人民日报记者 李琰 "2003年，我们在北京经济技术开发区建厂时，周围还是大片农田，如今周边高楼林立、企业云 集，这里经历了翻天覆地的变化。"在法美高新气体（北京）有限公司工作多年的生产主管孔德龙说。 法美高新气体（北京）有限公司成立于2003年，是法国液化空气集团（以下简称"液化空气"）在北 京经开区投资的第一家实体公司。液化空气于20世纪70年代开始向中国提供空气分离设备。伴随中国改 革开放持续推进，该集团不断深耕中国市场并持续发展壮大。 液化空气（中国）投资有限公司总裁兼首席执行官黎瑞华表示，作为全球第二大经济体和商品消费 第二大国，中国是液化空气最重要的市场之一，也是液化空气重要的制造和创新基地。中国拥有完整的 工业体系、先进的基础设施、丰富的人才资源和不断优化的营商环境，为企业提供了巨大的市场潜力和 发展机遇。 北京经开区有关负责人介绍，截至目前，经开区集聚了来自全球60多个国家和地区的1500余家外资 企业，其中105家世界500强企业投资了160个项目。"为提升国际化营商环境建设，经开区为外资企业提 供了'从生产到生活，从政务到事务'的全生命周期服务。我们推出93项涉外审批事项'一窗受理'，国际 ...

Core Insights - The article highlights the significant growth and investment of Air Liquide in China, emphasizing its role as a key market and innovation base for the company [1][2][6]. Investment and Expansion - Air Liquide has been operating in China for nearly 50 years, with over 140 factories across more than 40 cities, and has invested over 1 billion euros in projects in the Beijing Economic-Technological Development Area since 2003 [2][6]. - A new memorandum of cooperation was signed in January 2024 to initiate the construction of a large gas station project in Beijing, marking the fourth investment project in the area, expected to enter trial production by February 2025 [2][6]. Industry Role and Technological Innovation - The company plays a crucial role in the manufacturing sector by providing essential industrial gases, with automated management systems ensuring stable gas supply [2][3]. - Air Liquide collaborates with Chinese universities to promote research and development, exemplified by the hydrogen agriculture project with Nanjing Agricultural University, which has shown significant yield improvements in crops [4][5]. Green Energy and Sustainability - Air Liquide is actively involved in the hydrogen energy market, having established 16 hydrogen plants in China with a total production capacity of 400 tons per day, and has participated in the construction of over 90 hydrogen refueling stations [6][7]. - The company has implemented innovative solutions for carbon dioxide recycling and has committed to purchasing 1,500 GWh of low-carbon electricity in 2024, aiming to reduce carbon emissions by 1 million tons [7]. Economic Environment and Support - The Beijing Economic-Technological Development Area offers a favorable environment for foreign investment, with over 1,500 foreign enterprises, including 105 Fortune 500 companies, benefiting from streamlined services and support policies [3][6]. - The article underscores the resilience and potential of China's economy, which provides a stable and conducive environment for multinational companies like Air Liquide to thrive [3][6].

在液化空气上海创新园的智能创新运行中心，员工远程监 测工厂运行。 法国液化空气集团供图 在液化空气上海创新园的一个实验室里，研究人员通过热 重方法进行机理分析。 法国液化空气集团供图 液化空气天津滨海有限公司远景。 赵 伟摄 "2003年，我们在北京经济技术开发区建厂时，周围还是大片农田，如今周边高楼林立、企业云集，这 里经历了翻天覆地的变化。"在法美高新气体（北京）有限公司工作多年的生产主管孔德龙说。 法美高新气体（北京）有限公司成立于2003年，是法国液化空气集团（以下简称"液化空气"）在北京经 开区投资的第一家实体公司。液化空气于20世纪70年代开始向中国提供空气分离设备。伴随中国改革开 放持续推进，该集团不断深耕中国市场并持续发展壮大。 液化空气（中国）投资有限公司总裁兼首席执行官黎瑞华表示，作为全球第二大经济体和商品消费第二 大国，中国是液化空气最重要的市场之一，也是液化空气重要的制造和创新基地。中国拥有完整的工业 体系、先进的基础设施、丰富的人才资源和不断优化的营商环境，为企业提供了巨大的市场潜力和发展 机遇。 持续扩大投资，与中国合作伙伴互利共赢 工业气体在制造业中起着至关重要的作用。走进法美高 ...

Core Viewpoint - The acquisition of Shanghai Hanxing Energy Technology Co., Ltd. by Luoyang Jianlong Micro-Nano New Materials Co., Ltd. was terminated after five months due to unfulfilled conditions, impacting the stock performance of Jianlong Micro-Nano [2][4][18]. Group 1: Acquisition Details - On June 24, 2025, Jianlong Micro-Nano signed a cooperation intention agreement to acquire at least 51% of Hanxing Energy [1]. - The stock price of Jianlong Micro-Nano rose after the acquisition announcement, reaching a peak of 41.86 yuan per share on November 12, 2025 [8]. - The acquisition was officially terminated on November 26, 2025, leading to a 3.59% drop in stock price to 32.78 yuan per share the following day [4]. Group 2: Financial Performance - Jianlong Micro-Nano's revenue from 2021 to 2024 was 878 million, 854 million, 972 million, and 779 million yuan, with net profits declining from 275 million to 75 million yuan over the same period [10]. - In contrast, Hanxing Energy showed stable growth with revenues of 296 million, 389 million, and 488 million yuan from 2021 to 2023, and net profits increasing from 53.09 million to 76.74 million yuan [11]. Group 3: Strategic Implications - Both companies are part of the same industrial chain, and the acquisition was expected to create synergies in technology, market resources, and organizational capabilities [12]. - Despite the termination of the acquisition, both companies identified significant business collaboration opportunities and established a strategic partnership to work together in various fields, including oil refining and renewable energy [18].

Core Viewpoint - Linde plc is recognized as one of the top commodity stocks to invest in currently, with a bullish outlook supported by strong EPS growth projections and strategic business developments [1][2]. Financial Performance - Linde plc reported Q3 2025 adjusted EPS of $4.21, reflecting a 7% year-over-year increase [2]. - The company achieved 3% year-over-year revenue growth, totaling $8.6 billion for the quarter [2]. - Free cash flow generated was $1.7 billion, attributed to 2% price increases and efficient capital deployment [2]. - Operating cash flow increased by 8%, demonstrating resilience in base volumes despite softness in European markets [2]. Analyst Insights - UBS analyst Joshua Spector upgraded Linde plc from "Neutral" to "Buy," setting a price target of $500, down from $507, indicating an attractive risk/reward profile [2]. - Adjusted EPS growth is anticipated to accelerate from 6% to approximately 9%-10% in 2026, driven by new project startups and a robust $7 billion backlog [2]. - The stock is viewed as having an "attractive 2.5x up/downside skew," suggesting significant potential for price movement [2]. Market Dynamics - Recovery in helium and rare gas pricing, along with the easing of weaker European volumes, is expected to contribute to future growth [2]. - Linde plc has invested $4.2 billion in its business while returning $5.3 billion to shareholders, indicating a strong commitment to shareholder value [2].

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - The report highlights a continued upward trend in liquid argon prices, while rare gases are experiencing low price fluctuations. The weekly operating load rate for China's industrial gas sector has slightly increased. Notable events include the commissioning of a 45,000 standard cubic meters per hour oxygen air separation unit by Messer in Xichang and a strategic cooperation agreement between Shaanxi鼓 Group and Dalian Hope Group [3][4] Summary by Sections Price Trends - Liquid argon has an average price of 859 RMB/ton, showing a 3.62% increase week-on-week and a 26.13% increase year-on-year. In contrast, liquid oxygen and liquid nitrogen prices have decreased by 3.3% and 1.6% respectively [4][6] - Rare gases show varied price movements: high-purity helium in bundles remains stable, while bottled high-purity helium (40L) increased by 0.89% week-on-week. Xenon and krypton prices have decreased by 3.08% and remained stable respectively [4][6] Operating Load Rates - The average weekly operating load rate for China's industrial gas sector is reported at 69.72%, reflecting a slight increase of 0.03 percentage points [4][7] Important Events - Messer has successfully commissioned a new large air separation unit in Xichang, increasing its total oxygen production capacity in the region to over 100,000 standard cubic meters per hour. Additionally, Shaanxi鼓 Group has entered into a strategic cooperation agreement with Dalian Hope Group [4][6]

Group 1 - The core point of the article highlights the significant increase in the stock price of Kaimete Gas, which rose by 7.04% to 24.17 CNY per share, with a trading volume of 1.88 billion CNY and a turnover rate of 11.67%, resulting in a total market capitalization of 16.807 billion CNY [1] - Kaimete Gas, established on June 11, 1991, and listed on February 18, 2011, is primarily engaged in the research, production, and sales of industrial gases, including dry ice, liquid carbon dioxide, and food additives [1] - The company's main revenue sources are hydrogen (33.46%), carbon dioxide (31.72%), fuel products (28.50%), air separation gases (4.16%), specialty gases (1.94%), and other supplementary products (0.21%) [1] Group 2 - From the perspective of major fund holdings, Kaimete Gas is the second-largest holding in the Huatai-PineBridge Environmental Governance Index Fund (LOF) A, with 419,800 shares, accounting for 3.88% of the fund's net value [2] - The Huatai-PineBridge Environmental Governance Index Fund (LOF) A, established on December 29, 2016, has a current scale of 182 million CNY and has achieved a year-to-date return of 21.49%, ranking 2330 out of 4208 in its category [2] - The fund manager, Lai Zhongli, has a tenure of 13 years and 24 days, with the best fund return during his management being 80.68% and the worst being -47.54% [3]

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The price of photovoltaic silicon wafers continues to be under pressure due to reduced demand from downstream battery segments, leading to a significant decrease in orders and subsequent price drops. Some second and third-tier companies are forced to clear inventory, causing further price declines. A slight rebound in N-type 183mm silicon wafer prices was noted after several companies attempted to stabilize prices [4][2]. - In the industrial gas sector, the price of liquid argon has increased by 7.94% to 829 RMB/ton, while the prices of liquid oxygen and nitrogen have decreased by 2.54% and 4.6%, respectively. The overall price trend is stable, with no significant upward pressure expected in the near future [4][2]. - The automotive market saw a slight decline in retail sales in early November, with a year-on-year decrease of 19%. However, long-term growth in sales is anticipated due to upcoming tax incentives for electric vehicles [4][2]. Summary by Sections Market Overview - The mechanical equipment, electric power equipment, and automotive industry indices experienced declines of -2.22%, -0.8%, and -2.11%, respectively, ranking 28th, 23rd, and 26th among 31 first-level industries [9][1]. Industry News and Key Company Announcements - Longi Green Energy plans to acquire approximately 61.9998% of Suzhou Jingkong Energy Technology Co., Ltd., marking its entry into the energy storage sector [22][2]. - The domestic inventory of photovoltaic components has continued to decline, with a 0.6GW reduction noted in the second week of November [22][2]. - The Inner Mongolia government has outlined plans to significantly develop renewable energy, aiming for over 300 million kW of installed renewable energy capacity by 2030 [22][2].

Investment Rating - The report assigns an "Accumulate" rating for the mechanical industry [1] Core Insights - The report highlights that the weekly operating load rate of China's industrial gas sector has increased on a month-on-month basis. Additionally, Hangzhou Oxygen Plant has established an industrial fund focusing on investment opportunities in low-temperature deep cooling technology and controllable nuclear fusion [3][4] - Liquid argon continues its upward trend, while the average price of rare gases remains low and fluctuates. The average weekly operating load rate for industrial gases in China is reported at 69.69%, reflecting a month-on-month decrease of 1.63 percentage points [3][5] Summary by Sections Price Trends - Liquid oxygen has an average price of 422 RMB/ton, down 2.54% month-on-month but up 4.46% year-on-year. Liquid nitrogen is priced at 412.5 RMB/ton, down 4.6% month-on-month and down 5.5% year-on-year. Liquid argon is priced at 829 RMB/ton, up 7.94% month-on-month and up 15.85% year-on-year [5][6] Key Events - Hangzhou Oxygen Plant has announced the establishment of a venture capital partnership with a total subscribed capital of 1 billion RMB, focusing on industrial gases, low-temperature deep cooling technology, controllable nuclear fusion, and innovative energy power equipment [5][6] - Messer's new technology center in Chengdu has officially opened, equipped for demonstration, testing, and training across four core areas: welding and cutting, combustion technology, food and beverage, and water treatment [5][6] Company Recommendations - Recommended stocks include Hangzhou Oxygen Plant and Shaanxi鼓动力, with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [5][6]

Core Viewpoint - Hangzhou Oxygen Plant Co., Ltd. (002430) announced plans to establish a venture capital partnership with Hangzhou Guoyou Huitong Enterprise Management Co., Ltd. and others, focusing on investment opportunities in industrial gases, cryogenic technology, controllable nuclear fusion, and innovative energy power equipment [1] Group 1 - The total committed capital for the fund is 1 billion yuan, with the company contributing 200 million yuan, representing a 20% stake [1] - The fund aims to explore investment opportunities in several advanced technology sectors [1]