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]

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]