智通财经APP获悉，今年6月以来，欧洲多国持续出现高温天气，多地气温突破40℃，市场对空调电扇 的需求呈现爆发式增长。 据CCTV报道，广东空调、电扇订单量增长热销海外。 海关最近公布数据显示，在去年较高基数基础上，今年1至6月，我国空调累计出口额达93.5亿美元，同 比增长近10%；其中，对欧盟国家空调出口量同比增长43.2%，出口金额则达37.6亿美元，创同期历史 新高。 中信建投研报称，国补资金下达，家电行业维持高景气度，看好龙头企业的配置机会。其中，夏季高温 带动空调需求高增长，黑电产品结构升级推动均价提升，并且面板价格下行，扫地机行业竞争迎来边际 改善，利润率有望迎来拐点，电商投流税规则变更有利于龙头品牌，两轮车受益国补刺激销量高增，摩 托车加速出海。各板块龙头均受益于行业高景气度，份额和利润率表现较好，预期二季度和三季度业绩 稳健，看好龙头企业的后续业绩。 中金发布研报称，根据百川盈孚数据，1H25制冷剂R32/R134a/R125产量分别为13.8/7.6/5.7万吨，约占 全年配额的49%/37%/34%。8月末空调新冷年临近，尽管空调产量7月以来有所走低，但终端消费量持 续走高，结合当前销售 ...

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on heat dissipation materials and helium gas from Russia, as well as incidents affecting Zhongkun Chemical [3][4]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected at 2.8%, with stable oil demand despite some slowdown due to tariffs [3][4]. - The trend towards liquid cooling in AI servers is highlighted, with significant power requirements leading to increased demand for specialized cooling materials. The report suggests monitoring companies like Bayi Shikong, New Era, Dongyangguang, Yonghe Co., and Juhua Co. [3][4]. - Recent incidents affecting helium supply in Russia and a fire at Zhongkun Biotech are expected to positively impact the helium supply-demand balance, with recommendations to focus on companies like Guanggang Gas, Huate Gas, and Jinhong Gas [3][4]. Summary by Sections Industry Dynamics - Oil supply is expected to increase significantly, with non-OPEC countries leading the way. Global oil demand remains stable, but growth may slow due to tariff impacts. Coal prices are expected to stabilize at low levels, while natural gas export facilities in the U.S. may reduce import costs [4][5]. Chemical Sector Configuration - The report notes a decrease in oil prices and an increase in coal prices, with industrial product PPI showing a year-on-year decline of 3.6%. Manufacturing PMI recorded at 49.3%, indicating a slight contraction in manufacturing activity [3][5]. Investment Analysis - Traditional cyclical investments should focus on leading companies in their respective sectors, including Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy. Growth sectors include semiconductor materials and OLED panel materials, with specific companies highlighted for their potential [3][4][17].

金融界8月14日消息，上证指数高开低走，中证香港300原材料指数 (H300材料，L11221)报2677.51点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，其下属的行业指 数样本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证香港 300行业指数系列样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合 并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，中证香港300原材料指数近一个月上涨18.28%，近三个月上涨38.94%，年至今上涨 63.80%。 据了解，中证香港300行业指数系列在中证香港300指数样本中，按中证行业分类标准进行分类，以进入 各一、二、三级行业的全部证券作为样本编制指数，形成中证香港300行业指数系列，以反映香港市场 不同行业的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 ...

该行续指，8月末空调新冷年临近，尽管空调产量7月以来有所走低，但终端消费量持续走高，根据奥维 云网公开的数据显示，至7月中旬，国内空调市场线下体系的零售额同比增长了19.63%，相应的零售量 同比增幅为16.15%；同期线上平台空调产品的零售额同比增长了26.17%，零售量增幅更是达到了 30.28%。尤其是在东北、西北等市场，近期还出现了断货现象，华东、华中等地的销售势头同样是积 极乐观。结合当前销售形势，空调进入新冷年后排产量预计维持高位，制冷剂需求有望得到提振。 东岳集团(00189)涨超3%，截至发稿，涨3.42%，报11.79港元，成交额8108.4万港元。 中金发布研报称，尽管进入7月以来空调产量/排产同比转负，但制冷剂价格涨势不改。根据氟务在线数 据，R32最新企业报价已逼近60000元/吨。三代制冷剂进入配额期后，定价权已由需求端切换至供给 端，空调需求端进入阶段性排产淡季并不主导制冷剂价格走势。从海外价格看，欧洲R32价格在4Q24已 接近2万欧元/吨，我国制冷剂价格仍有相对充裕的上行空间，制冷剂价格"天花板"仍较远。 ...

智通财经APP获悉，东岳集团(00189)涨超3%，截至发稿，涨3.42%，报11.79港元，成交额8108.4万港 元。 中金发布研报称，尽管进入7月以来空调产量/排产同比转负，但制冷剂价格涨势不改。根据氟务在线数 据，R32最新企业报价已逼近60000元/吨。三代制冷剂进入配额期后，定价权已由需求端切换至供给 端，空调需求端进入阶段性排产淡季并不主导制冷剂价格走势。从海外价格看，欧洲R32价格在4Q24已 接近2万欧元/吨，我国制冷剂价格仍有相对充裕的上行空间，制冷剂价格"天花板"仍较远。 该行续指，8月末空调新冷年临近，尽管空调产量7月以来有所走低，但终端消费量持续走高，根据奥维 云网公开的数据显示，至7 月中旬，国内空调市场线下体系的零售额同比增长了19.63%，相应的零售量 同比增幅为16.15%；同期线上平台空调产品的零售额同比增长了26.17%，零售量增幅更是达到了 30.28%。尤其是在东北、西北等市场，近期还出现了断货现象，华东、华中等地的销售势头同样是积 极乐观。结合当前销售形势，空调进入新冷年后排产量预计维持高位，制冷剂需求有望得到提振。 ...

Core Viewpoint - Dongyue Group announced a reallocation of HKD 191.9 million from its unused proceeds to enhance PTFE quality, implement green intelligent transformation of tetrafluoroethylene, and pilot production of hexafluoropropylene [1] Group 1: Financial Adjustments - The reallocation of funds is driven by two main reasons: an increase in supply of PVDF and PTFE products leading to a significant supply-demand imbalance, which has resulted in a decrease in product prices [1] - The previous investment returns from these production lines were below expectations due to the market conditions [1] Group 2: Strategic Development - The board has decided to change the use of the unused proceeds in light of anticipated market developments for high-end fluoropolymer materials and new cooling agents [1] - This adjustment is expected to allow the company to allocate its financial resources more effectively, ultimately enhancing the group's operational performance in the long term [1]

Core Viewpoint - The refrigerant market is expected to maintain high demand as the new cooling year approaches, despite a decrease in air conditioning production since July. The overall sales performance remains strong, indicating a potential uplift in refrigerant demand [1][4]. Group 1: Refrigerant Production and Policy - In the first half of 2025, the production of refrigerants R32, R134a, and R125 reached 138,000 tons, 76,000 tons, and 57,000 tons respectively, accounting for approximately 49%, 37%, and 34% of the annual quota [2]. - The export volumes for R32 and R134a in the same period were 40,000 tons and 50,000 tons, representing about 41% and 39% of their respective annual export quotas [2]. - The supply-demand environment for refrigerants in 2025 is relatively balanced, with some varieties being relatively abundant, reducing the necessity for quota increases. The policy regarding refrigerant quotas is expected to remain stable through mid-2026 [2]. Group 2: Refrigerant Pricing Trends - Despite a decline in air conditioning production since July, refrigerant prices continue to rise. The latest corporate quotation for R32 is nearing 60,000 yuan per ton [3]. - The pricing power for refrigerants has shifted from the demand side to the supply side, indicating that the seasonal decline in air conditioning demand does not dominate refrigerant price trends [3]. - Internationally, the price of R32 in Europe approached 20,000 euros per ton in the fourth quarter of 2024, suggesting that there is still significant upward potential for domestic refrigerant prices [3]. Group 3: Air Conditioning Market Performance - As the new cooling year approaches in late August 2025, the retail sales of air conditioning units have shown strong growth. Offline retail sales increased by 19.63% year-on-year, while online sales surged by 26.17% [4]. - The retail volume for air conditioning units also saw a year-on-year increase of 16.15% offline and 30.28% online, with certain regions experiencing stock shortages [4]. - Given the current sales dynamics, air conditioning production is expected to remain high, which will likely boost refrigerant demand [4]. Group 4: Investment Recommendations - Following the release of refrigerant companies' performance in the first half of 2025, the sector's valuation has seen a decline. Concerns remain regarding the stability of the policy environment and the potential impact on future refrigerant demand [5]. - The expectation of stable policies in 2025 and 2026, along with the continued rise in refrigerant prices during the off-season, suggests that market expectations may gradually improve, leading to a potential recovery in sector valuations [5]. - Companies in the refrigerant supply chain, such as Juhua Co., Ltd. (600160.SH), Dongyue Group (00189), and others, are highlighted as potential investment opportunities due to their expected valuation increases [5].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a recovery in profitability, driven by a tightening supply of glyphosate and glufosinate, leading to price increases [4][20] - The "anti-involution" policy is expected to be a key focus in 2025 and beyond, aiming to optimize the competitive landscape in the chemical industry [26] Summary by Sections Industry Trends - The chemical industry index outperformed the CSI 300 index by 1.1% this week, with 76.7% of the 545 tracked stocks showing weekly gains [17] - The average price of glyphosate increased to 26,399 CNY/ton, a rise of 0.37% from the previous week, while glufosinate also saw a price increase [21][22] Key Products Tracking - Urea and potassium chloride prices have risen, while phosphorite and phosphates remain stable [52] - The average price of urea reached 1,780 CNY/ton, up 0.62% from the previous week, driven by improved market sentiment [52][54] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6][26] - Beneficiary stocks include companies like Jiangshan Co., Ltd. and Hebei New Chemical Materials [24][27]

Macro Information and Commentary - In the first seven months of this year, China's total import and export value of goods reached 25.7 trillion yuan, a year-on-year increase of 3.5%. Exports amounted to 15.31 trillion yuan, growing by 7.3% [4] - The State Council announced a free preschool education policy, expected to benefit approximately 12 million children this fall semester, reducing family expenses by about 20 billion yuan [4] - Starting September 29, South Korea will implement a temporary visa waiver policy for Chinese group tourists, initially lasting until June next year [5] - The U.S. non-farm payrolls increased by only 73,000 in July, the lowest in nine months, raising concerns about a potential recession [5] Automotive Industry - Shanghai has issued the first batch of smart connected vehicle demonstration operation licenses, marking a new phase in the commercialization of autonomous driving [6][8] - The first licensed companies, including Pony.ai and Jinjiang Taxi, have launched autonomous taxi services, combining technology and traditional taxi operations [6][8] - The issuance of licenses signifies a significant breakthrough in Shanghai's smart transportation development, with plans to deploy 500 data-collecting ride-hailing vehicles [8] - Investment opportunities in the automotive sector are notable due to the acceleration of intelligent technology adoption and supportive policies for automotive consumption [9] Chemical Industry - Dongyue Group is a leading enterprise in the fluorosilicone industry, focusing on refrigerants and silicone materials [11] - The company holds a leading position in refrigerant quotas, expected to benefit from high demand and pricing in the refrigerant market [12][14] - Dongyue's fluoropolymer materials have a significant market share, with a production capacity of 55,000 tons of PTFE, leading the industry [13][14] - The company is projected to achieve net profits of 1.94 billion, 2.44 billion, and 2.99 billion yuan from 2025 to 2027 [16] Public Utilities - The public utilities sector has seen a decline of 1.84% this week, underperforming the Shanghai and Shenzhen 300 index [18][19] - The energy transition is accelerating, with renewable energy installations reaching 268 million kilowatts in the first half of 2025, a year-on-year increase of 99.3% [24] - Investment recommendations focus on hydropower assets, thermal power with favorable supply-demand dynamics, and green electricity projects [25] Real Estate - In July, the transaction volume of new and second-hand homes in major cities showed a seasonal decline, with new home sales down 19.2% year-on-year [27][28] - The sales volume of the top 100 real estate companies decreased by 22% in July, indicating a tightening market [29] - Investment suggestions include focusing on leading real estate companies with strong land acquisition capabilities and active second-hand housing agencies [31] Semiconductor Industry - The semiconductor sector is experiencing a seasonal decline in housing transactions, impacting demand [33][34] - The top 100 real estate companies' sales figures reflect a challenging environment, with significant year-on-year decreases [35] New Materials - The rare earth magnetic materials industry has seen a decline of 6.63%, underperforming the benchmark index [39] - Prices for rare earth minerals continue to rise, with significant increases in the prices of praseodymium and neodymium [40][43] - Investment recommendations focus on upstream rare earth resource companies benefiting from tightening supply and increased demand [42] Medical Services - WuXi Biologics is a global leader in the biopharmaceutical CDMO sector, providing comprehensive services from drug discovery to commercialization [45] - The company is expected to achieve a revenue CAGR of 36.0% from 2019 to 2024, with significant growth in non-COVID related business [46] - Investment outlook remains positive, with projected revenues of 21.47 billion, 23.65 billion, and 25.91 billion yuan from 2025 to 2027 [49]

【解剖大盘】 不确定性因素终于得到消除，港股今天再度震荡上行，恒指收盘涨0.69%，重新站上25000点整数关 口。 脑机接口再度迎来七部门重磅文件发布：到2030年，脑机接口产业创新能力显著提升，形成安全可靠的 产业体系，培育2至3家全球领军企业和一批专精特新中小企业，构建国际竞争力产业生态。之所以7个 部门联合发布，是因为脑机接口属于前沿科学，除了作为辅助医疗之外，还可以带动一大批的产业，包 关于针对俄罗斯第三方制裁传来好消息。8月6日，俄罗斯总统普京在莫斯科克里姆林宫会见了当天到访 的美国中东问题特使威特科夫。特朗普：会谈"富有成效且取得重大进展"，特朗普6日还表示，美俄元 首有可能很快就会举行会谈。白宫则表示，俄罗斯表达了希望与特朗普会面的意愿，特朗普对与普京和 泽连斯基会面持开放态度。 当地时间8月7日，俄罗斯总统助理乌沙科夫表示，俄罗斯正与美国方面一起筹备两国元首会晤的具体事 宜。这表明俄美双方取得了共识，接下来的停战值得期待。那么针对我们的或许就不会再有。而针对印 度的制裁并非坏事，莫迪选择硬刚：面对50%关税永不妥协，已准备好付出沉重代价。同时莫迪预计将 于8月底再度访华，巴西总统卢拉：我要给 ...