Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is experiencing a resilient demand for refrigerants, with expectations for a new round of price increases due to external geopolitical factors [4][23] - The fluorochemical index increased by 2.03% during the week of March 23-27, outperforming the Shanghai Composite Index by 3.13% and the CSI 300 Index by 3.45% [6][34] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, including raw materials like fluorite, refrigerants, and high-end fluorinated materials [23] Summary by Sections 1. Fluorochemical Market Overview - Fluorite prices have shown a recovery, with the average market price for 97% wet fluorite at 3,430 CNY/ton as of March 27, up 0.94% from the previous week [7][18] - The average price for March is 3,392 CNY/ton, down 9.00% year-on-year, and the average for 2026 is 3,342 CNY/ton, down 4.00% from 2025 [18] 2. Refrigerant Market Trends - As of March 27, prices for various refrigerants are stable, with R32 at 63,500 CNY/ton, R125 at 55,000 CNY/ton, and R134a at 58,500 CNY/ton [20][21] - The domestic refrigerant market is stable, with preparations for the summer sales season beginning, although purchasing behavior remains cautious due to high prices and geopolitical uncertainties [22][23] 3. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [10][23]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The fluorochemical industry is experiencing a resilient demand for refrigerants, with expectations for a new round of price increases due to external geopolitical factors [4][23] - The fluorochemical index has shown a 2.03% increase, outperforming the Shanghai Composite Index by 3.13% and the CSI 300 Index by 3.45% during the week of March 23 to March 27, 2026 [6][34] Summary by Sections 1. Fluorochemical Industry Overview - The price of fluorite has been recovering, with the average market price for 97% wet fluorite at 3,430 CNY/ton as of March 27, 2026, reflecting a 0.94% increase from the previous week [7][18] - The average price for March 2026 is 3,342 CNY/ton, down 4.00% from the average price in 2025 [18] 2. Refrigerants - As of March 27, 2026, the prices for various refrigerants are as follows: R32 at 63,500 CNY/ton, R125 at 55,000 CNY/ton, R134a at 58,500 CNY/ton, and R22 at 17,500 CNY/ton, with most prices remaining stable compared to the previous week [20][21] - The domestic refrigerant market is stable, with preparations for the summer sales season beginning, although purchasing behavior remains cautious due to high prices and external uncertainties [22][23] 3. Beneficiary Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [10][23]

Group 1 - Wanhua Chemical (600309) is a global leader in the polyurethane industry, with core businesses covering MDI, TDI, and polyether polyols, while also extending into petrochemicals, new materials, and fine chemicals. The company has established a comprehensive industrial chain from raw materials to end products, maintaining a leading market share in MDI due to its scale and technological barriers. It is expanding into high-performance materials and new energy materials, aligning with the trends in new energy and high-end manufacturing, which opens up long-term growth opportunities [1][25] - Juhua Co., Ltd. (600160) is a leading enterprise in the domestic fluorochemical sector, with core businesses including fluorochemicals, chlor-alkali chemicals, and petrochemical materials. The company has a significant capacity in fluorinated refrigerants and is expanding into electronic chemicals and photovoltaic fluorinated materials, gradually breaking through overseas technological monopolies. Its comprehensive layout in the fluorochemical industry chain and strong compliance and cost advantages position it well for growth [2][26] - Satellite Chemical (002648) is a leader in the domestic acrylic acid and ester industry, focusing on acrylic acid, high polymer emulsions, and functional polymer materials. The company is accelerating its layout in photovoltaic-grade EVA and POE new energy materials, leveraging its propane dehydrogenation process to build an integrated industrial chain. Its strong cost control and alignment with the growth of the photovoltaic and lithium battery industries provide sustainable development momentum [3][27] Group 2 - Hoshine Silicon Industry (603260) is a global leader in industrial silicon and organic silicon, with core businesses covering industrial silicon, organic silicon, and graphite electrodes. The company has a leading production capacity in industrial silicon and a comprehensive product range in organic silicon, benefiting from energy-rich production bases. Its complete industrial chain layout and focus on high-purity silicon for photovoltaics align with trends in new energy and high-end manufacturing, offering significant long-term growth potential [4][28] - Adisseo (600299) is a global leader in animal nutrition additives, with core products including methionine and vitamins widely used in livestock farming. The company has established a stable supply system and significant technological and cost advantages, while also expanding into biotechnology and functional food sectors. Its stable performance and low sensitivity to macroeconomic fluctuations enhance its competitive position in the global feed additive industry [5][29] - Zhejiang Longsheng (600352) is a global leader in the dye industry, with core businesses covering dyes, intermediates, and water-reducing agents. The company has a leading market share in disperse and reactive dyes, supported by an integrated industrial chain and strong cost control. Its diversified business structure enhances risk resilience, while its expansion into hydrogen energy and environmental protection projects strengthens its competitive position in the global dye and fine chemical industry [6][30] Group 3 - Haohua Technology (600378) is a domestic leader in high-end fluorinated materials and electronic chemicals, with core businesses including fluororesins, fluororubbers, and electronic-grade chemicals. The company benefits from deep technological reserves and has achieved some degree of import substitution. Its focus on high-end chemical materials aligns with national strategic emerging industries, providing long-term growth support [7][31] - Sanmei Co., Ltd. (603379) is a key player in the domestic fluorochemical sector, focusing on refrigerants, foaming agents, and fluorinated salts. The company has established an integrated fluorochemical industrial chain and is expanding into environmentally friendly refrigerants. Its stable cash flow and strong downstream demand support its competitive position in the domestic fluorochemical market [8][32] - Meihua Biological (600873) is a global leader in the amino acid industry, with core products including monosodium glutamate and amino acids widely used in food, feed, and pharmaceuticals. The company has a leading market share in MSG and lysine, supported by its advanced fermentation technology and cost advantages. Its expansion into pharmaceutical-grade amino acids and biodegradable materials enhances its competitive position in the global amino acid and fermentation industry [9][33]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is showing signs of recovery, with a notable increase in prices for refrigerants and raw materials, driven by supply constraints and rising demand [4][23] - The market for refrigerants is expected to experience a new round of price increases, despite short-term challenges posed by geopolitical factors in the Middle East [4][23] - The overall sentiment in the fluorochemical sector remains optimistic, with potential for significant growth across various segments, including high-end fluorinated materials and fine chemicals [23] Summary by Sections 1. Fluorochemical Market Overview - The average market price for wet fluorite (97%) is 3,393 CNY/ton, reflecting a 0.18% increase week-on-week, but a 9.25% decrease year-on-year [18] - The supply of fluorite is tight due to environmental inspections and production slowdowns in key regions, which is expected to support prices [19] 2. Refrigerant Pricing Trends - As of March 13, 2026, the prices for various refrigerants are as follows: - R32: 63,500 CNY/ton (domestic), 62,500 CNY/ton (export) - R125: 55,000 CNY/ton (domestic), 51,000 CNY/ton (export) - R134a: 58,500 CNY/ton (domestic), 58,000 CNY/ton (export) - R22: 17,500 CNY/ton (domestic), 15,500 CNY/ton (export) [20][21] - The market is witnessing a gradual recovery in prices for refrigerants, with R125 showing a 7.84% increase in domestic pricing [20][21] 3. Industry Dynamics - The fluorochemical index has decreased by 2.1% in the week of March 9-13, 2026, underperforming against major indices such as the Shanghai Composite and CSI 300 [36] - The overall market sentiment is positive, with expectations for a rebound in prices as demand from downstream sectors increases [22][23] 4. Recommended Stocks - Key stocks to watch include: - Jinshi Resources (fluorite) - Juhua Co. (refrigerants, fluororesins) - Sanmei Co. (refrigerants) - Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [10][23]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is showing signs of recovery, with a notable increase in prices for refrigerants and raw materials, indicating a potential upward trend in market conditions [4][23] - The demand for refrigerants remains resilient despite geopolitical tensions in the Middle East, suggesting that prices may see a new round of increases [4][23] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [23] Summary by Sections 1. Fluorochemical Market Overview - Fluorite prices have shown a slight recovery, with the average market price for 97% wet fluorite at 3,393 CNY/ton as of March 13, 2026, reflecting a 0.18% increase from the previous week [18] - The average price for March 2026 is 3,339 CNY/ton, down 4.08% compared to the average price in 2025 [18] 2. Refrigerant Market Trends - As of March 13, 2026, the prices for various refrigerants are as follows: R32 at 63,500 CNY/ton, R125 at 55,000 CNY/ton (up 7.84%), and R134a at 58,500 CNY/ton [20][21] - The external trade prices for R32 and R125 are 62,500 CNY/ton and 51,000 CNY/ton, respectively, with R125 showing a stable trend [21] - The market is experiencing a mild recovery in demand, with companies maintaining normal inventory levels and focusing on essential purchases [22] 3. Beneficiary Companies - Recommended stocks include: Jinshi Resources (fluorite), Juhua Co. (refrigerants, fluororesins), Sanmei Co. (refrigerants), and Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [10][23] - Other beneficiary companies include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [10][23]

Investment Rating - The report maintains a positive investment rating for the thermal management materials industry [3]. Core Insights - The rapid growth of high-power chips due to AIGC has led to a significant increase in thermal flow density, making liquid cooling the preferred solution for high-power chip cooling [6][23]. - The demand for liquid cooling solutions is expected to rise, driven by advancements in AI data centers and the increasing power requirements of data center AI cabinets [6][50]. - The report identifies three main investment opportunities in liquid cooling: high-power chips from NVIDIA, liquid cooling in high-power data centers, and thermal management for electric vehicle batteries and energy storage [6]. Summary by Sections Current Mainstream Cooling Solutions - Cooling methods are categorized into active and passive cooling, with active cooling including liquid cooling and air cooling [8][9]. - Liquid cooling has become the mainstream solution for high-performance scenarios, particularly in AI servers and data centers [8][9]. Thermal Management Industry Chain - The thermal management industry chain includes upstream raw materials, midstream manufacturing, and downstream applications, with the midstream segment being the most competitive [14][18]. - Key raw materials include high-purity copper and aluminum alloys, which are expected to see increased demand due to the rise in liquid cooling applications [6][11]. Domestic and Foreign Competition - The report highlights the competitive landscape, noting that foreign companies dominate high-end thermal management materials, while domestic companies are catching up and have significant room for growth [19][22]. Liquid Cooling Market Growth - The global market for liquid cooling plates in power batteries is projected to reach 14.5 billion yuan by 2025, with domestic market size expected to reach 9.6 billion yuan [6]. - The growth of energy storage batteries is also anticipated to drive demand for liquid cooling solutions [6]. Key Companies and Their Prospects - Major companies benefiting from the liquid cooling trend include Cooler Master, Vertiv, and domestic firms like Yingwei and Highlan [6][42]. - Companies like Jetcool are developing innovative solutions for high-power chips, which are expected to enhance overall efficiency in AI clusters [40]. Future Trends and Developments - The report emphasizes the importance of liquid cooling in meeting the energy efficiency requirements set by regulatory bodies for data centers [46][50]. - The shift towards liquid cooling is driven by the need to manage increasing thermal loads effectively, as traditional air cooling approaches reach their limits [50][51].

Investment Rating - The report maintains a "Buy" rating for the refrigerant industry, specifically for HFCs [5] Core Insights - The refrigerant industry is expected to maintain high prosperity due to supply quota constraints and steadily increasing demand. The transition to quota production for HFCs in China is a significant factor driving this outlook [1][4] Supply Side Analysis - Environmental policies are driving the iteration of refrigerants, with HFCs entering a quota production phase starting in 2024. The production quotas for HFCs from 2024 to 2026 are set at approximately 748,500 tons, 791,900 tons, and 797,800 tons respectively, indicating a stable supply environment [1][19] - The supply of HFCs is expected to remain constrained due to the quota system, which is likely to continue until 2029 when reductions in HFC usage will begin [1][21] Demand Side Analysis - The demand for HFCs is projected to grow steadily, supported by ongoing government subsidies and policies aimed at boosting consumption in sectors such as air conditioning and automotive. By 2025, the demand for R32, R125, and R134a is expected to reach 100%, 70%, and 72% respectively in their respective applications [3][43] - The exit of second-generation refrigerants is anticipated to create additional demand for third-generation refrigerants, particularly HFCs, as they become the primary choice in new appliances [3][4] Price Trends - Since the implementation of the HFC quota in 2024, prices for HFCs have risen significantly, with R32, R125, and R134a experiencing price increases of 153%, 53%, and 55% respectively compared to the end of 2023. The price differences among these products are at historical highs [2][26] - The report forecasts that the low inventory levels will continue to support high prices for HFCs, with expectations of sustained high demand for R32 and other mainstream HFC products [2][32] Investment Recommendations - The report suggests focusing on key players in the HFCs market, including Juhua Co., Sanmei Co., Yonghe Co., Dongyue Group, and Haohua Technology, as they are well-positioned to benefit from the favorable market conditions [4][22]

近日，公司收到中信证券《关于变更昊华化工科技集团股份有限公司独立财务 顾问主办人的函》。本次交易的独立财务顾问主办人索超先生因工作变动原因不再 继续担任本次交易之持续督导独立财务顾问主办人。为保证持续督导工作的有序进 行，中信证券决定由刘拓先生、李卓凡先生和李娇扬女士继续担任本次交易独立财 务顾问主办人，履行持续督导职责。 证券代码：600378 证券简称：昊华科技 公告编号：临 2026-011 独立财务顾问主办人变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经中国证券监督管理委员会《关于同意昊华化工科技集团股份有限公司发行股 份购买资产并募集配套资金注册的批复》（证监许可〔2024〕964 号）同意注册，昊 华化工科技集团股份有限公司（以下简称"公司"）通过发行股份的方式购买中国 中化集团有限公司、中化资产管理有限公司所持中化蓝天集团有限公司合计 100%股 权，同时向包括中国对外经济贸易信托有限公司、中化资本创新投资有限公司在内 的不超过 35 名符合条件的特定投资者发行股份募集配套资金（以下简称"本次交易 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The geopolitical situation in Iran is escalating, which may impact the supply expectations and fundamentals of related chemical products. Methanol and urea may face supply disruptions, as Iran's methanol production capacity is significant, accounting for 59.78% of the Middle East's total capacity and 22.86% of international capacity (excluding China) as of February 2026. Urea exports from Iran are projected to be around 4.5 million tons in 2024, making it the third-largest exporter globally [3][4] - Major chemical companies are raising prices for MDI and TDI products, indicating potential price increases in traditional peak seasons. For instance, Hunstman announced a price increase of $260 per ton for MDI in the U.S. market, effective immediately [3][4] - The U.S. government has signed an executive order to protect the supply of phosphorus and glyphosate, which may lead to a revaluation of phosphate resources. This strategic resource is expected to maintain high demand and price stability [3][4] - The chemical industry is anticipated to experience a cyclical recovery and industrial upgrade in 2026, driven by domestic growth policies and a potential easing of monetary policy by the Federal Reserve. This may lead to a moderate recovery in traditional chemical demand [5][6] Summary by Sections Geopolitical Impact - The Iranian geopolitical situation is causing concerns over supply disruptions for chemical products like methanol and urea, with significant production capacities in Iran [3] - Sulfur and aluminum carbonate, which have high import dependencies, may also be affected by geopolitical factors, leading to potential price increases [3] Price Trends - The price of TMP has continued to rise due to tight supply conditions, with a reported price of 12,750 RMB per ton as of February 27, 2026, reflecting a 6.3% increase week-on-week [8] - Prices for refrigerants are expected to rise due to supply constraints and increased demand post-holiday, with notable price increases reported for various refrigerants [4][8] Long-term Investment Recommendations - The chemical industry is expected to benefit from a cyclical recovery and industrial upgrades in 2026, with a focus on sectors like pesticides and tire manufacturing, which may see increased pricing opportunities due to trade barriers [5] - Emerging industries such as sustainable aviation fuel (SAF) and lithium battery materials are projected to grow significantly, driven by global decarbonization policies [5][6]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is experiencing a comprehensive price increase for third-generation refrigerants, indicating signs of recovery in fluorine materials [4][24] - The fluorochemical index rose by 4.95%, outperforming the Shanghai Composite Index by 2.97% and the CSI 300 Index by 3.87% [6][37] - The market for fluorite is stable, with the average price of 97% wet fluorite at 3,324 CNY/ton, unchanged from the previous period [7][18] Summary by Sections Fluorochemical Market Overview - The fluorite market is currently stable, with prices holding at 3,324 CNY/ton as of February 27, 2026, reflecting a year-on-year decrease of 9.71% [7][18] - The market is characterized by a tug-of-war between supply and demand, with downstream industries cautious about high raw material prices [19] Refrigerants - As of February 27, 2026, the prices for various refrigerants are as follows: R32 at 63,000 CNY/ton, R125 at 50,000 CNY/ton, and R134a at 58,000 CNY/ton, all stable compared to the previous period [20][21] - The market is showing a "second-generation stable, third-generation rising" pattern, with several refrigerants experiencing price increases [22][23] Fluorine Materials - The market for fluorine materials is showing signs of recovery, with price increases for certain products due to tightening supply and rising production costs [9] - Specific fluorine materials like PTFE and PVDF are maintaining stable pricing, while HFP prices have increased by 1.54% [9][27] Beneficiary Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [10][24]