Core Viewpoint - The refrigerant quota for 2026 will be issued, with limited changes compared to 2025, indicating a continuation of the fluorochemical market trend. The current low inventory levels are expected to support price stability and market confidence [1][4]. Group 1: Refrigerant Market Dynamics - The 2026 quota plan confirms that the supply of third-generation refrigerants will return to the baseline level of early 2025, providing companies with some flexibility in allocation [1][4]. - Major manufacturers have raised prices for refrigerants, with R32, R125, R134a, and R410A experiencing price increases, laying a solid foundation for the upcoming market [1][3]. - The transition ratio from 10% to 30% is being managed in a restrained and orderly manner by various companies [1]. Group 2: PVDF Market Impact - The shutdown of a leading PVDF manufacturer, which holds over 65% of the domestic market share, is expected to significantly impact the market, with prices reaching up to 56,000 yuan/ton [2]. - Several companies have already increased their quotes for PVDF, indicating a potential upward trend in pricing [2]. Group 3: Price Trends and Forecasts - As of December 12, the average price of R32 is 63,000 yuan/ton, while R134a has surpassed 60,000 yuan/ton, supported by long-term contracts from automotive companies [3][4]. - The external trade market shows stable pricing for R32 and R134a, with slight increases for R125 [3]. Group 4: Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries such as Dongyangguang, Yonghe Co., Dongyue Group, and Xinjubang also highlighted [5].

Group 1 - The total production quota for third-generation refrigerants in 2026 is set at 797,844 tons, with an internal quota of 394,082 tons, reflecting an increase of 5,962 tons and 4,502 tons respectively compared to 2025 [1] - The increase in production quotas for 2026 is primarily driven by R32 (up 1,171 tons), R134a (up 3,242 tons), and R245fa (up 2,918 tons), while reductions are noted for R143a (down 1,255 tons), R227ea (down 517 tons), and R152a (down 63 tons) [1] - The demand for refrigerants is expected to grow due to the increasing ownership of air conditioning and automotive cooling systems, which will continue to drive the demand for refrigerants [1][3] Group 2 - The prices of mainstream third-generation refrigerants have shown an upward trend, with annual increases of 43.75% for R134a, 19.74% for R125, 56.25% for R32, and 42.11% for R410 [2] - The domestic production of air conditioners from January to October 2025 reached 23,034 million units, a year-on-year increase of 3.00%, while automotive production during the same period totaled 27.325 million units, reflecting an 11.00% year-on-year increase [3] - The supply of third-generation refrigerants is expected to remain rigid due to quota constraints, while the demand from downstream sectors is anticipated to grow, indicating a positive outlook for the refrigerant market cycle [3] Group 3 - Key companies in the refrigerant sector include Juhua Co., Ltd. (600160.SH), Sanmei Co., Ltd. (603379.SH), Haohua Technology (600378.SH), and Yonghe Co., Ltd. (605020.SH) [4]

开源证券近日发布氟化工行业周报：本周氟化工指数上涨0.12%，跑赢上证综指0.47%。本周（12月8 日-12月12日）氟化工指数收于4922.45点，上涨0.12%，跑赢上证综指0.47%，跑赢沪深300指数0.20%， 跑赢基础化工指数2.63%，跑输新材料指数0.54%。 以下为研究报告摘要： 本周（12月8日-12月12日）行情回顾 本周氟化工指数上涨0.12%，跑赢上证综指0.47%。本周（12月8日-12月12日）氟化工指数收于4922.45 点，上涨0.12%，跑赢上证综指0.47%，跑赢沪深300指数0.20%，跑赢基础化工指数2.63%，跑输新材料 指数0.54%。 行业要闻：2026年制冷剂配额下发，行情延续；PVDF行情有望迎来催化2026年制冷剂配额下发，行情 延续。R32、R134a、R125、R143a、R227ea等2026年配额与2025年下发配额变化有限，相比2025年调 整后配额有所收缩。整体来看，各家对10%→30%切换比例的变化非常克制、有序。据卓创资讯数据， 12月8日，华东大厂R32、R125、R410A、R134a制冷剂内外销价格全面调涨，为新一年行情打下良好基 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The production quota for third-generation refrigerants in 2026 is expected to remain relatively stable compared to 2025, with a total production quota of 797,844 tons, an increase of 5,962 tons from 2025. The internal use quota will increase by 4,502 tons [8] - The prices of third-generation refrigerants continue to rise, with significant annual increases observed, such as R134a increasing by 43.75% year-on-year [8] - The supply of refrigerants is expected to remain rigid due to quota constraints, while demand continues to grow, driven by increasing production of air conditioning units and automobiles [8] Summary by Sections Production Quota - The total production quota for third-generation refrigerants in 2026 is 797,844 tons, with internal use quota at 394,082 tons. The main increases are in R134a (3,242 tons) and R245fa (2,918 tons), while R143a, R227ea, and R152a see reductions [8] Price Trends - As of December 12, 2025, the prices for major third-generation refrigerants are as follows: R134a at 57,500 CNY/ton, R125 at 45,500 CNY/ton, R32 at 62,500 CNY/ton, and R410 at 54,000 CNY/ton, with notable monthly and annual growth rates [8] Demand and Supply Dynamics - Domestic air conditioning production from January to October 2025 reached 23,034 million units, a year-on-year increase of 3.00%. The automotive sector also saw a production increase of 11.00% during the same period, indicating a robust demand for refrigerants [8]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [6][20]. Core Insights - The macroeconomic judgment for the chemical industry indicates a stable increase in oil demand due to global economic improvement, with Brent oil prices expected to remain in the range of $55-70 per barrel [6][7]. - The central economic work conference emphasizes the need to combat "involution" in competition, which is expected to benefit the chemical industry through optimized capacity and improved profitability [6][7]. - The report highlights the potential for growth in the refrigerant market, with specific quotas set for 2026, and suggests focusing on companies like Juhua Co., Sanmei Co., and Dongyangguang [6][7]. - The commercial aerospace sector is anticipated to enter a golden age, driven by the rapid deployment of low-orbit satellite constellations, with a projected market size of 60 billion yuan for ceramic shells [6][7]. Summary by Sections Industry Dynamics - Oil supply is constrained due to OPEC+ production delays, while demand is stabilizing, leading to a forecast of sustained low oil prices [7]. - Coal prices are expected to stabilize at a low level, and natural gas costs may decrease as the U.S. accelerates export facility construction [6][7]. Chemical Sector Configuration - The report suggests a diversified investment approach across various chains, including textiles, agriculture, and export-related chemicals, benefiting from the "involution" policy [6][20]. - Key materials for growth are identified, including semiconductor materials and OLED panel materials, with specific companies highlighted for investment [6][20]. Key Company Valuations - The report provides a detailed valuation table for key companies in the chemical sector, indicating their market capitalization and projected earnings [20][21].

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The 2026 refrigerant quota has been issued, maintaining an upward trend in the market; the shutdown of leading PVDF companies is expected to catalyze a market reversal [4][20] - The refrigerant market is characterized by stable long-term demand and a lack of substitutes, which supports a positive outlook for the sector [30] Summary by Sections 1. Fluorochemical Industry Weekly Perspective - The 2026 refrigerant quota has been issued with limited adjustments compared to 2025, indicating a stable market environment [28] - The shutdown of a leading PVDF producer is expected to create upward price pressure, with current market prices reaching up to 56,000 yuan/ton [21][24] 2. Market Performance - The fluorochemical index rose by 0.12% during the week of December 8-12, outperforming the Shanghai Composite Index by 0.47% [6][17] - The overall market sentiment remains strong, with companies like Dongyangguang and Juhua showing significant stock price increases [12][20] 3. Raw Material and Product Pricing - The price of R32 refrigerant is stable at 63,000 yuan/ton, while R134a has seen a price increase to 57,500 yuan/ton [10][11] - PVDF prices have rebounded from 36,000 yuan/ton to 49,000 yuan/ton, indicating a recovery in demand [21][22] 4. Industry Dynamics - The demand for PVDF is expected to continue growing, with the coating-grade PVDF market share projected to reach 25% by 2024 [22] - The overall fluorochemical market is experiencing a stable trend, with the price of raw materials like hydrogen fluoride showing mixed movements [38][39]

Group 1 - The company will hold its fifth extraordinary general meeting of shareholders on December 26, 2025, at 14:00 in Beijing [1][4] - Voting will be conducted through a combination of on-site and online methods, with specific time slots for online voting [2][3] - The meeting will review proposals that have been approved by the board of directors, including changes to fundraising investment projects [6][25] Group 2 - The company plans to terminate the construction of a 20,000 tons/year PVDF project and redirect the unused fundraising of 1.22955 billion yuan to four new projects related to fluorine chemicals [21][29] - The new projects include a 26,000 tons/year high-performance organic fluorine materials project, a 4,000 tons/year high-end fluorine fine chemicals project, a new energy materials industrialization project, and an environmentally friendly fluorine materials project, with a total investment of approximately 3.34676 billion yuan [29][30] - The company anticipates that the new projects will generate revenue and profits, with the high-performance organic fluorine materials project expected to be operational by March 2025 [30][53] Group 3 - The company has approved the internal transfer of 75% equity of a subsidiary to streamline management and improve efficiency [23][24] - The company will utilize the Shanghai Stock Exchange's network voting system for shareholder participation, ensuring that small investors are informed and can vote [9][10] - The company emphasizes compliance with legal and regulatory requirements in organizing the shareholder meeting [15][16]

每经AI快讯，昊华科技（SH 600378，收盘价：29.86元）12月10日晚间发布公告称，公司第八届第三十 六次董事会会议于2025年12月9日在北京市朝阳区小营路19号财富嘉园A座昊华大厦19层会议室以现场 结合通讯表决的方式召开。会议审议了《关于审议变更部分募集资金投资项目的议案》等文件。 （记者 曾健辉） 2024年1至12月份，昊华科技的营业收入构成为：专用化学产品制造业占比96.88%，其他业务占比 3.12%。 每经头条（nbdtoutiao）——白金信用卡权益大缩水：贵宾厅限次、酒店减量⋯⋯银行吐槽没赚头，"羊 毛党"薅了个寂寞 截至发稿，昊华科技市值为385亿元。 ...

中信证券股份有限公司 关于昊华化工科技集团股份有限公司 变更部分募集资金投资项目的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 昊华化工科技集团股份有限公司（以下简称"昊华科技"、"上市公司"或"公司"） 的独立财务顾问，根据《上市公司募集资金监管规则》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》等相关法律法规和规范性文件的规定，对 上市公司变更部分募集资金投资项目事项进行了审慎核查，具体情况如下： 一、变更募集资金投资项目的概述 （一）募集资金基本情况 经中国证券监督管理委员会证监许可〔2024〕964 号文注册批复，公司向特 定对象发行人民币普通股（A 股）股票 181,451,612 股，每股发行价格为人民币 24.80 元，募集资金总额为人民币 4,499,999,977.60 元，扣除不含增值税的发行费 用人民币 3,050,416.26 元后，募集资金净额为人民币 4,496,949,561.34 元。2024 年 12 月 25 日，独立财务顾问（牵头主承销商）中信证券已将上述募集资金总额 扣除承销费（含增值税）后的余款划转至公司指定募集资金专用 ...

Group 1 - The company has decided to terminate the implementation of the new 20,000 tons/year PVDF project and redirect the unused raised funds of 1,229.55 million yuan for new projects [1] - The new projects involve four core fluorochemical construction projects in collaboration with Sinochem Blue Sky Group, with a total investment amount of 3,346.76 million yuan [1] - The new projects include a 26,000 tons/year high-performance organic fluorine materials project, a 4,000 tons/year high-end fluorine fine chemicals project, a new energy materials industrialization project, and an environmentally friendly fluorine materials construction project [1]