装备制造 [Table_ReportDate] 2026 年 3 月 2 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 行业观点： 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] 证券研究报告 光伏产业链上下游分化 [Table_ReportType]装备制造行业周报（2 月第 4 周） [Table_S 市场行情回顾 ummary] ： 春节前后两周 9 个交易日机械设备、电力设备及汽车行业指 数涨跌幅分别为+6.86%、+3.04%及+2.36%，在 31 个申万一级 行业中排名分别为第 11、16、17 位；同期沪深 300 涨跌幅为 +1 ...

春节后气体整体表现偏弱；广钢气体中标 海南商业航天发射场氦气采购项目 [Table_Industry] 机械行业 [Table_Invest] 评级： 增持 工业气体行业周度跟踪（2026 年 2 月第 4 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 2 月第 4 周，春节后气体整体表现偏弱，液态气价格同比回落。 事件端看，杭氧气体项目落子新疆；广钢气体中标海南商业航天发射场氦气采购项 目；金宏气体与法国 Air Flow 签署钢瓶气长协。 投资要点： [Table_Report] 相关报告 机械行业《出口链月度跟踪：主要航线海运费同 比持续下滑，2 月美国住房市场指数同比- 14.29%》2026.02.26 机械行 ...

共研网发布的《2026-2032年中国工业氢气市场深度调查与投资战略报告》共十三章。首先介绍了工业氢气行业市场发展环境、工业氢气整体运行态势等， 接着分析了工业氢气行业市场运行的现状，然后介绍了工业氢气市场竞争格局。随后，报告对工业氢气做了重点企业经营状况分析，最后分析了工业氢气行 业发展趋势与投资预测。您若想对工业氢气产业有个系统的了解或者想投资工业氢气行业，本报告是您不可或缺的重要工具。 本研究报告数据主要采用国家统计数据，海关总署，问卷调查数据，商务部采集数据等数据库。其中宏观经济数据主要来自国家统计局，部分行业统计数据 主要来自国家统计局及市场调研数据，企业数据主要来自于国统计局规模企业统计数据库及证券交易所等，价格数据主要来自于各类市场监测数据库。 第二部分行业发展环境 报告目录 第一部分行业发展综述 第一章工业氢气行业国内外发展概述 第一节 氢气及工业氢气相关概述 一、氢气 二、研究历史 三、特点 四、应用领域 五、制取方法 六、氢气的检验 七、氢气的贮存与运输 八、注意事项 第二节 全球工业氢气行业发展概况 一、全球工业氢气行业总体发展概况 二、主要国家和地区发展现状 三、全球工业氢气行业发展趋 ...

工业气体：有望筑底回升，电子特气景气持续 20260223 摘要 中国工业气体市场规模预计将达 2000 亿元，受益于宏观经济增长、外 包供气比例提升及新领域需求拓展。行业竞争格局向头部集中，国内前 六大公司市场集中度达 72%，龙头企业如杭氧股份市占率有望提升。 全球半导体销售额同比增长 30%（2025 年 11 月数据），国内集成电 路产量预计在"十五五"期间保持快速增长，驱动电子特气需求。集成 电路国产替代比例仍较低，提升空间巨大，国产电子特气厂商有望切入 海外先进制程。 2025 年工业气体板块整体业绩良好，AI 驱动的特种气体公司营收显著 增长。电子特种气体板块公司归母净利润实现高增，而空分设备相对承 压。凯美特气全年股价涨幅显著，远超国际巨头如林德、法液空。 液氧、液氮和液氩价格处于近七年底部区域，截至 2025 年底，均价分 别位于历史 3%、2%和 41%分位数左右，相较最高点跌幅显著，表明 大宗工业用汽价格筑底明显。液氧价格同比跌幅收窄，液氮价格持续环 比下降，液氩价格四季度加速上涨。 Q&A 2026 年工业气体行业的整体投资策略和市场前景如何？ 2026 年，工业气体行业整体呈现筑底回 ...

智通财经APP获悉，浙商证券发布研报称，工业气体长期受益行业外包供气占比提升、下游半导体/新 能源等新领域需求提速;短期受益宏观经济复苏、气价弹性大。空分设备国内百亿级市场空间，并受益 设备大型化+海外出口需求提升。全球半导体景气预计2026年持续;优秀的国产电子特气厂商逐步切入海 外3nm、5nm先进制程，海外份额远低于其国内市场份额，成长空间更大。 1)市场空间：长坡厚雪。预计2026年市场规模将达到1.3万亿元，近4年CAGR=6.8%。全球龙头林德气 体/液化空/空气化工市值折合人民币分别达1.5万亿/8000亿/4000亿市值左右。2)竞争格局：头部集中。 2021年全球工业气体CR4=54%，国内工业气体CR6=72%，杭氧股份占比6.3%，未来份额有望向头部集 中。3)成长驱动力：长期——受益行业外包供气占比提升、下游半导体/新能源等新领域需求提速;短期 ——受益宏观经济复苏、气价弹性大。 推荐工业气体龙头杭氧股份，建议关注电子特气央企龙头中船特气、电子大宗气龙头广钢气体、特种气 体先行者华特气体、电子特气新星和远气体、工业气体"西南王"侨源股份、光刻气龙头厂商凯美特气、 压缩机龙头陕鼓动力、空 ...

Investment Rating - The industry investment rating is optimistic [1] Core Insights - The industrial gas market is expected to reach 1.3 trillion yuan by 2026, with a CAGR of 6.8% over the next four years [3] - The competitive landscape is becoming more concentrated, with the top four companies holding 54% of the global market share and the top six in China holding 72% [3] - Growth drivers include increased outsourcing of gas supply, accelerated demand from sectors like semiconductors and new energy, and short-term benefits from macroeconomic recovery and gas price elasticity [3] Market Space - The global industrial gas market is valued at over 1 trillion, while the domestic market is around 200 billion [3] - The market is projected to grow to 284.2 billion yuan in China by 2026, with a CAGR of 9.68% from 2022 to 2026 [21] - The market is characterized by high concentration, with the top five companies holding approximately 69% of the market share [21] Equipment Market - The domestic air separation equipment market is valued at 34.1 billion yuan in 2022, with a growth rate of 25% year-on-year [4] - The market is expected to grow at a CAGR of 22% from 2019 to 2024, driven by larger equipment sizes and increased export demand [4] Electronic Specialty Gases - The semiconductor market is expected to remain strong, with a projected 30% year-on-year increase in global semiconductor sales by November 2025 [5] - There is significant potential for domestic electronic specialty gas manufacturers to replace imports and expand into global markets [5] Investment Recommendations - The report recommends focusing on leading companies in the industrial gas sector, such as Hangyang Co., and key players in electronic specialty gases like China Shipbuilding Gas and Guanggang Gas [6]

Core Insights - Institutional investors are showing sustained confidence in Linde plc, driven by steady end-market demand, strong pricing power, and consistent cash-flow generation [1] Institutional Moves - AQR Capital Management significantly increased its stake in Linde by 248,734 shares, reflecting strong factor alignment with profitability and stable industrial demand [2] - Point72 Asset Management boosted its exposure by 114,474 shares, indicating optimism around industrial activity and Linde's leadership in hydrogen and clean-energy infrastructure [3] - Gotham Asset Management increased its position by 17,829 shares, aligning with a valuation-driven approach favoring companies with strong returns on capital [4] - Fisher Asset Management added 11,472 shares to its substantial holding, reinforcing confidence in Linde's global scale and recurring revenue streams [5] - Markel Group modestly increased its stake by 6,250 shares, consistent with a long-term quality investing philosophy [6] - GAMCO Investors made a small addition of 257 shares, maintaining exposure to Linde's steady earnings visibility [7] - Grantham, Mayo, Van Otterloo & Co. slightly increased its position by 91 shares, favoring high-quality industrial leaders benefiting from structural demand trends [8] Overall Takeaway - The collective moves by institutional investors highlight continued confidence in Linde plc as a high-quality industrial compounder, supported by strong pricing power, global scale, and exposure to long-term growth themes such as clean energy and healthcare gases [9]

扬子晚报网2月22日讯（记者 姜婧仪 通讯员 江轩）一年春作首，万事行为先。今年春节假期，在南京 江宁区"暖心六条"政策的激励下，江宁区139家规上企业连续生产，铆足干劲赶订单、抢进度，以全新 姿态和饱满热情开启新年"加速跑"，助力区域经济发展实现首季"开门红"。 春节期间，位于滨江开发区的中材锂膜（南京）有限公司的生产车间内一派火热忙碌景象，8条智能自 动化产线满负荷运转，300余名员工错峰值守、轮班作业，确保高效稳定生产。 生产线"马力全开" 该公司专业从事高性能锂电池隔膜的研发、生产、销售及技术服务，产品广泛应用于新能源汽车动力电 池、储能电池、3C消费电池等领域。由于近期市场需求持续旺盛，订单量同比大幅增长，为确保订单 按时交付、满足市场供应，春节假期企业统筹安排生产运营，抢抓生产、全力赶工，全力保障生产经营 运行。 在位于江宁街道的林德梅山（南京）气体有限公司厂区内，生产装置连续稳定运行，各类工业气体、医 用氧等关键产品有序生产、稳定保供。 转自：扬子晚报 春节期间，为保障产品供应，南京卫岗乳业有限公司的一线员工们仍坚守在生产线上，为千家万户送去 新鲜、美味的牛奶。 车间内，工人们从头到脚"全副武装 ...

Core Insights - Air Liquide reported earnings per share (EPS) of €6.10 (approximately $7.17), which is below the analyst consensus estimate of around €6.43. The company achieved revenue of €26.94 billion (approximately $31.68 billion), slightly below the consensus estimate of €27.0 billion. The full-year net profit increased to €3.518 billion, driven by a 2% comparable sales growth in its gas and services businesses, highlighting their importance in overall financial success [1][3]. Financial Performance - The company's recurring operating income for 2025 was €5.58 billion, slightly exceeding analyst expectations of €5.56 billion, attributed to efficiencies and effective pricing management, particularly within the Industrial Merchant unit [3]. - Air Liquide's full-year net profit increased to €3.518 billion, supported by a 2% comparable sales growth in its gas and services businesses [1][3]. Market Valuation - The company has a price-to-earnings (P/E) ratio of approximately 28.43, indicating the price investors are willing to pay for each dollar of earnings [2][4]. - The price-to-sales ratio is about 3.56, suggesting a strong market value relative to its sales [2][4]. - The enterprise value to sales ratio is around 3.97, reflecting the company's total valuation compared to its sales [2][4]. - The enterprise value to operating cash flow ratio is approximately 16.75, showing how well the company can generate cash from its operations relative to its valuation [4]. - The company has an earnings yield of about 3.52%, indicating the return on investment [4]. - With a debt-to-equity ratio of approximately 0.50, the company maintains a moderate level of debt compared to equity [4]. - The current ratio is around 0.84, indicating its ability to cover short-term liabilities with short-term assets [4]. Competitive Landscape - Air Liquide competes with other major players in the industrial gases market, such as Linde and Air Products and Chemicals [3].

Core Viewpoint - The company is expanding its operations in the industrial gas sector by launching significant projects that enhance its service offerings and market position in the high-purity nitrogen and helium gas markets [2] Group 1: Industrial Gas Projects - The company has officially launched a nitrogen supply and operation management service project for Shuneng Minerals, which began production in January 2024. This project provides 8000 Nm³/h of high-purity nitrogen gas to the Mabei lithium iron phosphate plant, focusing on high-end applications in the new energy materials sector [2] - The company has also completed the Inner Mongolia Yahui BOG helium extraction project, which started production in October 2023. This project is currently the largest-scale high-purity helium extraction project from LNG flash gas in China, filling a technological gap in the domestic market [2] Group 2: Market Applications - Helium extracted from the new facility is primarily used in various fields, including military, scientific research, petrochemicals, refrigeration, medical (MRI), semiconductors, pipeline leak detection, superconducting experiments, metal manufacturing, deep-sea diving, high-precision welding, and optoelectronic product production [2]