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 告 报 精 选 证 券 市 场 研 究 每 日 | | 每日报告精选（2025-12-26 09:00——2025-12-29 15:00） 3 | | --- | --- | |  | 宏观周报：《金银铜续创新高，人民币汇率破 7》2025-12-28 3 | |  | 宏观周报：《消费温和改善》2025-12-28 4 | |  | 策略观察：《资产概览：全球风偏修复，商品权益齐涨》2025-12-29 4 | |  | 策略周报：《跨越，远望又新峰》2025-12-28 5 | |  | 策略观察：《成交活跃度上升，万得全 A 估值领涨》2025-12-27 6 | |  | 海外策略研究：《每周海内外重要政策跟踪（25/12/26）》2025-12-27 7 | |  | 海外策略研究：《最近一周港股内外资行业分歧加剧》2025-12-27 8 | |  | 海外策略研究：《一页纸精读行业比较数据：12 月》2025-12-26 8 | |  | 行业跟踪报告：机械行业《液氩均价 ...

中化新网讯12月17日，在中国工业气体工业协会(下称气体协会)第三十五次会员大会暨"邯郸.中国气谷 三年行动计划"发布会的主旨论坛环节，工业气体行业专家纷纷表示，"十五五"期间行业要紧跟国家大 势，聚"气"前行，实现气体行业现代化高质量发展。 "近五年，亚太地区对全球工业气体市场规模增长贡献较大，尤其中国作为新兴经济体需求旺盛，2025 年中国工业气体市场规模全球占比14.6%，已成为全球第二大市场，且增速领先。"中国电子气体生产 与利用百人会副会长、杭州中泰深冷技术股份有限公司副总经理黎佳荣表示，但电子特气作为重要的细 分领域，其国产化率仍低于30%，高端领域自主可控任重道远。 "因此，工业气体行业应该紧抓'十五五'高质量发展政策机遇，加速绿色化、高端化转型，摆正竞争焦 点，建立理性竞争秩序与价格协商机制，与半导体、新能源等下游领军企业深度融合，同时积极出海， 拓展亚太市场，持续聚气发展。"黎佳荣建议。 "如今工业气体行业的客户需求方式在升级，客户不只是买气体，同时对产品服务、解决方案也有需 求，促使气体生产方式向更加高效安全的方向重构。"广州广钢气体能源股份有限公司战略投资部总经 理蔡楚龙认为，采用自动化 ...

2026：AI 之光引领成长；反内卷周期反转 20251221 摘要 AI 需求驱动资源重新分配，人形机器人和无人机是具身智能体终端应用 的主要增长点，预计 2026 年具身智能产业化将加速，成本和市场份额 将逐步显现，特斯拉等公司的量产订单预示市场份额竞争加剧。 周期性行业受益于海外市场扩张、国内地产触底反弹和更新周期需求增 长，以及供给侧改革的推动，未来几年有望迎来反转。挖掘机、汽车起 重机等工程机械数据表现积极，徐工机械、三一重工等龙头企业向上趋 势明显。 工业气体方面，光伏硅片需求带动氩气需求大幅增长，同比增幅达 75%，杭氧股份等工业气体龙头企业值得关注。可控核聚变领域，中美 竞争加剧，合肥 BETA 项目订单持续释放，相关企业如杭氧股份受益。 商业航天领域，中国长征系列火箭发射频繁，国家日益重视，中美竞争 加剧。美国重返月球计划和 SpaceX 的市值目标展现商业航天潜力。关 注商业航天相关报告，以及美国降息预期对出海链公司如巨星科技、涛 涛车业和华通线缆的积极影响。 捷美科技在电子元器件材料领域，尤其纸质载带市场占有率高达 74%， 垂直一体化生产降低成本，与三星、春田等客户紧密合作。公司拓展塑 ...