股 票 研 究 液氩均价同比翻倍；杭氧加入可控核聚变 创新联合体 |  | 工业气体行业周度跟踪（2025 | | 年 12 | 月第 | 5 | 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，2025 年 12 月第 5 周，液氩延续上涨趋势；稀有气体周均价低位震荡。 负荷率端看，中国工业气体周度开工负荷率环比下降；事件端看，杭氧集团加入可 控核聚变创新联合体，新增 4.2 万 Nm³/h 工业气体服务。 投资要点： 中国工业气体周度开工负荷率环比下降。根据卓创数据，截至 2025 年 12 月 31 日，中国工业气体周度开工负 ...

中新网海南澄迈12月31日电 (陈英清)"此次集中开工项目36个，总投资达51.37亿元。"海南省澄迈县县 长徐涛31日在2025年第四批项目暨澄迈县全民健身中心项目集中开工仪式上说，社会投资项目16个、政 府投资项目20个，涵盖产业发展、基础设施建设、民生保障等重点领域。 12月31 日，2025年第四批项目暨澄迈县全民健身中心项目集中开工仪式在海南澄迈举行。澄迈县委宣传部供图 澄迈县经济总量连续14年稳居海南全省县级行政辖区之首，连续三年入选全国综合实力百强县。今年1 月至11月，澄迈累计完成投资178.78亿元，同比增长8.4%，增速高于海南全省平均水平。 "海南自贸港已经开始封关运作，为我们带来了前所未有的发展机遇。"开工企业代表、海南锋利气体有 限公司副总经理王州说，公司以空气为原料，生产液氧、液氮、液氩等产品，供应商业航天、医疗、高 端制造、半导体等行业。 在服务企业方面，澄迈提供了一套从政策申报、备案、组合运用到核算的"一企一策"方案，可做到全过 程陪跑服务。企业从拿地到获得开工许可只需1天，以智能设备产业基地项目为例，仅用7个半小时，相 较浙江、上海、深圳等城市，效率提升3.2倍至16倍不等。 ...

| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 告 报 精 选 证 券 市 场 研 究 每 日 | | 每日报告精选（2025-12-26 09:00——2025-12-29 15:00） 3 | | --- | --- | |  | 宏观周报：《金银铜续创新高，人民币汇率破 7》2025-12-28 3 | |  | 宏观周报：《消费温和改善》2025-12-28 4 | |  | 策略观察：《资产概览：全球风偏修复，商品权益齐涨》2025-12-29 4 | |  | 策略周报：《跨越，远望又新峰》2025-12-28 5 | |  | 策略观察：《成交活跃度上升，万得全 A 估值领涨》2025-12-27 6 | |  | 海外策略研究：《每周海内外重要政策跟踪（25/12/26）》2025-12-27 7 | |  | 海外策略研究：《最近一周港股内外资行业分歧加剧》2025-12-27 8 | |  | 海外策略研究：《一页纸精读行业比较数据：12 月》2025-12-26 8 | |  | 行业跟踪报告：机械行业《液氩均价 ...

目 录 每日报告精选（2025-12-18 09:00——2025-12-19 15:00） ......................................................................2 |  | 行业跟踪报告：计算机《GPT-5.2 系列发布：重新定义 AI 生产力，驱动 AI 从模型竞争转向场景落地》2025-12-18 | | | --- | --- | --- | | | | 2 | |  | 行业专题研究：传播文化业《情绪消费风起，IP 趣玩行业快速增长》2025-12-18 | 2 | |  | 行业跟踪报告：机械行业《液氩延续上涨趋势；杭氧中标 BEST 低温分配阀箱项目》2025-12-18 | 3 | |  | 公司季报点评：建霖家居（603408）《营收保持稳健，全球制造布局加速》2025-12-19 | 4 | |  | 海外报告：中信金融资产（2799）《拨云见日，双轮启航》2025-12-19 | 5 | |  | 公司深度报告：东鹏饮料（605499）《效率为王，平台型饮料巨头呼之欲出》2025-12-19 | 5 | ...

国泰海通晨报 2025 年 12 月 19 日 [汤蔚翔 Table_Authors] (分析师) 国泰海通证券股份有限公司 研究所 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 侯欢(分析师) 021-23185643 houhuan@gtht.com S0880525040074 梁中华(分析师) 021-23219820 liangzhonghua@gtht.com S0880525040019 宏观快报点评：《广义财政仍需加力》2025-12-18 狭义收入：增速回落。 2025 年 1-11 月，全国一般公共预算收入同比增长 0.8%。其中，11 月当 月收入持平于 2024 年同期，增速边际回落。本月狭义预算收入增速创下半年新低。从主要分项看，在 基数抬升的情况下，个人所得税、增值税收入仍有不错表现。不过，企业所得税收入受到较大扰动， 同比增速转负。此外，在低基数下，消费税收入增速有所回落，出口退税收入降幅明显。考虑到下半 年房地产需求调整，经济增长的内生动能还需增 ...

报告导读： 数据端看， 2025 年 12 月第 2 周，液氩延续上涨趋势；稀有气体周均价环 比持平。负荷率端看，中国工业气体周度开工负荷率环比上行；事件端看， 杭氧中标 BEST 低温分配阀箱项目 。 投资建议。 价格端看，液氩延续上涨趋势；稀有气体周均价环比持平。负荷率端看，中国工业气体周度开工负荷率环比上行；事件端看，杭氧中标 BEST 低 温分配阀箱项目。 液氩延续上涨趋势；稀有气体周均价环比持平。 根据卓创资讯工业气体官方微信公众号，截至 2025 年 12 月 11 日，气体周度价格情况如下： 1 ）液态 气： ① 液氧：均价 372 元 / 吨，环比跌 2.87% ，同比跌 5.1% ； ② 液氮：均价 388 元 / 吨，环比跌 0.78% ，同比跌 3.6% ； ③ 液氩： 均价 949 元 / 吨，环比涨 3.94% ，同比涨 52.84% 。 2 ）稀有气： ① 管束高纯氦气：均价 91 元 / 立方米，环比持平，同比跌 6.67% ； ② 瓶装高纯氦气（ 40L ）：均价 625 元 / 瓶，环比持平，同比跌 5.15% ； ③ 氙气：均价 22500 元 / 立方米，环比持平，同比跌 ...

Investment Rating - The report assigns an "Accumulate" rating for the mechanical industry [1]. Core Insights - The price of liquid argon continues to rise, while the average weekly price of rare gases remains stable [3][4]. - The operating load rate of China's industrial gas sector has increased on a weekly basis [3][4]. - Hangyang has won the bid for the BEST low-temperature distribution valve box project, which includes seven sets of low-temperature distribution valve boxes for the compact fusion energy experimental device [3][4]. Summary by Sections Price Trends - Liquid argon has an average price of 949 RMB/ton, showing a week-on-week increase of 3.94% and a year-on-year increase of 52.84% [4]. - The average prices for other gases are as follows: - Liquid oxygen: 372 RMB/ton, down 2.87% week-on-week, down 5.1% year-on-year - Liquid nitrogen: 388 RMB/ton, down 0.78% week-on-week, down 3.6% year-on-year - High-purity helium (cylinder): 625 RMB/bottle, stable week-on-week, down 5.15% year-on-year - Xenon: 22,500 RMB/cubic meter, stable week-on-week, down 23.73% year-on-year - Krypton: 215 RMB/cubic meter, stable week-on-week, down 38.57% year-on-year - Neon: 110 RMB/cubic meter, stable week-on-week, down 12% year-on-year [4][8]. Operating Load Rate - As of December 10, 2025, the average operating load rate for China's industrial gas sector is 70.28%, reflecting an increase of 1.28 percentage points week-on-week [4][7]. Key Events - Hangyang has successfully secured the bid for the low-temperature distribution valve box project for the BEST low-temperature system, marking a significant achievement in the industry [4][3]. Recommended Stocks - Recommended stocks include Hangyang Co., Ltd. and Shaanxi Blower Co., Ltd. with related stocks being Zhengfan Technology, Fostar, and Zhongtai Co., Ltd. [4].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the chemical industry [5] Core Views - The political bureau meeting emphasized the implementation of more proactive macro policies and the importance of expanding domestic demand and optimizing supply, which is expected to provide a clearer reversal signal for the chemical industry at the bottom of the cycle [2][3] - The chemical industry is currently at a historical low valuation, with a price-to-book (PB) ratio of 2.2, indicating significant upside potential [2][18] - The report highlights the importance of supply-side optimization and the potential for price recovery in industries with high concentration and low profitability [3][20] Summary by Sections 1. Core Insights of the Week - The report discusses the impact of the geopolitical situation on oil prices, with Brent oil closing at $61.28 per barrel, down $2.47 (-3.9%) from the previous week [17] - The Producer Price Index (PPI) has shown unexpected recovery, which has increased attention on the chemical sector [18] 2. Overall Performance of the Chemical Sector - The chemical sector index decreased by 2.2% in the week, ranking 26th among 31 industry sectors [24] - Year-to-date, the chemical sector index has increased by 25.0%, outperforming the Shanghai Composite Index by 9.0% [24][27] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the chemical sector, 97 stocks rose while 325 fell during the week [32] - The top gainers included companies like Bluestar Technology (+18.1%) and Qiaoyuan Co. (+15.2%) [34] 4. Key Investment Themes - **Theme One**: Focus on upstream resource assets with strong profit certainty, such as phosphorus and sulfur [19] - **Theme Two**: Emphasis on supply-side optimization and price elasticity in sectors like organic silicon and PTA [20] - **Theme Three**: Attention to low-valued leading companies in the sector, such as Wanhua Chemical and Hengli Petrochemical [22] - **Theme Four**: Investment in new productive forces aligned with green energy and semiconductor materials [23]

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The photovoltaic inverter exports are steadily increasing, with significant contributions from Australia. In October 2025, China's inverter exports reached 680 million USD, with a cumulative total of 7.44 billion USD from January to October, marking a 6.4% year-on-year growth. The exports to Australia in October alone were approximately 58 million USD, showing over 200% growth year-on-year, primarily due to a government subsidy plan implemented in Australia [4]. - The industrial gas sector saw a strong increase in liquid argon prices in November, with an average price of 817 RMB/ton, up 23.79% from October and 17.89% year-on-year. Other gases remained relatively stable, with liquid oxygen at 419 RMB/ton and liquid nitrogen at 417 RMB/ton. The overall demand is expected to remain weak in the coming months, with prices likely to decline [4]. - In the automotive sector, retail sales of passenger vehicles saw a slight year-on-year decline in the third week of November, but a month-on-month recovery. The average daily retail sales were 71,000 vehicles, down 7% year-on-year but up 7% month-on-month. The upcoming reduction in vehicle purchase tax for electric vehicles in 2026 is expected to stimulate consumption towards the end of the year [4]. Summary by Sections Market Overview - In the past week, the mechanical equipment, electric power equipment, and automotive industry indices rose by 2.47%, 2.23%, and 2.01%, respectively, ranking 8th, 10th, and 11th among 31 first-level industries in the Shenwan classification. The Shanghai and Shenzhen 300 index rose by 1.64% during the same period [9][11]. Industry News and Key Company Announcements - The report highlights significant developments in the industry, including advancements in humanoid robots and the rapid growth of the energy storage sector in China, which has seen new installations exceeding 100 million kilowatts, representing over 40% of the global total [19]. - Notable company announcements include the successful bid by a humanoid robot company for a project worth 264 million RMB and the acquisition of a credit filing certificate for a solar project, which is expected to positively impact the company's performance once operational [20].

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]