Institutional Research | Commercial Spaceflight + Hydrogen Energy + Industrial Gases This company has entered the commercial spaceflight support sector and has made significant progress in overseas business.

On February 6th, multiple listed companies released investor relations activity record announcements, disclosing their business communication content with institutions, revealing many progress and highlights in their business layouts.

Shudao Equipment: Successfully Delivered Key Equipment for Domestic Commercial Launch Enterprises

Shudao Equipment recently received research visits from more than ten institutions including Huaxi Securities, Qianhai Kaiyuan, and Cinda Asia.

During the research, Shudao Equipment disclosed that the company has supplied low-temperature propulsion devices and high-purity gas production equipment for space use to related enterprises at two domestic spaceports, including liquid methane and liquid air separation units. All related projects have entered the delivery or debugging stage.

“The company mainly participates in the commercial aerospace field as a high-end gas equipment supplier,” said Shudao Equipment. Looking ahead, the company will leverage its existing equipment manufacturing and technological R&D capabilities to gradually extend into the downstream of the industrial chain, actively building a comprehensive supply service provider for commercial space fuels (such as liquid oxygen, liquid nitrogen, liquid methane, etc.), upgrading from “equipment supply” to “gas + energy + service” model.

According to Shudao Equipment, the company successfully won the bid for Nigeria’s Rumuji 100 mmscfd natural gas liquefaction facility and supporting projects by the end of 2025, with a contract amount of approximately 458 million yuan. The company is currently advancing the contract signing process. This winning bid marks the company’s first large-scale LNG project in Africa, signifying important progress in implementing its internationalization strategy and expanding overseas business.

Regarding hydrogen energy business layout, Shudao Equipment stated that the company will focus on deep cryogenic liquid hydrogen technology, driven by large scene applications, and supported by open industry cooperation to build a full-industry-chain R&D, manufacturing, and demonstration application system.

Shudao Equipment said that its current core business mainly involves ultra-cold technology equipment, with future plans to extend into downstream industrial gases, LNG, and hydrogen energy sectors through independent investments, mergers and acquisitions, and joint ventures, accelerating its strategic transformation from “equipment manufacturer” to “gas operator.”

Data shows that Shudao Equipment centers on ultra-cold technology equipment manufacturing, supported by transportation service equipment manufacturing, vigorously expanding gas investment and operation, clean energy investment and operation, and accelerating the layout in frontier fields such as hydrogen energy.

A recent research report from Southwest Securities pointed out that the company is a leading enterprise in ultra-cold technology in China and is also the leading unit for hydrogen energy industry development within the Shudao Group. Relying on the group’s background and resources, its ultra-cold business, hydrogen energy business, and gas operation are expected to expand rapidly.

Today, Shudao Equipment’s stock price fell by 2.69%, reaching a new high in over four years on Wednesday this week, with a total increase of 15.70% so far this year.

The natural gas sector of Shudao Equipment performed well today, with Intercontinental Oil & Gas and GCL New Energy both hitting the daily limit, while China First Gas and Tongyuan Petroleum saw significant gains.

In terms of ETF products, the Petroleum and Natural Gas ETF (159588) closely tracks the China Securities Petroleum and Natural Gas Index, which reflects the stock price changes of listed companies related to the petroleum and natural gas industry on the Shanghai, Shenzhen, and Beijing exchanges. The industry includes refining chemicals, oil and gas exploration, and gas utilities. The Petroleum and Natural Gas ETF (159588) rose by 1.13% today, with a trading volume of nearly 40 million yuan.

Zhefu Holding: Core Projects Progressing in Order, Multiple Key Advances Achieved

Zhefu Holding recently received research visits from Guoxin Securities, Tianhong Fund, and other 10 institutions.

During the research, Zhefu Holding disclosed that its controllable nuclear fusion core projects are progressing in an orderly manner, with multiple key advances achieved.

It is reported that Zhefu Nuclear Power, in collaboration with scientific research institutions, is advancing the joint development of ultra-high thermal load components, including process scheme formulation, small and medium sample development; the lithium-lead pump prototype is undergoing testing and performance indicators are continuously optimized; the pre-formed blanket shielding blocks have passed acceptance. Meanwhile, Zhefu Nuclear Power has been approved as a member of the Anhui Province Fusion Industry Alliance, fully integrating into the domestic fusion energy industry ecosystem.

The company’s core advantages in the controllable nuclear fusion field mainly lie in two aspects: as the core supplier of control rod drive mechanisms for “Hualong One,” the company has accumulated rich experience in nuclear-grade equipment R&D, manufacturing, and quality control, and can transfer mature fission reactor precision manufacturing technology to the fusion reactor field.

At the same time, the company has established a complete development environment from specialized technology to full pump verification, deepening industry-university-research cooperation with top domestic scientific research institutes, and relying on industry alliance platforms to coordinate upstream and downstream resources in the industry chain, accelerating technological transformation and project implementation.

“Controllable nuclear fusion is the ultimate energy of the future and a key part of the ‘14th Five-Year Plan.’ The industry has entered a bidding inflection point, with bidding volume expected to significantly increase from 2026, and multi-regional reactor projects starting successively, offering broad industry development prospects.”

Zhefu Holding stated that it will continue to increase R&D investment, focus on core component technology breakthroughs, and improve product competitiveness. It will also deepen cooperation with scientific research institutions and industry alliances, closely monitor bidding activities across regions, and actively participate in project bidding. Additionally, leveraging existing nuclear-grade equipment manufacturing capacity, the company plans to pre-allocate capacity reserves to meet the industry’s large-scale development needs.

Zhefu Holding adheres to the dual main business development strategy of “clean energy equipment + hazardous waste resource utilization,” with the two sectors developing synergistically, forming a unique competitive advantage.

A recent research report from Oriental Fortune Securities pointed out that as a leading enterprise in domestic metal hazardous waste resource utilization, the company’s main business is steadily growing, and its clean energy equipment business is expected to benefit fully from the acceleration of pumped storage construction and nuclear power approvals. The continuous increase in AI computing power demand also opens long-term growth space.

In the secondary market, Zhefu Holding closed up 2.78% today, with a year-to-date increase of 14.66%.

(Source: Oriental Fortune Research Center)