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 ...

Investment Rating - The report assigns an "Accumulate" rating for the industrial gas industry [1]. Core Insights - The industrial gas prices are experiencing low fluctuations for liquid oxygen and nitrogen, while liquid argon prices continue to rise significantly year-on-year. Rare gases are also showing low fluctuations [2][4]. - Key events include Hangyang winning a bid for a large 4.5K low-temperature system, marking its entry into the superconducting field, and Guanggang Gas changing its fundraising project to focus on the Wuhan semiconductor and Huaxing Optoelectronics T8 projects [2][4]. Summary by Sections Price Trends - Liquid oxygen average price: 328 RMB/ton, down 2.4% month-on-month, flat year-on-year - Liquid nitrogen average price: 357 RMB/ton, down 1.7% month-on-month, up 1% year-on-year - Liquid argon average price: 1029 RMB/ton, down 6.79% month-on-month, up 139% year-on-year - Rare gases prices show the following trends: - High-purity helium (cylinder): 590.46 RMB/cylinder, down 2.58% month-on-month, down 10.39% year-on-year - Xenon: 20500 RMB/cubic meter, flat month-on-month, down 29.31% year-on-year - Krypton: 190 RMB/cubic meter, flat month-on-month, down 39.68% year-on-year - Neon: 110 RMB/cubic meter, flat month-on-month, down 12% year-on-year [4][6]. Production Capacity - The average operating load rate for China's industrial gas sector is 66.73%, down 1.88 percentage points month-on-month [4][8]. Key Company Forecasts - Hangyang Co. (002430.SZ): - Closing price: 30.27 RMB - EPS forecast for 2024A: 0.94 RMB, 2025E: 1.07 RMB, 2026E: 1.22 RMB, 2027E: 1.38 RMB - PE ratio forecast for 2024A: 32.29, 2025E: 28.32, 2026E: 24.86, 2027E: 21.86 - Shaanxi Guo (601369.SH): - Closing price: 10.73 RMB - EPS forecast for 2024A: 0.60 RMB, 2025E: 0.67 RMB, 2026E: 0.73 RMB, 2027E: 0.78 RMB - PE ratio forecast for 2024A: 17.78, 2025E: 16.01, 2026E: 14.70, 2027E: 13.76 [5].

Investment Rating - The report assigns an "Accumulate" rating for the industrial gas industry [1] Core Insights - The industrial gas prices are experiencing low fluctuations for liquid oxygen and nitrogen, while liquid argon prices continue to rise significantly year-on-year. Rare gas prices are also fluctuating at low levels. Notable events include Hangyang winning a bid for a large 4.5K low-temperature system, marking its entry into the superconducting field, and Guanggang Gas changing its fundraising project to focus on the Wuhan semiconductor and Huaxing Optoelectronics T8 projects [2][3] Summary by Sections Price Trends - Liquid oxygen average price: 328 RMB/ton, down 2.4% month-on-month, unchanged year-on-year - Liquid nitrogen average price: 357 RMB/ton, down 1.7% month-on-month, up 1% year-on-year - Liquid argon average price: 1029 RMB/ton, down 6.79% month-on-month, up 139% year-on-year - Rare gases average prices show the following trends: - High-purity helium (cylinder): 590.46 RMB/cylinder, down 2.58% month-on-month, down 10.39% year-on-year - Xenon: 20500 RMB/cubic meter, unchanged month-on-month, down 29.31% year-on-year - Krypton: 190 RMB/cubic meter, unchanged month-on-month, down 39.68% year-on-year - Neon: 110 RMB/cubic meter, unchanged month-on-month, down 12% year-on-year [4][5][6] Production Capacity - The average operating load rate for China's industrial gas sector is 66.73%, down 1.88 percentage points month-on-month [8] Key Events - Hangyang Group has successfully bid for a large 4.5K low-temperature system project, marking its entry into the superconducting equipment sector. Guanggang Gas has announced changes to its fundraising projects, redirecting funds to the Wuhan semiconductor project and Huaxing Optoelectronics T8 project [4][5]

Investment Rating - The industry investment rating is "Overweight" [5][6]. Core Insights - The weekly average price of liquid oxygen and nitrogen has slightly increased, while the price of liquid argon continues its significant year-on-year upward trend. Rare gases are experiencing low-level fluctuations [2][5]. - Hangyang Group has won a bid for a nitrogen production equipment project at a refinery in West Africa, which is the largest refining project in the region with an annual crude oil processing capacity of 10 million tons and a total investment of approximately $6 billion [2][5]. - The successful trial operation of a high-pressure CO2 compressor by ShanGu CCS marks a significant breakthrough in key technology equipment for carbon capture and storage (CCS) in China [2][5]. Price Trends - As of January 29, 2026, the weekly price data for gases is as follows: 1. Liquid Oxygen: Average price of 336 CNY/ton, up 0.9% month-on-month, down 0.6% year-on-year 2. Liquid Nitrogen: Average price of 364 CNY/ton, up 0.5% month-on-month, up 2% year-on-year 3. Liquid Argon: Average price of 1104 CNY/ton, down 3.83% month-on-month, up 144.83% year-on-year 4. Rare Gases: High-purity helium gas (cylinder): Average price of 80.21 CNY/cubic meter, down 5.32% month-on-month, down 17.85% year-on-year [5][6]. Industry Operating Rates - The average weekly operating load rate for China's industrial gas sector is 66.73%, a decrease of 1.88 percentage points month-on-month [4][9]. Recommended Stocks - Recommended stocks include Hangyang Co., Ltd. and ShanGu Power, with related stocks being Fostar and Zhongtai Co., Ltd. [5][6].

Investment Rating - The industry investment rating is "Overweight" [5][16]. Core Insights - The average weekly price of liquid oxygen and nitrogen has slightly increased, while the price of liquid argon continues its significant year-on-year upward trend. Rare gases are experiencing low-level fluctuations [2][5]. - Hangyang Group has won a bid for a nitrogen production equipment project at a refinery in West Africa, which is the largest refining project in the region with an annual crude oil processing capacity of 10 million tons and a total investment of approximately 6 billion USD [2][5]. - The successful trial operation of a high-pressure CO2 compressor by ShanGu CCS marks a significant breakthrough in carbon capture and storage technology in China [2][5]. Price Trends - As of January 29, 2026, the weekly price data for gases is as follows: 1. Liquid Oxygen: Average price is 336 CNY/ton, with a 0.9% increase month-on-month and a 0.6% decrease year-on-year 2. Liquid Nitrogen: Average price is 364 CNY/ton, with a 0.5% increase month-on-month and a 2% increase year-on-year 3. Liquid Argon: Average price is 1104 CNY/ton, with a 3.83% decrease month-on-month and a 144.83% increase year-on-year 4. Rare Gases: High-purity helium gas (cylinder) is 80.21 CNY/cubic meter, with a 5.32% decrease month-on-month and a 17.85% decrease year-on-year [5][6][10]. Company Recommendations - Recommended stocks include Hangyang Co., Ltd. and ShanGu Power, with related stocks being Fostar and Zhongtai Co., Ltd. [5][6].

Summary of Conference Call Notes Industry Focus - The notes primarily focus on the chemical and oil service equipment industries, highlighting recovery opportunities in these sectors [1][2]. Key Points and Arguments 1. **Recent Catalysts for Recovery**: - Brent crude oil prices have halved since their peak in 2022, while the number of active oil rigs in the U.S. is at a historical low [1]. - The gold-to-oil ratio has reached a historical high, indicating a significant disparity in commodity prices [1]. - Global oil service companies are experiencing a continuous reduction in capacity, and the IEA has indicated a severe underinvestment in the global oil and gas sector, particularly in capital expenditures [1]. 2. **Bottoming Indicators**: - Industrial gases, refining, and oil services are identified as sectors nearing a bottoming phase, presenting potential recovery opportunities [1]. - For industrial gases, the average price of liquid oxygen has dropped to 397 RMB/ton, below the cost in most regions, with rare gases like neon and krypton seeing nearly an 80% decline from 2022 highs [1]. - In refining, limited processing capacity is expected by 2026, with overseas refineries exiting the market, which could lead to a supply-demand balance [1]. 3. **Incremental Growth Areas**: - Natural gas and coal chemical sectors are highlighted as areas for potential growth, with significant funding for LNG projects expected in 2026 and 2027 [2]. - The total investment for coal chemical projects in Xinjiang exceeds 700 billion RMB, with ongoing projects accounting for nearly 160 billion RMB [2]. 4. **Impact of Economic Conditions**: - Domestic equipment companies have faced approximately three years of declining orders due to slow economic growth and overinvestment in chemical projects [2][3]. 5. **Geopolitical Factors**: - The presence of U.S. aircraft carrier strike groups in the Middle East and geopolitical tensions involving Venezuela and Iran are contributing to market volatility and supply constraints [5]. - North American snowstorms have led to shutdowns in refining and extraction areas, exacerbating supply tightness [5]. Additional Important Insights - The prolonged low prices of chemical products have accelerated the exit of subpar production capacities both domestically and internationally, while some downstream recovery trends are becoming clearer [4]. - Recommendations include focusing on leading companies in the general chemical equipment sector that are likely to benefit from capacity reductions, such as Hangyang Co., Zhongtai Co., Jereh Co., and others [4].

Investment Rating - The report assigns an "Accumulate" rating for the industrial gas industry [2][7]. Core Insights - The average weekly price of liquid oxygen and liquid nitrogen remains stable year-on-year, while the average price of liquid argon continues to rise year-on-year. Rare gases are experiencing low-level fluctuations [3][6]. - The acquisition of South Korean gas company DIG Airgas by Air Liquide has been completed, which will double the number of employees in Korea and increase total sales to €900 million, enhancing the group's position in this growing economy [3][6]. Price Trends - As of January 15, 2026, the weekly price data for gases is as follows: 1. Liquid Oxygen: Average price of 335 CNY/ton, down 0.3% month-on-month, down 8.7% year-on-year 2. Liquid Nitrogen: Average price of 361 CNY/ton, down 0.6% month-on-month, down 5% year-on-year 3. Liquid Argon: Average price of 1179 CNY/ton, down 1.01% month-on-month, up 117.83% year-on-year 4. Rare Gases: High-purity helium (cylinder): Average price of 86.5 CNY/cubic meter, down 0.98% month-on-month, down 12.18% year-on-year; Xenon: Average price of 21,000 CNY/cubic meter, stable month-on-month, down 27.59% year-on-year; Krypton: Average price of 190 CNY/cubic meter, stable month-on-month, down 39.68% year-on-year; Neon: Average price of 110 CNY/cubic meter, stable month-on-month, down 12% year-on-year [6][8][11]. Industry Operating Rates - The average weekly operating load rate for China's industrial gas sector is 66.73% as of December 31, 2025, with a month-on-month decrease of 1.88 percentage points [5][9]. Recommended Stocks - Recommended stocks include Hangzhou Oxygen Plant (杭氧股份) and Shaanxi鼓动力 (陕鼓动力), with related stocks being Zhengfan Technology (正帆科技), Fostar (福斯达), and Zhongtai Co. (中泰股份) [6][7].

Investment Rating - The industry investment rating is "Increase" [6] Core Insights - The average price of liquid argon has doubled year-on-year, while the average price of rare gases remains low and fluctuating [2][6] - The operating load rate of China's industrial gas sector has decreased on a month-on-month basis, averaging 66.73% as of December 31, 2025, down by 1.88 percentage points [4][8] - Hangyang Group has joined the Controlled Nuclear Fusion Innovation Consortium, adding 42,000 Nm³/h of industrial gas services [4][6] Price Trends - Liquid argon price: 1,193 RMB/ton, up 3.56% month-on-month and up 106.35% year-on-year [6] - Liquid oxygen price: 346 RMB/ton, down 1.7% month-on-month and down 7.5% year-on-year [6] - Liquid nitrogen price: 367 RMB/ton, down 1% month-on-month and down 6% year-on-year [6] - Rare gases prices: - High-purity helium (cylinder): 89.17 RMB/m³, down 2.01% month-on-month and down 8.54% year-on-year [6] - Xenon: 21,250 RMB/m³, down 1.16% month-on-month and down 27.97% year-on-year [6] - Krypton: 196.67 RMB/m³, down 4.73% month-on-month and down 43.81% year-on-year [6] - Neon: 110 RMB/m³, unchanged month-on-month and down 12% year-on-year [6] Company Recommendations - Recommended stocks include Hangyang Co. and Shandong Energy Group, with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co. [6][7]

Group 1 - The core viewpoint of the article is that Baoguang Co., Ltd. has clarified its business focus on hydrogen production and sales, along with other specialty gases [2] - Baoguang Lianyue, a subsidiary of the company, primarily engages in the production and sale of hydrogen [2] - The subsidiary also operates in the business of high-purity nitrogen, medical oxygen, helium, neon, and other specialty gases [2]

Core Viewpoint - The report indicates a continued upward trend in liquid argon prices, while the average price of rare gases remains stable. The industrial gas sector in China shows an increase in weekly operating load rates, and a significant project win for Hangyang in the low-temperature distribution valve box project is highlighted [1][2][3]. Price Trends - Liquid argon prices have increased by 3.94% week-on-week, reaching an average of 949 RMB per ton, and have risen by 52.84% year-on-year. In contrast, liquid oxygen and liquid nitrogen prices have decreased by 2.87% and 0.78% week-on-week, averaging 372 RMB and 388 RMB per ton, respectively [2]. - The average prices for rare gases are as follows: high-purity helium (91 RMB per cubic meter, stable), bottled high-purity helium (625 RMB per bottle, stable), xenon (22,500 RMB per cubic meter, stable), krypton (215 RMB per cubic meter, stable), and neon (110 RMB per cubic meter, stable) [2]. Operating Load Rates - The average weekly operating load rate for China's industrial gas sector is reported at 70.28%, reflecting an increase of 1.28 percentage points week-on-week [3]. Significant Events - Hangyang Group has successfully won the bid for the low-temperature distribution valve box project from Fusion New Energy (Anhui) Co., Ltd. This project includes seven sets of low-temperature distribution valve boxes for the BEST low-temperature system [3].