Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The HFCs industry is operating steadily, with unchanged trends and clear opportunities [4] - The fluorochemical index increased by 4.59%, outperforming the Shanghai Composite Index by 3.19% [6][28] - The fluorochemical industry is entering a long prosperity cycle, with significant growth potential across various segments, including fluorinated materials and fine chemicals [24][25] Summary by Sections 1. Fluorochemical Market Overview - As of November 28, the average market price for 97% wet fluorite is 3,346 CNY/ton, down 0.65% from the previous week [20][37] - The average price for November is 3,398 CNY/ton, a year-on-year decrease of 7.76% [20][37] - The average price for 2025 is projected at 3,498 CNY/ton, down 1.34% from 2024 [20][37] 2. Refrigerant Market Trends - As of November 28, the prices for various refrigerants are as follows: R32 at 63,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 55,500 CNY/ton, R410a at 53,500 CNY/ton, and R22 at 16,000 CNY/ton [22] - The market for R134a is supported by centralized procurement, with prices expected to rise [9][23] - R125 is experiencing tight supply due to limited remaining quotas, maintaining prices around 46,000 CNY/ton [9][23] 3. Beneficiary Companies - Recommended stocks include: Jinshi Resources (fluorite), Juhua Co. (refrigerants, fluororesins), Sanmei Co. (refrigerants), and Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [11][25] - Other beneficiary companies include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [11][25] 4. Recent Industry Developments - A safety incident at a U.S. R134a plant may impact future production [10] - Haohua Technology has successfully launched its trifluoride nitrogen project [10]

Core Insights - Government subsidies are a common and significant financial indicator for A-share listed companies, with a total of 890 companies receiving subsidies amounting to 3.354 billion yuan, covering 31 industries as of the first half of this year [1][12][14] Summary by Sections Government Subsidy Overview - Government subsidies can either serve as "lifelines" for companies to turn losses into profits or as "cover-ups" for operational difficulties [1] - The total amount of government subsidies received by listed companies reached 3.354 billion yuan, with 890 companies benefiting [1][12] Companies with Significant Subsidies - Eight companies received over 100 million yuan in subsidies, including China Petroleum (360 million yuan), Conch Cement (196.96 million yuan), and Gujia Home (139.35 million yuan) [3][4] - China Petroleum leads with a subsidy amount that is 1.8 times the average of the other seven companies, reflecting its status as a central enterprise in the energy sector [5] Industry Impact - The companies receiving substantial subsidies are primarily industry leaders or regional pillars, aligning with government goals to stabilize supply chains and promote industrial upgrades [4][9] - The medical device company Sainuo Medical received 2 million yuan in subsidies, which accounted for 133.53% of its net profit, indicating a heavy reliance on government support [6][8] Sector Analysis - The pharmaceutical and biological sector has the highest number of companies receiving subsidies, totaling 77, followed by machinery equipment (74) and basic chemicals (71) [13] - Traditional industries like textiles and retail have fewer companies receiving subsidies, indicating a policy focus on high-value-added and strategic emerging industries [14] ST Companies and Subsidy Reliance - Among 25 ST companies, only ST Juewei remains profitable, while others are in loss, highlighting the critical role of subsidies in avoiding delisting [10][11] - ST Yingfeitou received the highest subsidy of 6.9004 million yuan, while ST Saiwei received the lowest at 0.01 million yuan [11][10]

Group 1 - The core viewpoint of the news is that Haohua Technology's stock has shown a modest increase, with a current price of 30.18 CNY per share and a market capitalization of 38.932 billion CNY, reflecting a year-to-date increase of 5.44% [1] - As of September 30, 2025, Haohua Technology reported a revenue of 12.301 billion CNY, representing a year-on-year growth of 20.52%, and a net profit attributable to shareholders of 1.232 billion CNY, which is a 44.69% increase compared to the previous year [2] - The company's main business segments include high-end fluorine materials (59.91% of revenue), high-end manufacturing chemical materials (19.42%), engineering technical services (11.61%), electronic chemicals (7.45%), and trade and others (1.74%) [2] Group 2 - Haohua Technology has distributed a total of 2.152 billion CNY in dividends since its A-share listing, with 1.268 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 45% to 27,000, while the average circulating shares per person decreased by 18.83% to 39,698 shares [2] - The top ten circulating shareholders include Huaxia Military Industry Safety Mixed A, which increased its holdings by 7.337 million shares, and Hong Kong Central Clearing Limited, which is a new shareholder with 9.1804 million shares [3]

格隆汇11月27日丨昊华科技(600378.SH)在投资者互动平台表示，公司始终密切关注液冷服务器领域的 技术革新，致力于为市场提供多样化的制冷方案和产品。目前，凭借在含氟化学品领域丰富的研发积累 与技术优势，已研制开发出多款液冷产品，并与多家行业头部客户开展了产品和应用开发合作。公司相 关制冷剂产品可应用于冷板液冷。 ...

格隆汇11月27日丨昊华科技(600378.SH)在投资者互动平台表示，公司始终密切关注液冷服务器领域的 技术革新。液冷技术作为对高散热需求领域的关键技术，其行业前景广阔。液冷技术包括冷板液冷和浸 没液冷等多种应用方式，不同液冷方式使用的冷却液产品存在差异。目前，公司凭借在含氟化学品领域 丰富的研发积累与技术优势，已开发出多款液冷产品，并与多家行业头部客户开展了产品和应用开发合 作。公司将持续研发适配的多种应用场景的产品系列，为广大用户提供性能更优质的产品。 ...

Core Viewpoint - Haohua Technology (600378) has developed multiple liquid cooling products leveraging its extensive R&D and technological advantages in the fluorine chemical sector, and has initiated product and application development collaborations with several leading industry clients [1] Group 1 - The company has a rich R&D accumulation and technological edge in the fluorine chemical field [1] - Multiple liquid cooling products have been developed by the company [1] - Collaborations with several leading industry clients for product and application development have been established [1]

Core Viewpoint - The company has developed mature and scalable technologies for carbon reduction, which are successfully applied in various large-scale oil refining and coal chemical enterprises [1] Group 1: Carbon Reduction Technologies - The company possesses key technologies for carbon reduction, including complete sets for low, medium, and high concentration carbon dioxide capture [1] - Technologies also include carbon dioxide hydrogenation to methanol, carbon dioxide and methane reforming to synthesis gas, biomass gasification coupled with green hydrogen to produce green methanol and SAF, and carbon dioxide hydrogenation to produce natural gas [1] - These technologies, processes, and specialized catalysts have been successfully implemented and are operating stably in multiple large-scale oil refining and coal chemical facilities [1]

Core Insights - The company has advanced carbon capture technology that can recover and purify CO₂ from various sources such as flue gas, natural gas, and fermentation gas [1] - The company has developed multiple technical routes for CO₂ capture, including chemical absorption, physical absorption, pressure swing adsorption, membrane separation, and low-temperature separation [1] - The company has implemented over 70 sets of carbon capture industrial devices, serving diverse applications including industrial utilization of CO₂, geological storage, and enhanced oil recovery [1] Technology and Applications - The company’s Southwest Institute possesses advanced pressure swing adsorption and chemical absorption technologies, capable of handling CO₂ from high, medium, and low concentration sources [1] - The technologies can produce industrial-grade, food-grade, and electronic-grade liquid CO₂ [1] - The company holds over ten patents related to carbon capture technology, indicating a strong intellectual property position in this field [1] Collaborations and Market Presence - The company has established partnerships with both domestic and international clients for its carbon capture solutions [1] - The applications of the carbon capture technology are diverse, indicating a broad market potential and adaptability to various industrial needs [1]

Core Viewpoint - The company focuses on high-end fluorine materials, electronic chemicals, advanced manufacturing chemicals, and carbon reduction, with a commitment to innovation and technology-driven development [1] Group 1: Business Scope and Product Applications - The company's main business includes high-end fluorine materials, electronic chemicals, advanced manufacturing chemicals, and carbon reduction, categorized as "3+1" core businesses [1] - Products are widely applied in strategic emerging industries such as civil aviation, shipping, electronic information, rail transportation, clean energy, supercomputing, and new energy [1] - Key products include fluorinated chemicals, fluoropolymers, fluorine fine chemicals, lithium battery materials, electronic specialty gases, special rubber and plastics, specialty coatings, specialty tires, and polyurethane new materials, showcasing technological and market share advantages [1] Group 2: Future Development and Strategic Focus - The company emphasizes technology leadership and innovation-driven strategies, aligning with national major strategies and market demands [1] - It aims to industrialize its proprietary technologies and promote deep integration of technological and industrial innovation [1] - The goal is to become a leading domestic and internationally recognized provider of innovative advanced chemical material solutions [1] Group 3: Carbon Reduction and Regional Engagement - The company has significant advantages in carbon capture, carbon resource utilization, and hydrogen production technologies, with engineering service operations in carbon reduction in the western regions [1] - There is an ongoing commitment to addressing market needs and contributing to national infrastructure projects, including potential involvement in regions like Xinjiang and Tibet [1]

Group 1 - The company specializes in specialty gases used in the semiconductor industry, particularly in processes such as etching, cleaning, ion implantation, and chemical vapor deposition [1] - There is a growing demand for electronic specialty gases due to the acceleration of domestic semiconductor localization and the expansion of the domestic and international semiconductor market [1] - The company's electronic specialty gas business is expected to continue benefiting from this increasing demand [1]