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]

Core Viewpoint - Hangzhou Oxygen Plant Co., Ltd. (002430.SZ) is establishing a venture capital partnership to explore industrial investment opportunities and achieve mutual benefits, with a total subscribed capital of RMB 100 million [1] Group 1: Partnership Details - The partnership is named Hangzhou Guoling Yuanqi Venture Capital Partnership (Limited Partnership) and involves multiple partners including Guoyou Huitong, Lingguang Technology Innovation, Guoyou Assets, New Energy Investment, Hangzhou Thermal Power, and Zixiang Enterprise Management [1] - The company will contribute RMB 20 million, representing 20% of the total subscribed capital [1] - Other partners' contributions include Guoyou Assets and New Energy Investment each contributing RMB 19.9 million (19.90%), Hangzhou Thermal Power contributing RMB 20 million (20.00%), and Zixiang Enterprise Management contributing RMB 20 million (20.00%) [1] Group 2: Investment Focus - The partnership aims to primarily focus on equity investments in sectors such as industrial gases, low-temperature deep cooling technology, controllable nuclear fusion, and innovative energy power equipment [1] - The equity investments may include shares of unlisted companies and other investments permitted by applicable laws and policies, subject to approval by the investment decision committee [1]

Core Viewpoint - The company, Hangzhou Oxygen Plant Co., Ltd. (002430.SZ), aims to strengthen its position and seek industrial investment opportunities by establishing a partnership to create the Hangzhou Guoling Yuanqi Venture Capital Partnership (Limited Partnership) with several other entities [1] Group 1: Investment Partnership Details - The total subscribed capital for the fund is set at RMB 100 million, with the company contributing RMB 20 million, representing 20% of the total [1] - Other partners include Guoyou Asset and New Energy Investment, each contributing RMB 19.9 million (19.90%), and Hangzhou Thermal Power and Zixiang Enterprise Management, each contributing RMB 20 million (20.00%) [1] - The general partner, Lingguang Technology Innovation, and the executive partner, Guoyou Huitong, each contribute RMB 1 million, accounting for 0.10% of the total [1] Group 2: Investment Focus - The partnership's investment strategy primarily targets equity investments in sectors such as industrial gases, low-temperature deep cooling technology, controllable nuclear fusion, and innovative energy power equipment [1] - The equity investments may include shares in unlisted companies and other investments permitted by applicable laws and policies, subject to approval by the investment decision committee [1]

Core Insights - The article highlights the deep collaboration between global industrial capital and local high-quality development in Xi'an, particularly through the investment of Air Products, a leading industrial gas company, which has been actively involved in the city's industrial upgrade since 2012 [1][2]. Group 1: Company Investment and Development - Air Products has significantly increased its investment in Xi'an, aligning its growth trajectory with the city's industrial and urban development [1]. - The company established a gas plant in Xi'an's high-tech zone, covering an area of 55,000 square meters, equipped with two large air separation units and a hydrogen generation unit, supplying ultra-pure nitrogen and oxygen [2][3]. - Over the past decade, the plant has ensured the safe and efficient operation of customer production lines, supporting Xi'an's industrial foundation [3]. Group 2: Industry Integration and Innovation - Air Products is deeply embedded in high-end industrial chains such as semiconductor manufacturing, biomedicine, and renewable energy, providing essential gases that enhance product yield, quality, and environmental performance [2]. - The company is transitioning from serving traditional industries to providing specialized gas solutions for emerging sectors like new energy vehicles and photonics, integrating into Xi'an's modern industrial system [5][6]. Group 3: Government Support and Business Environment - The supportive business environment in Xi'an, characterized by efficient government coordination, has facilitated the company's operations, as noted by Air Products' China Vice President [8][9]. - Xi'an's government has implemented various measures to enhance the investment climate, including a comprehensive service plan for industrial projects that extends from pre-signing to post-production phases [10]. - Air Products actively participates in the Xi'an Foreign Investment Enterprises Association, fostering communication between businesses and the government to address common concerns and promote the city's investment advantages [12]. Group 4: Future Outlook - The company plans to continue focusing on Xi'an's strategic emerging industries by providing high-purity gases and advanced process solutions to support local high-tech manufacturing upgrades [6][7]. - The collaboration between Xi'an and multinational companies is expected to accelerate under the synergy of policies, industries, and capital [12].

Market Performance - The new materials sector experienced an increase this week, with the new materials index rising by 1.11%, outperforming the ChiNext index by 0.46% [1] - Over the past five trading days, the synthetic biology index rose by 3.07%, while semiconductor materials fell by 4.58%, electronic chemicals decreased by 2.53%, biodegradable plastics increased by 3.46%, industrial gases dropped by 1.29%, and battery chemicals surged by 8.24% [1] Price Tracking - Amino acids prices showed mixed results: valine at 12,550 CNY/ton (up 1.21%), arginine at 21,500 CNY/ton (down 0.69%), tryptophan remained unchanged at 32,500 CNY/ton, and methionine at 20,250 CNY/ton (down 2.64%) [2] - Biodegradable materials prices remained stable for PLA (FY201 injection grade at 17,800 CNY/ton and PLA (REVODE201 film grade at 17,000 CNY/ton), while PBS decreased by 1.69% to 17,500 CNY/ton and PBAT fell by 0.51% to 9,800 CNY/ton [2] - Vitamins prices remained unchanged: vitamin A at 63,000 CNY/ton, vitamin E at 52,500 CNY/ton, vitamin D3 at 212,500 CNY/ton, calcium pantothenate at 42,000 CNY/ton, and inositol at 30,500 CNY/ton [2] - Industrial gases and wet electronic chemicals prices remained stable: UPSSS grade hydrofluoric acid at 11,000 CNY/ton and EL grade hydrofluoric acid at 6,100 CNY/ton [2] - In the plastics and fibers category, carbon fiber remained at 83,750 CNY/ton, polyester industrial yarn at 8,400 CNY/ton, and aramid at 81,800 CNY/ton (down 13.44%) [2] Investment Recommendations - The State Council released a white paper on "China's Action for Carbon Peak and Carbon Neutrality," emphasizing the focus on renewable energy such as wind power for future development [3] - The white paper projects that by 2030, China's cumulative installed wind power capacity will reach 1.3 billion kW, with expectations of 2 billion kW by 2035 and 5 billion kW by 2060 [3] - The wind power industry is expected to maintain a high prosperity pattern, presenting significant development opportunities for upstream materials, with recommendations to focus on companies like Times New Material and Mega Chip Color [3] Lithium Hexafluorophosphate Price Recovery - Lithium hexafluorophosphate, a key raw material for electrolytes, saw a price rebound, rising from a low of 50,000 CNY/ton to 121,500 CNY/ton as of November 7, 2025 [4] - The demand from the downstream electric vehicle and energy storage industries has surged, significantly increasing the procurement volume of lithium hexafluorophosphate by electrolyte manufacturers [4] - Despite leading companies operating at full capacity, the overall supply remains tight due to previous overcapacity leading to industry consolidation, suggesting potential for further price increases and recovery of profitability in the supply chain [4]