摘要 金宏气体 2025 年上半年收入虽增长，但利润受市场竞争和成本上升影 响下滑。二季度业绩显著回升，收入环比增 11.1%创新高，毛利率升至 30.77%，扣非净利润环比增 30%，显示复苏势头。 电子大宗载气业务获星辰焊锡等 6 个项目，汕尾项目实现存量替换。现 场制气业务通过收购汉兴气体扩张，优化区域布局。电子特气巩固超纯 氨、氧化亚氮优势，拓展高纯二氧化碳等新品，新增 18 家半导体客户。 大宗气体占总营收 43%，毛利率 30%；特种气体营收占比 33%，毛利 率约 22%；现场制气租金营收占比 13.6%，毛利率 57.8%；燃气板块 利润近 1 亿元，毛利率 19%。现场制气租金收入增加主要来自武汉长飞 等项目。 多个新项目预计下半年投产，如 3D 电子大征项目（10 月）、东莞汉城 项目（11 月）、湖州兰宝项目（明年春节前后）等，将通过收取租金增 加营收和利润，投资回报率均超 10%。 二季度毛利率提升主要因大宗气体（氮气毛利率增至 37.19%）和特种 气体（氢气毛利率增至 20%）毛利率上升，以及销售额增长。氮气、药 企、二氧化碳、氨气、氢气、氧化亚氮等销量均较一季度增加。 Q&A 金 ...

行 华福证券 公用事业 2025 年 08 月 24 日 业 研 究 行 业 定 公用事业 第 34 周：宁电入湘工程投运送电，7 月水电降幅 明显，高温天气推升用电负荷 期 报 告 7 月水电降幅明显，高温天气推升用电负荷：7 月份，全社会用电量 10226 亿千瓦时， 同比增长 8.6%。从分产业用电看，第一产业用电量 170 亿千瓦时，同比增长 20.2%； 第二产业用电量 5936 亿千瓦时，同比增长 4.7%；第三产业用电量 2081 亿千瓦时，同 比增长 10.7%；城乡居民生活用电量 2039 亿千瓦时，同比增长 18.0%。2025 年 7 月， 全国平均气温创下 1961 年以来历史同期新高，多地出现多轮高温天气，河南、陕西、 山东等省份增速甚至超过 30%。持续的高温高湿天气使得空调等降温设备负荷显著增 加，城乡居民生活用电同比大幅增长 18.0%。7 月份，规上工业发电量 9267 亿千瓦时， 同比增长 3.1%，增速比 6 月份加快 1.4 个百分点；日均发电 298.9 亿千瓦时。7 月份， 规上工业火电、风电、太阳能发电增速加快，水电降幅扩大，核电增速放缓。其中，规 上工业火电同比 ...

来源：金融界 东华能源股份有限公司的主营业务是生产、销售液化气并提供相关售后服务。公司的主要产品是聚丙 烯、丙烯、氢气、合成氨等副产气、液化石油气。 最新一期业绩显示，2025年半年报，公司实现营业收入162.83亿元，同比13.28%；净利润6637.63万 元，同比-39.80%，销售毛利率3.89%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)8东华能源35.1531.671.26140.59亿行业平均 11.9211.701.211843.13亿行业中值24.3533.091.6963.53亿1中国海油9.058.841.5612196.19亿2中国石油 9.609.661.0215904.52亿3广汇能源12.1011.641.24344.53亿4*ST新潮14.3614.201.26289.02亿5中国石化 19.5814.050.857068.60亿6洲际油气23.0820.511.1599.99亿7泰山石油25.6334.513.1434.28亿9康普顿 52.7464.443.0035.21亿10广聚能源61.9066.762.3064.73亿11和顺石油92.49103.151 ...

股票代码：600423 股票简称：柳化股份 公告编号：2025-037 二、主要产品价格变动情况（不含税） | 主要产品 | 2025 年二季度 | | 与上季度相比 | 与去年同期相比 | | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | 变动比率（%） | 变动比率（%） | | 27.5%双氧水 | | 836.92 | 0.63 | -22.96 | | 50%双氧水 | | 1,553.73 | -2.46 | -12.75 | 三、主要原材料价格变动情况（不含税） | 主要原材料名称 | 2025 | 年二季度平均进价 | 与上季度相比变动比率 | 与去年同期相比 | | --- | --- | --- | --- | --- | | | | （元/立方米） | （%） | 变动比率（%） | | 氢气 | | 1.22 | 0 | 0 | 柳州化工股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据有关规定，现将 ...

Core Viewpoint - The global shipping industry is facing the strictest carbon emission regulations in history, with the revised Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL) coming into effect on August 1, 2023, prompting the need for new practices and technologies to meet stringent emission reduction requirements [1][3]. Group 1: Regulatory Changes and Industry Response - The revised MARPOL Annex VI is a new and very strict regulation that requires shipping companies to adopt new practices and technologies to comply with emission reduction targets [3]. - The Norwegian classification society is assisting clients in developing compliance strategies and understanding new regulations, while also providing technical advice on alternative fuels and energy-saving devices [3]. - The introduction of carbon taxes is expected to drive shipowners to invest in new technologies and improve energy efficiency, with financial institutions increasingly favoring green projects [3]. Group 2: Market Dynamics and Bilateral Trade - China is Norway's largest trading partner in Asia, with bilateral trade expected to reach $10.18 billion in 2024, a year-on-year increase of 31.7% [4]. - The Norwegian classification society has seen rapid growth in China, with its market share in the region accounting for approximately 28% of its global business [4]. - China's shipbuilding industry remains the largest globally, with completion, new orders, and backlog accounting for 51.7%, 68.3%, and 64.9% of the global total, respectively, as of the first half of 2025 [4]. Group 3: Decarbonization Challenges - The transition to decarbonization in shipping is a gradual process, with approximately 92% of the current fleet still using traditional fuels [6]. - The speed of transition depends on various factors, including infrastructure for new fuels, production scale, and the high costs associated with these transitions [6]. - Operational optimization measures, such as speed reduction and route optimization, can be implemented even for existing fleets using traditional fuels [6]. Group 4: Digitalization and Innovation - The Norwegian classification society emphasizes the importance of energy-saving technologies in reducing shipping emissions and achieving international maritime organization goals [11]. - Digital technologies are being utilized to monitor vessel operational data, allowing shipowners to better understand fuel consumption and improve operational efficiency [11][12]. - Collaborative efforts between Norwegian and Chinese teams are focused on advancing digitalization and smart technologies in the shipping industry [12]. Group 5: Future of Fuel and Shipbuilding - The future of shipping fuel will not rely on a single solution, but rather a mix of fuels depending on various factors such as vessel type and trade area [15]. - Norway has issued over 20 Approval in Principle (AiP) certificates to Chinese shipyards for various green fuel adaptation solutions and technologies [15]. - China's shipbuilding industry has evolved into a leader in high-end shipbuilding, with significant advancements in LNG carrier construction and other specialized vessels [16].

格隆汇8月19日丨凯美特气(002549.SZ)在互动平台表示，公司主营业务不涉及智慧教育，公司主要产品 有高纯二氧化碳、氢气、液化气、戊烷、电子特气等，广泛应用于电子、化工、饮料、食品、烟草、石 油、冶金、农业等领域。 ...

Core Viewpoint - The Chongqing Municipal Hydrogen Station Industry Development Plan (2025-2035) draft emphasizes the need for a systematic approach to hydrogen station planning and construction, focusing on regional coordination and resource optimization [1] Group 1: Planning and Infrastructure - The plan suggests a proactive approach to hydrogen station planning, ensuring alignment with urbanization and regional needs [1] - It advocates for the construction of hydrogen storage and transportation facilities, utilizing industrial by-product hydrogen and expanding renewable energy hydrogen production [1] - The overall layout of hydrogen stations should be adapted to demand distribution, road station conditions, and urbanization patterns [1] Group 2: Technology and Development - The plan highlights the importance of overcoming key technological challenges, particularly in integrated hydrogen production and high-pressure storage and transportation [1] - It supports the renovation and expansion of existing gas stations and comprehensive energy service stations to accommodate hydrogen stations [1]

Core Viewpoint - Sichuan Qiaoyuan Gas Co., Ltd. has signed an investment cooperation agreement with the Chengdu New Materials Industry Functional Zone Management Committee to establish a special gas production base in Chengdu, with a total planned investment of 302 million yuan [1] Investment Project Summary - The project will be implemented in two phases, with the first phase involving an investment of approximately 152 million yuan, covering an area of about 38 acres, and plans to build production facilities for 20,000 tons/year of electronic-grade carbon dioxide, 20,000 tons/year of medical-grade carbon dioxide, 40,000 tons of industrial-grade carbon dioxide, and a hydrogen recovery and purification unit with a capacity of 1,000 standard cubic meters per hour [1] - The second phase will involve an investment of about 150 million yuan, focusing on the construction of production lines for electronic-grade medical carbon dioxide, electronic-grade ultra-pure ammonia, and storage facilities for high-end electronic chemicals and special gases, along with related supporting facilities [1] Company Background - Qiaoyuan Gas holds the largest full liquid air separation gas production line in Southwest China and has established multiple production bases, including those in Dujiangyan, Wenchuan, Meishan, Jintang, and Deyang, with the Deyang base currently under construction [1] - Additionally, the company operates a production line in Fujian with a capacity of 25,000 standard cubic meters per hour and another with a capacity of 40,000 standard cubic meters per hour [1]

Core Viewpoint - The Chinese government is focusing on promoting the green and low-carbon development potential of traditional industries, particularly through the application of clean low-carbon hydrogen in sectors such as metallurgy, synthetic ammonia, synthetic methanol, and refining [1][2]. Group 1: Policy and Implementation - The "Implementation Plan" issued by the Ministry of Industry and Information Technology, National Development and Reform Commission, and National Energy Administration aims for significant progress in the application of clean low-carbon hydrogen in industrial sectors by 2027 [1]. - The shift from "demonstration verification" to "industrialization" is crucial for achieving deep decarbonization in high-emission industries [1][2]. Group 2: Industry Impact and Current Progress - Hydrogen utilization in the metallurgy industry is seen as a key technology for the green transformation of the steel sector, with significant strategic importance [2]. - Current projects, such as Baosteel's Zhanjiang project, demonstrate the potential for hydrogen-based metallurgy, achieving over 60% carbon reduction compared to traditional methods [3]. Group 3: Economic Challenges - Economic viability remains a major issue, with the production costs of green hydrogen being significantly higher than traditional methods, which hinders widespread adoption [3][5]. - The need for a clear market demand and economic incentives is emphasized to encourage the transition to hydrogen-based processes [5]. Group 4: Recommendations for Policy Improvement - Experts suggest establishing a unified national standard for green hydrogen and improving incentive policies to facilitate its adoption in traditional industries [6]. - Recommendations include financial support for research and development of hydrogen production technologies and the establishment of a green hydrogen premium compensation mechanism [6][7]. Group 5: Future Directions - The exploration of "flying economy" models and the establishment of hydrogen industry collaborative demonstration zones are proposed to enhance the efficiency of hydrogen production and distribution [7]. - The development of a hydrogen replacement roadmap for the steel industry and the implementation of a "green hydrogen quota system" in the refining sector are also suggested [7].

中新网嘉兴8月10日电（记者 左宇坤）在有着"东方氢港"之称的嘉兴港乍浦港区，巨大的龙门吊伸 出长长的悬臂，将货物从货轮上吊装上岸。一辆辆白、蓝、绿涂装的氢能集卡穿梭于堆场和码头间，目 前已有100辆氢能集卡在港内运行。 首先，价格是市场准入与规模化的关键门槛。作为能源载体价值链的终极输出变量，其定价水平直 接决定了终端市场的规模。 徐智敏介绍，国外很多地方加氢的价格达到每公斤十几欧元；而国内氢气价格在不同城市有所不 同，一般来说加上补贴，多集中在每公斤三十元人民币上下。 其次，如同充电桩之于电车，如何为氢车配备足够的加氢站，成为氢能生态系统中不可或缺的重要 支点。 "氢能想要走到千家万户，跟氢气站的布局紧密相关。"浙江联和氢能科技有限公司从最开始就负责 嘉兴港的加氢站建设，公司副总张继华对记者表示，目前为止全国的加氢站还比较少，累计有500多 座。加氢站更加充足、氢气供给更加便宜是氢能未来发展的必要条件，除此之外还有氢气的安全管理问 题。 这些氢能集卡展现出不俗的性能：每次加氢只要十几分钟，续航里程约450公里，平均氢耗8公斤/ 百公里；每年可节约燃料成本约300万元，减少碳排放近1万吨。 这些氢能集卡所属 ...