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]

公募今年参与定增热情高涨。 公募排排网数据显示，按定增上市日统计，截至8月5日，今年以来共有24家公募机构参与到47家A股公 司定增，合计获配金额达141.98亿元。 按8月5日收盘价统计，当前浮盈金额达46.5亿元，浮盈比例达32.75%。 昊华科技受青睐 从定增获配金额来看，36只个股公募定增获配金额逾1亿元。其中，18只个股公募定增获配1亿至1.99亿 元，9只个股公募定增获配2亿至4.99亿元，还有9只个股公募定增获配金额不低于5亿元。 其中，昊华科技最受公募定增青睐，共有财通基金、大成基金和诺德基金3家公募机构参与到该股定 增，合计获配金额达16.28亿元。 芯原股份紧随其后，吸引到易方达基金、财通基金、诺德基金、诺安基金和国泰基金5家公募机构参与 到该股定增，合计获配金额达12.66亿元。 国联民生排名第三，吸引到财通基金、华宝基金、华商基金和诺德基金4家公募机构参与到该股定增， 合计获配金额达9.16亿元。 此外，迪哲医药、中航沈飞、安宁股份、中钨高新、佰维存储和中远海特6只个股公募定增获配金额均 不低于5亿元。 排排网财富公募产品运营曾方芳对《国际金融报》记者表示，公募积极参与定增，说明公募行 ...

昊华科技（600378.SH）8月6日在投资者互动平台表示，公司所属海化院涂料业务原材料基本都是国产 化自主可控，没有断供风险。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：在公司机构投资者调研记录中看到，公司的涂料业务 原材料均为外购。这种原材料完全受制于人的状况有多大风险，能不能简单的说明一下？ ...

Group 1: Market Performance - The fluorochemical sector showed steady performance in July, with the fluorochemical index rising by 6.29%, outperforming the CSI 300 index by 1.32 percentage points [1] - As of the end of July, the fluorochemical index was at 1471.59 points, which is an increase of 6.29% compared to the end of June [1] - The chemical price indices reported by Guosen Securities indicated a slight decrease in the fluorochemical price index by 2.76% and an increase in the refrigerant price index by 2.24% as of July 30, 2025 [1] Group 2: Refrigerant Prices - Retail prices for the main refrigerant R32 continued to rise, with R227ea prices increasing rapidly to 73,000 yuan/ton due to demand from the firefighting sector [2] - Price forecasts for R32 are expected to stabilize with average prices projected at 56,000 yuan in August, 57,000 yuan in September, and 58,000 yuan in October [2] - The market anticipates an increase in refrigerant demand with the approach of the "Golden September and Silver October" period and the new cooling year [2] Group 3: Air Conditioning Production - Air conditioning production has been adjusted upwards due to high summer temperatures, with the total production for August expected to be 6.735 million units, a year-on-year decrease of 11.9% [5] - The cumulative export of air conditioners from January to June reached 41.08 million units, reflecting a year-on-year increase of 6.9% [5] - The third batch of 69 billion yuan for the old-for-new program has been allocated, providing support for the industry [4] Group 4: Company Developments - Companies such as Dongyangguang, Wengfu Group, and others have reported profit growth in their mid-year financial announcements [6] - The fluorine polymer and supporting projects by Dongyangguang have completed acceptance public announcements, indicating ongoing expansion in the sector [6]

Investment Rating - The report maintains a "Positive" investment rating for the refrigerant industry [13]. Core Insights - The refrigerant industry is experiencing a price increase under quota control since 2024, with significant price rises observed for various refrigerants. The sustainability and potential for further price increases are areas of market concern, which the report aims to explore [5][8]. - The report emphasizes that the price increase is not driven by traditional supply-demand mismatches but rather reflects a new operational model in the industry. The supply side is characterized by high concentration and limited capacity for new entrants, particularly in China, which holds a dominant position in production and market share [8][40]. Summary by Sections Price Sustainability - The sustainability of price increases is linked to the current position of products within their cycles. The report suggests that refrigerants have moved beyond traditional cyclical logic, indicating a potential for long-term price increases [8][36]. - The supply side is constrained, with a high concentration of market players and limited ability to increase supply globally. This is further supported by the fact that the domestic market has significant production power [8][40]. Price Potential - The report discusses the potential for price increases, noting that the historical price elasticity of refrigerants allows for significant price tolerance. For instance, R32's price has risen from 1.70 million yuan/ton to 5.40 million yuan/ton, reflecting a 217.6% increase [23]. - The report argues that the long-term production costs of alternative refrigerants (like R1234yf) do not set a ceiling for the prices of existing refrigerants, suggesting that the price of third-generation refrigerants could continue to rise [9][69]. Long-term Investment Value - The report concludes that the refrigerant industry holds substantial long-term investment value, with companies increasingly approaching traditional chemical product valuation peaks. The ongoing price increases and the unique market dynamics suggest that related companies may be undervalued [10][11]. - Specific companies such as Juhua Co., Sanmei Co., Dongyue Group, Yonghe Co., and Haohua Technology are recommended for continued investment due to their strong market positions and growth potential [11].

Group 1 - The chemical sector experienced a strong opening on July 30, with the chemical ETF (516020) rising over 2% during intraday trading, reflecting overall positive momentum in the sector [1] - Key stocks in the sector, including Satellite Chemical, Xin Fengming, and others, saw significant gains, with Satellite Chemical surging over 6% and several others rising more than 4% [1][2] - The basic chemical sector attracted substantial capital inflow, with net inflows exceeding 2.2 billion yuan, ranking second among 30 major sectors [1][3] Group 2 - The domestic chemical industry is facing a cycle of "expansion-price suppression-loss," leading to deteriorating profitability and a need for capacity constraints to break this cycle [3] - Leading companies in the chemical sector are expected to benefit significantly due to their lack of obsolete capacity, cost advantages, and high market share, which positions them well for profitability [3] - Current valuation metrics suggest that it may be an opportune time to invest in the chemical sector, with the chemical ETF's price-to-book ratio at 2.08, indicating a low valuation relative to historical levels [4] Group 3 - The market anticipates a policy shift towards "de-involution," which could lead to a re-pricing of cost factors in the chemical sector, similar to the effects seen during the supply-side reform period [4] - Investors are encouraged to focus on cyclical basic chemical products and leading companies with cost advantages as potential investment opportunities [4] - The chemical ETF (516020) provides a diversified investment approach, covering various sub-sectors and concentrating on large-cap leading stocks, which enhances investment efficiency [5]

Investment Rating - The report maintains a positive outlook on the pesticide industry, suggesting a "Buy" rating for key companies such as Yangnong Chemical, Lier Chemical, and Runfeng Shares [3][20]. Core Insights - The pesticide industry is experiencing a recovery due to the "Zhengfeng Zhijuan" initiative aimed at regulating the market, which has led to price increases for key products like fluorocarbon herbicides [3][4]. - The report highlights the impact of maintenance shutdowns at major production facilities, such as Wanhua's Hungarian plant, which may lead to supply shortages and price increases in the TDI market [3][4]. - The report emphasizes the potential for improved industry dynamics through the elimination of outdated production capacity, as indicated by government initiatives targeting key sectors [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a stable global GDP growth of 2.8%, with oil demand expected to rise despite some slowdown due to tariffs [4]. - The report notes that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream industries [4]. Chemical Prices - Recent price movements include a 15% increase in the price of Lier Chemical's fluorocarbon herbicide and a similar rise for Zhongqi Shares [3][11]. - The report mentions that the price of TDI is expected to rise due to low global inventory levels and potential supply disruptions from maintenance activities [3][4]. Investment Recommendations - The report suggests focusing on traditional cyclical stocks and specific sectors such as coal chemical, real estate chain, and agricultural chemicals, highlighting companies like Wanhua Chemical and Hualu Hengsheng [3][20]. - Growth stocks with recovery potential are identified, including semiconductor materials and OLED panel materials, with specific companies recommended for investment [3][20].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the basic chemical industry [1]. Core Viewpoints - The upcoming "Ten Key Industries Stabilizing Growth Work Plan" will accelerate the optimization of production capacity structure in the chemical industry, suggesting a focus on the cyclical recovery and supply-side optimization of the chemical sector [2][12]. - The opening of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly boost investment opportunities in various sub-sectors of the chemical industry, particularly in civil explosives, all-steel tires, cement, and specialty chemicals [3][13]. - The report highlights the importance of focusing on leading companies with "absolute cost advantages" or "absolute technical scarcity" in the supply-side optimization process [12]. Summary by Relevant Sections Chemical Market - The report emphasizes that the Ministry of Industry and Information Technology will promote structural adjustments and the elimination of backward production capacity in key industries, including steel, non-ferrous metals, petrochemicals, and building materials [12]. - It suggests that the supply-side optimization should focus on leading companies such as Wanhua Chemical, Hualu Hengsheng, and Juhua Co., which have strong competitive advantages [12]. Investment Recommendations - Recommended stocks include: - Wanhua Chemical (600309.SH) - Buy-B - Hualu Hengsheng (600426.SH) - Buy-B - Juhua Co. (600160.SH) - Buy-B - Haohua Technology (600378.SH) - Buy-B - Longbai Group (002601.SZ) - Buy-B - Yangnong Chemical (600486.SH) - Buy-B - Hubei Yihua (000422.SZ) - Increase-B - Tongyi Zhong (688722.SH) - Buy-A [2][3][25]. Price Movements - As of July 18, TDI prices reached 14,913 yuan/ton, reflecting a significant increase of 30.82% compared to the previous month [4][14]. - The report notes that the basic chemical sector has shown varied performance, with synthetic resins and membrane materials leading in gains [20][21]. Key Company Performances - The report highlights that Hubei Yihua, Jujiao Co., and Wanhua Chemical saw notable increases in their stock prices, while companies like Ruifeng New Materials and Yaji International experienced declines [23][24].

Core Viewpoint - The high-purity ammonia industry in China is experiencing significant growth driven by increasing domestic demand in the semiconductor, photovoltaic, and LCD sectors, supported by government policies aimed at import substitution and technological advancement [1][9][11]. Industry Overview - High-purity ammonia, with a purity of over 99.999%, is essential for producing materials like gallium nitride (GaN) and silicon nitride (Si3N4), which are used in LED and solar cell manufacturing [3][5]. - The production methods for high-purity ammonia include multi-stage adsorption and distillation processes, achieving varying purity levels [3]. Market Demand and Supply - China's high-purity ammonia production is projected to grow from 36,000 tons in 2018 to 62,000 tons by 2024, while demand is expected to reach 61,000 tons in 2024, reflecting a year-on-year increase of 10.9% [1][9]. - The market size for high-purity ammonia is anticipated to reach 470 million yuan in 2024, marking a 6.8% increase from the previous year [11]. Competitive Landscape - The high-purity ammonia market is characterized by high concentration among a few large companies, which possess advantages in production scale, technology, and brand influence [13]. - Key players in the industry include Zhejiang Yindesai Semiconductor Materials Co., Hubei Heyuan Gas Co., and Jinhong Gas Co., among others [13][15]. Government Policies - The Chinese government has implemented various policies to support the development of the high-purity ammonia sector, including the "14th Five-Year Plan for the Development of the Raw Materials Industry," which emphasizes the advancement of high-purity chemicals and industrial gases [5][7]. Future Trends - The semiconductor industry is expected to drive the demand for high-purity ammonia due to the increasing need for high-performance chips in emerging technologies like AI and new energy vehicles [19]. - There is significant potential for domestic substitution in the high-purity ammonia market, as local companies enhance their technological capabilities [20]. - The industry is also moving towards greener production methods in response to carbon neutrality goals, focusing on reducing carbon emissions and energy consumption [21].