证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 03 日 浙商早知道 2025 年 12 月 03 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 重要观点 http://www.stocke.com.cn 1/6 请务必阅读正文之后的免责条款部分 ❑ 大势：12 月 2 日上证指数下跌 0.42%，沪深 300 下跌 0.48%，科创 50 下跌 1.24%，中证 1000 下跌 1%，创业板 指下跌 0.69%，恒生指数上涨 0.24%。 ❑ 行业：12 月 2 日表现最好的行业分别是石油石化（+0.71%)、轻工制造（+0.55%)、家用电器（+0.43%)、建筑材 料（+0.32%)、通信（+0.27%)，表现最差的行业分别是传媒（-1.75%)、有色金属（-1.36%)、计算机（-1.34%)、 医药生物（-1.23%)、电力设备（-1.18%)。 ❑ 资金：12 月 2 日全 A 总成交额为 16073 亿元，南下资金净流入 41.01 亿港元。 ❑ 【浙商通信 张建民/邢艺凡】银轮 ...

Summary of Air Products and Chemicals Conference Call Company Overview - **Company**: Air Products and Chemicals (NYSE: APD) - **Industry**: Industrial gases - **History**: 85 years of operation, active in approximately 50 countries - **Core Business**: Supplies industrial gases, equipment, and expertise to various sectors including refining, chemicals, metals, electronics, manufacturing, medical, and food - **Leadership**: CEO Eduardo Menezes and CFO Melissa Schaeffer, with Menezes having over 30 years of industry experience since joining in February 2025 [1][2] Key Projects Louisiana Project - **Scale**: Producing 750 million cubic feet of hydrogen daily, with 80% intended for ammonia production and 20% for hydrogen pipeline [4] - **Status**: Seeking agreements with ammonia producers to manage the ammonia facility; project is larger than similar projects in the Gulf Coast [5] - **Timeline**: Expecting to provide updates within two weeks regarding project direction [5] Neom Project - **Construction Progress**: On track for completion by 2027; plans to sell ammonia as an interim product until green hydrogen offtake begins later in the decade [8] - **Market Strategy**: Focus on arbitrage between power and capital costs between Saudi Arabia and Europe; potential to produce competitive green hydrogen in Europe [9][10] - **Regulatory Environment**: EU regulations on renewable fuel usage are evolving, with expectations for implementation by 2030 [11] Financial Outlook - **CapEx**: Projected at $4 billion for 2026, including investments in Louisiana and Neom; cash flow neutrality expected by 2026 [15][16] - **Deconsolidation**: Neom's debt will be removed from financials in 2027, improving balance sheet metrics [17] - **Cost Savings**: Aiming for $100 million in additional cost savings through efficiency measures [38] Market Conditions - **U.S. Market**: Low growth environment; challenges include tariffs and labor issues affecting new investments [31][32] - **Asia Market**: Strong growth in Korea and Taiwan driven by electronics; China remains competitive but with limited growth [33] - **Europe Market**: Affected by product influx from China; local manufacturers facing challenges due to regulatory complexities [34] Helium Market - **Current Status**: Helium market is long, affecting pricing; Air Products has a significant exposure due to its historical position as a leading supplier [37] Operational Efficiency - **AI Integration**: Air Products is exploring AI applications for operational efficiency, with initiatives in power management and vendor engagement [43][44][45] Conclusion - **Strategic Focus**: Air Products is refocusing on core industrial gas strengths while managing large-scale projects like Neom and Louisiana; the company aims to balance growth with operational efficiency amidst challenging market conditions [29][30]

Investment Rating - The report maintains a "Leading Market-B" rating for the new materials sector [2]. Core Insights - The new materials sector index increased by 3.23%, underperforming the ChiNext index by 1.31% over the past week [2]. - The demand for energy storage is surging, particularly benefiting the materials related to humanoid robots, as the industry transitions from a research phase to a scaling phase [5]. - The report highlights the expected domestic demand for humanoid robots to exceed 100 million units, with a market size potentially reaching 10 trillion yuan [5]. Summary by Sections 1. Market Performance - The new materials sector saw a mixed performance with the synthetic biology index down by 1.80%, semiconductor materials down by 0.71%, electronic chemicals up by 0.45%, biodegradable plastics down by 1.26%, industrial gases up by 0.86%, and battery chemicals down by 4.43% [2][18]. - The overall market performance for the week (November 24-28, 2025) showed the CSI 300 index rising by 1.64% and the Shanghai Composite Index by 1.4% [14]. 2. Price Tracking - Amino acids prices showed slight declines: valine at 12,500 yuan/ton (-0.40%), tryptophan at 30,500 yuan/ton (-3.17%), and methionine at 18,900 yuan/ton (-2.83%) [3]. - Prices for biodegradable materials remained stable, with PLA (injection grade) at 17,800 yuan/ton and PBS at 17,500 yuan/ton [3]. 3. Investment Recommendations - The report suggests focusing on core components for humanoid robots, such as electronic skin and dexterous hand transmission devices, which are expected to benefit from the industry's growth [5]. - Specific stocks to watch include Hanwei Technology, Fule New Materials, and Jinghua New Materials, which are involved in electronic skin technology [5]. 4. Individual Stock Performance - In the new materials sector, 73.03% of stocks achieved positive returns, with notable performers including Yishitong (25.54%) and Tianyue Advanced (15.12%) [24]. - The report notes significant net inflows for stocks like Placo New Materials (319 million yuan) and Anji Technology (253 million yuan) [24].

2）我们认为：2025 年气体价格已展现出触底回升趋势，且宏观 PPI 指标已经历 多年下行、期待周期触底向上。如果未来宏观经济复苏，零售气业绩潜在弹性 大。即使不考虑经济复苏的基础下，未来公司依靠管道气（量投放）+设备业务 （新疆煤化工+海外需求）、业绩基本盘仍能稳步向上。同时公司加速布局可控核 聚变领域，与安徽聚变新能等头部客户紧密合作，第二成长曲线打开。 证券研究报告 | 公司点评 | 化学制品 杭氧股份(002430) 报告日期：2025 年 12 月 02 日 中国工业气体龙头："周期+成长"，核聚变打开空间 ——杭氧股份点评报告 核心逻辑 ❑ 一句话逻辑 中国工业气体龙头，"周期+成长"兼备的纯内需标的；气体行业处于周期底部， 未来业绩有望拐点向上。加速布局可控核聚变领域，打开第二成长曲线 ❑ 超预期逻辑 1）市场认为：宏观经济承压，公司业绩增长存在不确定性。 （1）管道气：公司的"防御"属性，受宏观经济波动小，稳定增长。管道气的 商业模型相对稳定、一旦项目在客户端投产、将带来公司稳定的收益和现金流， 受宏观经济波动较小。2024 年公司总制氧量累计签单量 350 万 Nm³/h，同比增长 8.6 ...

Core Viewpoint - The Chinese M&A market is entering a new phase driven by regulatory innovation and capital empowerment, with significant growth in merger and acquisition activities observed in recent years [2][3]. Group 1: Market Dynamics - The introduction of new policies such as the "National Nine Articles," "Sci-Tech Innovation Board Eight Articles," and "M&A Six Articles" has activated the M&A market, leading to a 117.30% year-on-year increase in major M&A transactions disclosed by A-share listed companies, totaling 163 deals by August 31, 2025 [3]. - The total transaction value of these M&A deals reached 4724.48 billion yuan, reflecting a 172.90% increase year-on-year [3]. - The M&A market is shifting from simple scale expansion to value creation, emphasizing the importance of industrial logic and quality of targets [3][5]. Group 2: Changes in M&A Logic - The Chinese M&A market has evolved from a dualistic structure, where state-owned enterprises focused on scale expansion and resource integration, while private enterprises pursued short-term capital returns through speculative activities [4][5]. - The 2017 "goodwill impairment" incident exposed inflated valuations and performance manipulation in some M&A transactions, prompting a reevaluation of M&A logic and value [4][5]. Group 3: Role of Banking in M&A - The recent draft of the "Commercial Bank M&A Loan Management Measures" expands the scope of M&A loans, allowing for minority stake acquisitions and increasing the financing ratio for controlling acquisitions from 60% to 70% [6]. - This regulatory change aims to enhance the funding capabilities for M&A transactions, particularly for strategic investments that require collaboration across the industrial chain [6][7]. Group 4: Private Equity (PE) Involvement - PE institutions are increasingly recognized as key players in industrial integration and value creation, moving beyond the perception of being short-term speculators [9][11]. - Successful PE-led M&A transactions have emerged, demonstrating the potential for significant contributions to local economies, job creation, and overall industry growth [10][11]. Group 5: Foreign Capital Trends - Foreign capital, particularly from the Middle East and Europe, is shifting towards deeper industrial integration and strategic cooperation in China, moving away from purely financial investments [12][13]. - European capital is actively participating in China's innovation ecosystem, focusing on high-tech and green transformation sectors, while also establishing partnerships with local firms [13][14]. - The collaboration between European and Middle Eastern capital is fostering a complementary strategic value, enhancing China's integration into global innovation networks and industrial chains [14].

Core Insights - The Chinese M&A market is entering a new phase driven by regulatory innovation and capital empowerment, with a mature ecosystem emerging for mergers and acquisitions [1] - Recent policies such as the new "National Nine Articles," "Sci-Tech Innovation Board Eight Articles," and "M&A Six Articles" have significantly activated the M&A market, leading to a substantial increase in major transactions [2][3] Regulatory Changes - The introduction of the "M&A Six Articles" by the CSRC on September 24, 2024, has notably increased market activity after five years of declining transaction amounts, with a reported 163 major M&A transactions by A-share listed companies by August 31, 2025, representing a 117.30% year-on-year increase [2][3] - The total transaction amount reached 472.448 billion yuan, marking a 172.90% increase year-on-year [2] Market Dynamics - The development logic of the Chinese M&A market has shifted from simple scale expansion to value creation, emphasizing the importance of industrial logic and quality of targets [3][4] - The market has transitioned from a "dualistic" structure, where state-owned enterprises focused on resource integration and scale, to a more rational approach that values deep industry integration and technological advancement [3][4] Role of Financial Institutions - The recent draft of the "Commercial Bank M&A Loan Management Measures" expands the scope of M&A loans, allowing for minority stake acquisitions and increasing the financing ratio for controlling acquisitions from 60% to 70% [5] - This regulatory change aims to enhance the funding capabilities for M&A transactions, particularly for strategic investments that require collaboration across the industrial chain [5][6] Bank Strategies - Ping An Bank has focused on developing a systematic approach to M&A financing, targeting key strategic areas such as state-owned enterprise reform and technological innovation, with nearly 100 billion yuan in M&A loans provided to state-owned enterprises over the past three years [6][7] - The bank has also supported private equity (PE) acquisitions, facilitating connections between domestic and international capital, and has engaged in significant projects such as the acquisition of Yingde Gas, a leading industrial gas producer [6][7] Foreign Investment Trends - There is a notable shift in foreign capital investment in China, with Middle Eastern and European capital increasingly engaging in strategic partnerships and deeper industrial integration rather than merely financial investments [9][10] - This trend reflects a growing recognition of the value of Chinese innovation and technology, with foreign investors actively participating in sectors such as renewable energy, digital infrastructure, and biomedicine [10][11] Conclusion - The evolving landscape of the Chinese M&A market, characterized by regulatory support and strategic foreign investment, presents significant opportunities for value creation and industrial advancement, positioning it as a critical driver of economic growth [1][2][10]

格隆汇12月1日丨蜀道装备(300540.SZ)公布，为满足战略发展需求，加快推动产业布局优化和并购投资 项目落地实施，助力公司持续构建完善工业气体、清洁能源以及氢能产业平台，四川蜀道装备科技股份 有限公司拟与蜀道产融（四川）私募基金管理有限公司（简称"蜀道产融管理公司"）、蜀道（四川）股 权投资基金有限公司（简称"蜀道股权基金公司"）共同投资设立蜀道（四川）气体产业股权投资基金 （有限合伙）（暂定名，最终以工商注册为准），主要围绕工业气体（含特种气体、电子气体）、 LNG、氢能领域设立子基金或开展直接股权投资。基金规模20亿元，蜀道装备作为LP认缴100,000万 元，占比50.00%；蜀道股权基金公司作为LP认缴99,800万元，占比49.90%；蜀道产融管理公司担任GP 认缴200万元，占比0.10%。基金首期出资到位1000万元，用于中国证券投资基金业协会备案。后续出 资根据投资项目投资决策金额及合伙企业运作需要，按各合伙人在基金中的认缴出资比例履行实缴出资 义务，具体出资金额和出资日期以基金管理人发出的缴款通知书为准。公司作为有限合伙人，以实际出 资比例享有基金投资收益，并承担相应亏损风险。 ...

格隆汇12月1日丨蜀道装备(300540.SZ)公布，为满足战略发展需求，加快推动产业布局优化和并购投资 项目落地实施，助力公司持续构建完善工业气体、清洁能源以及氢能产业平台，四川蜀道装备科技股份 有限公司拟与蜀道产融（四川）私募基金管理有限公司（简称"蜀道产融管理公司"）、蜀道（四川）股 权投资基金有限公司（简称"蜀道股权基金公司"）共同投资设立蜀道（四川）气体产业股权投资基金 （有限合伙）（暂定名，最终以工商注册为准），主要围绕工业气体（含特种气体、电子气体）、 LNG、氢能领域设立子基金或开展直接股权投资。基金规模20亿元，蜀道装备作为LP认缴100,000万 元，占比50.00%；蜀道股权基金公司作为LP认缴99,800万元，占比49.90%；蜀道产融管理公司担任GP 认缴200万元，占比0.10%。基金首期出资到位1000万元，用于中国证券投资基金业协会备案。后续出 资根据投资项目投资决策金额及合伙企业运作需要，按各合伙人在基金中的认缴出资比例履行实缴出资 义务，具体出资金额和出资日期以基金管理人发出的缴款通知书为准。公司作为有限合伙人，以实际出 资比例享有基金投资收益，并承担相应亏损风险。 ...

Core Viewpoint - The company plans to establish a gas industry equity investment fund in collaboration with two other entities, focusing on industrial gases, LNG, and hydrogen energy [1] Group 1: Fund Details - The total scale of the fund is set at 2 billion yuan [1] - The company will contribute 1 billion yuan, representing 50% of the fund [1] - The other LP, Shudao Equity Fund Company, will contribute 998 million yuan, accounting for 49.9% [1] - Shudao Financial Management Company will act as the GP, contributing 200,000 yuan, which is 0.1% of the fund [1] - The initial capital contribution of 10 million yuan has been made for regulatory filing purposes [1] Group 2: Investment Focus - The fund will primarily invest in sectors related to industrial gases, including specialty gases and electronic gases, as well as LNG and hydrogen energy [1] - The establishment of sub-funds or direct equity investments will be pursued within these sectors [1]

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The photovoltaic inverter exports are steadily increasing, with significant contributions from Australia. In October 2025, China's inverter exports reached 680 million USD, with a cumulative total of 7.44 billion USD from January to October, marking a 6.4% year-on-year growth. The exports to Australia in October alone were approximately 58 million USD, showing over 200% growth year-on-year, primarily due to a government subsidy plan implemented in Australia [4]. - The industrial gas sector saw a strong increase in liquid argon prices in November, with an average price of 817 RMB/ton, up 23.79% from October and 17.89% year-on-year. Other gases remained relatively stable, with liquid oxygen at 419 RMB/ton and liquid nitrogen at 417 RMB/ton. The overall demand is expected to remain weak in the coming months, with prices likely to decline [4]. - In the automotive sector, retail sales of passenger vehicles saw a slight year-on-year decline in the third week of November, but a month-on-month recovery. The average daily retail sales were 71,000 vehicles, down 7% year-on-year but up 7% month-on-month. The upcoming reduction in vehicle purchase tax for electric vehicles in 2026 is expected to stimulate consumption towards the end of the year [4]. Summary by Sections Market Overview - In the past week, the mechanical equipment, electric power equipment, and automotive industry indices rose by 2.47%, 2.23%, and 2.01%, respectively, ranking 8th, 10th, and 11th among 31 first-level industries in the Shenwan classification. The Shanghai and Shenzhen 300 index rose by 1.64% during the same period [9][11]. Industry News and Key Company Announcements - The report highlights significant developments in the industry, including advancements in humanoid robots and the rapid growth of the energy storage sector in China, which has seen new installations exceeding 100 million kilowatts, representing over 40% of the global total [19]. - Notable company announcements include the successful bid by a humanoid robot company for a project worth 264 million RMB and the acquisition of a credit filing certificate for a solar project, which is expected to positively impact the company's performance once operational [20].