第1笔成交价格为36.16元，成交42.00万股，成交金额1,518.72万元，溢价率为0.00%，买方营业部为兴 业证券股份有限公司上海锦康路证券营业部，卖方营业部为中国国际金融股份有限公司北京建国门外大 街证券营业部。 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为1518.72万元。该股近5个交易日累 计下跌0.63%，主力资金合计净流出1765.55万元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 10月21日，巨化股份收涨0.39%，收盘价为36.16元，发生1笔大宗交易，合计成交量42万股，成交金额 1518.72万元。 ...

Group 1 - On October 21, Juhua Co., Ltd. executed a block trade of 420,000 shares, with a transaction amount of 15.1872 million yuan, accounting for 1.77% of the total transaction volume for the day [1] - The transaction price was 36.16 yuan, which was flat compared to the market closing price of 36.16 yuan [1]

Investment Rating - The report initiates coverage with an "Accumulate" rating for Zhejiang Juhua, setting a target price of RMB 41.04 based on a PE of 19x for FY26 [3][12]. Core Insights - Zhejiang Juhua is a leading enterprise in the refrigerant industry, holding a dominant position in fluorine refrigerants with a total R32 production capacity of 190,000 tons, which includes 130,000 tons at the local port, 30,000 tons in Shandong Feiyuan, and 30,000 tons in the UAE, with an additional 30,000 tons under construction [1][14]. - The fluorine refrigerant market is experiencing a robust growth trend, particularly in household air conditioning and automotive sectors, with production figures for room air conditioners showing a steady increase from 222.473 million units in 2022 to an expected 265.984 million units in 2024 [2][11]. - The company is focusing on high-end applications such as liquid cooling and data centers, investing in R&D for high-performance fluorine materials, and expanding its product offerings in various industries including aerospace, military, and semiconductors [4][14]. Financial Projections - The forecasted net profits for Zhejiang Juhua are RMB 4.511 billion, RMB 5.821 billion, and RMB 6.196 billion for the years 2025, 2026, and 2027 respectively, reflecting significant growth [3][5]. - Total revenue is projected to grow from RMB 24.462 billion in 2024 to RMB 31.722 billion in 2027, with a notable increase in net profit margins [5][8]. - The company aims to accelerate the development of fourth-generation refrigerants, specifically HFO-1234yf and HFO-1233zd, with production capacity targets set to reach 10,000 tons per year for HFO-1234yf [4][14].

Core Viewpoint - Juhua Co., Ltd. has shown a significant stock price increase of 50.86% year-to-date, despite a recent decline in the last five trading days [1][2] Company Overview - Juhua Co., Ltd. is located in Quzhou, Zhejiang Province, established on June 17, 1998, and listed on June 26, 1998. The company specializes in the research, production, and sales of basic chemical raw materials, food packaging materials, and fluorochemical raw materials [1] - The main business revenue composition includes refrigerants (46.00%), petrochemical materials (15.14%), basic chemical products and others (10.88%), fluoropolymer materials (6.59%), and food packaging materials (2.65%) [1] Financial Performance - For the first half of 2025, Juhua Co., Ltd. achieved a revenue of 13.33 billion yuan, representing a year-on-year growth of 10.36%. The net profit attributable to shareholders was 2.05 billion yuan, showing a substantial increase of 145.84% [2] - The company has distributed a total of 5.973 billion yuan in dividends since its A-share listing, with 1.647 billion yuan distributed in the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Juhua Co., Ltd. was 51,500, a decrease of 2.96% from the previous period. The average circulating shares per person increased by 3.05% to 52,443 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, increasing its holdings by 25.28 million shares [3]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights a recovery opportunity at the bottom of the chemical cycle, particularly in the titanium dioxide sector, with major companies expanding globally and focusing on asset acquisitions [3][4]. - Global oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable with a projected global GDP growth of 2.8% [4][5]. - The report emphasizes the importance of various chemical chains, including textiles, agriculture, and exports, as well as the potential for recovery in profitability for titanium dioxide due to easing trade tensions and improved overseas real estate conditions [3][4]. Summary by Sections Industry Dynamics - Oil supply is anticipated to rise, with OPEC+ expected to increase production, while demand is stable but may slow due to tariffs [4]. - Coal prices are expected to stabilize at a low level, and natural gas exports from the U.S. are likely to increase, reducing import costs [4]. Chemical Product Prices and Trends - The report notes that the PPI for all industrial products fell by 2.3% year-on-year in September, indicating a narrowing decline compared to August [5]. - Manufacturing PMI rose to 49.8%, suggesting a continued recovery in manufacturing activity [5]. Investment Analysis - The report suggests focusing on four key areas for investment: textiles, agriculture, export-related chemicals, and sectors benefiting from reduced competition [3]. - Specific companies to watch include Lu Xi Chemical, Tongkun Co., and Huafeng Chemical in the textile chain, and various firms in the agricultural sector such as Hualu Hengsheng and Baofeng Energy [3][4]. Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for the coming years [14].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The report highlights the global expansion of major titanium dioxide manufacturers, emphasizing the opportunity for industry recovery from the bottom of the cycle. The acquisition of Venator UK's titanium dioxide assets and the establishment of subsidiaries in Malaysia and the UK are key developments [4][5]. - The macroeconomic outlook for the chemical sector indicates stable oil demand despite a slight slowdown due to tariffs, with global GDP growth projected at 2.8%. The report also notes that coal prices are stabilizing and natural gas export facilities in the U.S. are expected to accelerate [4][5]. - The report suggests investment strategies across various sectors, including textiles, agriculture, and chemicals, with a focus on companies benefiting from the "anti-involution" policies [4][5]. Summary by Sections Industry Dynamics - The report discusses the current macroeconomic conditions affecting the chemical industry, including oil supply and demand dynamics, with a forecast of increased production from non-OPEC sources and stable global oil demand [5][6]. - It notes that the PPI for industrial products decreased by 2.3% year-on-year in September, indicating a stabilization in prices due to improved supply-demand structures [6]. Investment Analysis - The report recommends a diversified investment approach focusing on sectors such as textiles, agriculture, and export-oriented chemicals, highlighting specific companies for potential investment [4][18]. - Key materials for growth are identified, including semiconductor materials and packaging materials, with specific companies mentioned for each category [4][18]. Price Movements - The report provides detailed price movements for various chemical products, including titanium dioxide, fertilizers, and pesticides, indicating a mixed outlook with some prices stabilizing while others show slight declines [11][14][20]. - It highlights the impact of external factors such as raw material costs and international trade dynamics on pricing trends within the chemical sector [11][14].

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East have eased, leading to a continued downward trend in oil prices. WTI crude futures fell by 1.00% and Brent crude futures by 1.21% during the period from October 10 to October 17, 2025 [6]. - OPEC's latest monthly market report maintains its global oil demand growth forecast for the next two years, predicting an increase of 1.3 million barrels per day in 2025 and 1.4 million barrels per day in 2026 [6]. - The domestic oil companies are reducing their sensitivity to oil price fluctuations through upstream and downstream integration and diversifying their oil and gas sources [7]. Summary by Sections Oil and Petrochemicals - Geopolitical tensions have decreased, resulting in a downward trend in oil prices. The easing of risks is reflected in the signing of a ceasefire agreement in Gaza and calls for further implementation of the ceasefire by the UN [6]. - The U.S. government is facing a budget impasse, which is impacting economic operations and creating uncertainty regarding fiscal policies [6]. - The report suggests that while short-term oil price risks may persist, the long-term outlook remains anchored by fundamental demand growth [7]. Fluorochemicals - The supply of popular fluorinated refrigerants is tight, leading to continued price increases. R32 refrigerant prices remain high, and R134a prices are also on the rise due to supply constraints and increasing domestic demand [6][7]. - The report highlights that the production of second-generation refrigerants is declining, while third-generation refrigerants have limited quota increases, stabilizing market competition [6]. Semiconductor Materials - The semiconductor sector is experiencing an upward cycle, supported by improving fundamentals and domestic substitution trends. The report recommends focusing on companies like Nanda Optoelectronics and Shanghai Xinyang [7].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The report emphasizes that the refrigerant trend remains unchanged, suggesting to actively seize layout opportunities after market corrections [4][22] - The fluorochemical industry chain has entered a long prosperity cycle, with significant growth potential across various segments, including fluorite, refrigerants, and high-end fluorinated materials [22] Summary by Sections 1. Industry Overview - The fluorochemical index decreased by 8.97% from October 13 to October 17, underperforming the Shanghai Composite Index by 7.50% [6][24] - The average price of fluorite (97% wet powder) as of October 17 is 3,620 CNY/ton, down 0.44% week-on-week, but up 3.12% year-on-year [19][34] 2. Refrigerant Market - As of October 17, prices for various refrigerants are as follows: R32 at 62,500 CNY/ton, R125 at 45,500 CNY/ton, R134a at 53,000 CNY/ton, R410a at 53,000 CNY/ton, and R22 at 16,000 CNY/ton [20][23] - The market for R32 and R134a is expected to remain warm due to slight recovery in domestic production demand and seasonal export orders [21][22] 3. Key Companies and Performance - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [11][22] - Sanmei Co. expects a net profit of 1.524 to 1.646 billion CNY for the first three quarters of 2025, representing a year-on-year increase of 171.73% to 193.46% [10]

Core Viewpoint - The report from Tianfeng Securities highlights Juhua Co., Ltd. as a leading state-owned enterprise in the fluorochemical industry, projecting steady growth in performance from 2013 to 2024, with refrigerant gross profit accounting for over 60% of its revenue [1] Group 1: Company Overview - Juhua's product portfolio includes seven categories: fluorochemical raw materials, fluorinated refrigerants, fluoropolymers, fluorinated fine chemicals, food packaging materials, petrochemical materials, and basic chemical products [1] - The company's revenue and net profit attributable to shareholders are expected to grow at a CAGR of 8.7% and 20.4% respectively from 2013 to 2024, driven mainly by increased volume in the refrigerant and basic chemical segments [1] Group 2: Market Position and Projections - By 2025, Juhua is projected to have a production quota of 271,000 tons for its third-generation refrigerants (excluding R23), holding a market share of 34%, making it the industry leader [1] - The company leads in the market share of mainstream third-generation refrigerants, with R32, R125, and R134a accounting for 42%, 21%, and 25% of its total quota, respectively, and 41%, 34%, and 33% of the domestic total quota [1] Group 3: Future Outlook and Valuation - Juhua's multiple fluoropolymer production capacities rank among the top three in the country, and the company has developed a series of electronic fluorinated liquids through years of research and development [1] - Given its leadership position in the fluorochemical industry, the company is assigned a target price of 39.5-41.2 yuan per share based on a 24-25 times PE ratio for 2025, with an initial coverage rating of "Buy" [1]

Group 1 - The A-share market experienced fluctuations, with the China Securities Petrochemical Industry Index declining by approximately 1%, while only a few stocks such as Luxi Chemical, Xin Feng Ming, Blue Sky Technology, China National Offshore Oil Corporation, and Yangnong Chemical saw gains [1] - In the fluorochemical sector, the third-generation refrigerant quotas are mainly concentrated among leading companies like Juhua Co., Sanmei Co., and Haohua Technology, indicating a high industry concentration [1] - The refrigerant industry has maintained a high level of prosperity this year, leading to significant positive performance forecasts for major refrigerant companies in the first three quarters [1] Group 2 - According to Baichuan Yinfeng data, as of October 15, 2023, the domestic average prices for mainstream third-generation refrigerants are as follows: R32 at 62,500 yuan/ton (up 45.35% year-to-date and 64.47% year-on-year), R125 at 45,500 yuan/ton (up 8.33% year-to-date and 30% year-on-year), R134a at 52,500 yuan/ton (up 23.53% year-to-date and 54.41% year-on-year), and R410a at 53,000 yuan/ton (up 26.19% year-to-date and 45.21% year-on-year) [1] - According to the latest report from Shenwan Hongyuan Securities, the long-term logic for refrigerants remains intact under international agreements, and the industry outlook is positive, with expectations for price resonance in both domestic and foreign trade [1] - The Petrochemical ETF (159731) and its linked funds closely track the China Securities Petrochemical Industry Index, which is primarily composed of three major sectors: refining and trading (25.60%), chemical products (23.72%), and agricultural chemical products (19.91%), all of which are expected to benefit from policies aimed at reducing competition, restructuring, and eliminating outdated production capacity [2]