Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of prosperity and suggesting that related companies are likely to see significant improvements in profitability [8][66]. Core Insights - The prices of third-generation refrigerants R32, R125, and R134a have increased as of May 30, 2025, with respective prices of 51,000 CNY/ton, 45,500 CNY/ton, and 48,500 CNY/ton, reflecting increases of 4.08%, 1.11%, and 2.11% compared to the end of April [8][15]. - The production quotas for second-generation refrigerants are set to decrease in 2025, while the total production quota for third-generation refrigerants will remain at baseline levels, leading to a tightening supply-demand relationship for both generations [8][66]. - The domestic production of household air conditioners is expected to maintain a year-on-year growth trend from June to August 2025, with production volumes of 20.5 million units, 17.13 million units, and 12.09 million units, representing year-on-year growth rates of 11.50%, 6.30%, and 2.70% respectively [8][39]. Summary by Sections Refrigerant Tracking - As of May 30, 2025, the total inventory of R32, R134a, and R125 refrigerants was 4,042 tons, 3,380 tons, and 2,623 tons respectively, showing a mixed change compared to the previous month [8][21]. - The production of R22 in May 2025 was 32,082 tons, a year-on-year decrease of 15.19% but a month-on-month increase of 9.94% [8][28]. Fluoropolymer - The prices of fluoropolymers have shown fluctuations, with PTFE, PVDF, and HFP prices recorded at 41,000 CNY/ton, 62,000 CNY/ton, and 37,000 CNY/ton respectively as of May 30, 2025 [8][49]. - The production of PTFE, PVDF, and HFP in May 2025 was 12,946 tons, 10,538 tons, and 7,371 tons respectively, with year-on-year increases of 28.13%, 30.42%, and 34.02% [8][56]. Industry News - A new technology for the resource conversion of trifluoromethane has been developed, achieving international leading levels and promising significant reductions in greenhouse gas emissions [8][59]. - Juhua Co., Ltd. has been actively increasing its shareholding, reflecting confidence in its future performance [8][60][61]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry and those with well-established supply chains in the fluorochemical sector, such as Juhua Co., Ltd., Sanmei Co., and Jinshi Resources [8][66].

Group 1 - The report emphasizes the improvement in supply-demand dynamics within the basic chemical industry, highlighting structural opportunities in specific sub-sectors such as refrigerants, sweeteners, lubricating oil additives, and modified plastics [5][6][61] - The first quarter of 2025 saw a decline in the scale of ongoing projects in the basic chemical sector, indicating a rationalization of supply as the industry moves away from "involution" competition [18][22] - The basic chemical sector's revenue for Q1 2025 was 605.93 billion yuan, a year-on-year increase of 6.49%, while net profit reached 36.91 billion yuan, up 5.18% year-on-year [21][29] Group 2 - In the refrigerant sector, the supply of second-generation refrigerants is being significantly reduced, while third-generation refrigerants remain under quota restrictions, leading to a favorable demand outlook driven by strong performance in air conditioning and automotive sectors [42][53] - The sweetener market is expected to benefit from the trend towards reduced sugar consumption, with potential growth in demand for products like sucralose and allulose, particularly if domestic approval for allulose is granted [4][6][4] - The lubricating oil additive market is poised for growth due to the increasing emphasis on domestic substitution, as the industry currently relies on significant imports, with 200,000 to 300,000 tons needed annually [6][5][6] Group 3 - The modified plastics sector is projected to grow as the government implements policies to encourage the replacement of old consumer goods, particularly in the automotive and home appliance markets [6][6][6] - The report indicates that the average price of refrigerants such as R134a and R32 has seen significant year-on-year increases, reflecting a high demand environment [59][63] - The overall market sentiment in the basic chemical industry is positive, with expectations of continued demand growth supported by government policies aimed at stabilizing the economy and boosting consumption [38][39][41]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The refrigerant market is experiencing an upward trend, with continuous validation of industrial logic, suggesting active investment opportunities [4] - The fluorochemical industry chain has entered a long-term prosperity cycle, with significant growth potential across various segments, including refrigerants and high-end fluorinated materials [20] Summary by Sections 1. Fluorochemical Market Overview - The fluorochemical index increased by 4.23% during the week of June 2 to June 6, outperforming the Shanghai Composite Index by 3.10% [5][22] - The average price of 97% wet fluorite was 3,387 CNY/ton, down 3.09% week-on-week, while the average for June was 3,416 CNY/ton, down 9.85% year-on-year [6][29] 2. Refrigerant Market Trends - As of June 6, 2025, the prices for various refrigerants are as follows: R32 at 51,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 48,500 CNY/ton, R410a at 48,500 CNY/ton, and R22 at 36,000 CNY/ton, with most prices stable compared to the previous week [7][18] - The market is seeing a significant increase in demand for refrigerants post-Duanwu Festival, with prices expected to rise further in June [19] 3. Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [9][20]

Core Viewpoint - Recent market fluctuations in new consumption have created opportunities in other sectors, with significant rebounds observed in technology and cyclical stocks [1] Group 1: Market Performance - The non-ferrous metals sector has shown strong performance, with precious metals, zinc, and lead experiencing notable gains. Silver futures prices have recently strengthened as investor demand for precious metals has expanded from gold to silver [1] - The chemical sector has been active, with glyphosate, fluorochemicals, and epoxy propylene leading in gains. Notably, the "refrigerant duo" of Sanmei Co. and Juhua Co. reached historical highs in stock prices [3][4] - The overall market saw slight declines, with the Shanghai Composite Index down 0.06%, Shenzhen Component Index down 0.18%, and ChiNext Index down 0.48% at the close [1] Group 2: Refrigerant Market Insights - The price of the third-generation refrigerant R32 has increased to an average of 51,000 yuan per ton, marking a 19% rise this year and a 42% year-on-year increase. This price surge is attributed to seasonal demand and supply constraints due to quota policies [3][4] - Analysts indicate that the refrigerant market is experiencing a favorable competitive landscape due to quota restrictions, which optimize supply dynamics and maintain high price levels [4] Group 3: Solid-State Battery Sector - The solid-state battery sector has seen significant gains, with companies like Haitian Pharmaceutical, Xiamen Tungsten, and Keheng Co. experiencing substantial stock price increases [5][6] - Recent developments in the solid-state battery industry include advancements in high-nickel precursors and lithium-rich manganese-based precursors, with companies actively engaging in customer validations [7] - The release of the "Full Solid-State Battery Determination Method" by the China Automotive Engineering Society marks a critical turning point for the solid-state battery industry, establishing clear technical definitions and accelerating industrial upgrades [7]

6月6日，A股早盘窄幅震荡，超2900只个股下跌，半日成交额7467亿，较上个交易日放量324亿。截至 收盘，沪指跌0.06%，深成指跌0.18%，创业板指跌0.48%。 消息面上，因特朗普与马斯克关系恶化，隔夜美股高开低走，三大指数集体收跌，大型科技股多数下 跌，特斯拉暴跌逾14%市值跌破万亿。 盘面上，市场热点轮动较快，煤炭、银行等高股息风格活跃，大有能源涨停；有色金属板块走强，白银 方向领涨，湖南白银等涨停；化工板块走高，氟化工方向领涨，三美股份、巨化股份双双创历史新高； 固态电池概念拉升，海辰药业20%涨停；存储芯片概念异动，好上好涨停；此外，军工、建筑装饰等板 块盘中均轮动表现。下跌方面，IP经济、宠物经济等新消费概念走低，足球概念回调，游戏、汽车等板 块跌幅居前。 展望后市，中国银河认为，短期内，市场或仍维持震荡格局，关注外部关税的变化与国内政策的落地节 奏。 热门板块 1、有色金属板块走强 有色金属板块走强，白银方向领涨，白银有色、湖南白银、厦门信达等涨停，兴业银锡、盛达资源等跟 涨。 点评：消息面上，周四现货白银一度暴涨4.5%，触及每盎司36美元整数关口的上方，创下2012年2月以 来最高水 ...

Core Viewpoint - The fluorochemical sector experienced a significant rally, with companies such as Sanmei Co. and Juhua Co. reaching historical highs, driven by rising prices and profits in the refrigerant market [1] Group 1: Market Performance - The fluorochemical sector saw a notable increase, with Sanmei Co. and Juhua Co. both achieving record highs, rising over 4% [1] - Yonghe Co. approached the daily limit up, indicating strong market interest [1] - Other companies in the sector, including Jinshi Resources, Xingfa Group, and Haohua Technology, also experienced gains [1] Group 2: Price and Profit Data - The average domestic price of the third-generation refrigerant R32 has surpassed 50,000 yuan per ton, reflecting a year-on-year increase of 42% [1] - As of June 5, the gross profit for the R32 industry reached 35,000 yuan per ton, which is an increase of over 10,000 yuan per ton compared to the same period last year [1]

证券代码：603379 证券简称：三美股份 公告编号：2025-040 浙江三美化工股份有限公司 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。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.45元 ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/10 － 2025/6/11 2025/6/11 ? 差异化分红送转： 是 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召开 分红规划》。因回购专用证券账户的股份不享有利润分配的权利，故公司 2024 年 度利润分配事项将实施差异化权益分派。具体情况如下： 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 根据《上海证券交易所上市公司自律监管指引第 7 号—— ...

北京市嘉源律师事务所 关于浙江三美化工股份有限公司 差异化分红事项之 专项法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 E SREEUM E S Pr YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI `AN 致:浙江三美化工股份有限公司 北京市嘉源律师事务所 关于浙江三美化工股份有限公司 差异化分红事项之 专项法律意见书 嘉源(2025)-05-23 北京市嘉源律师事务所(以下简称"本所")接受浙江三美化工股份有限公 司(以下简称"公司"或"三美股份")委托,根据《中华人民共和国公司法》 (以下简称"《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、 《上海证券交易所上市公司自律监管指引第 7号 -- 回购股份》(以下简称"《回 购股份指引》")等相关法律、法规、规范性文件及《浙江三美化工股份有限公司 章程》的规定,按照律师行业公认的业务标准、道德规范和勤勉尽责精神出具。 为出具本法律意见书之目的,本所经办律师依照现行有效的法 ...

2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.45元 相关日期 证券代码：603379 证券简称：三美股份 公告编号：2025-040 浙江三美化工股份有限公司 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/10 | － | 2025/6/11 | 2025/6/11 | 差异化分红送转： 是 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召开 2024 年年度股东大会，审议通过《公司 2024 年度利润分配方案及 2025 年度中期 分红规划》。因回购专用证券账户的股份不享有利润分配的权利，故公司 2024 年 度利润分配事项将实施差异化权益分派。具体情况如下： 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审 ...

Core Insights - The report highlights a positive outlook for various sectors, with specific companies identified as key investment opportunities based on their performance and market conditions [5][11][15][19][23][27][31][35][39][44]. Company Summaries 招商银行 (China Merchants Bank, 600036) - The bank's Q1 2025 performance showed a decline in revenue and net profit, with operating income at 837.51 billion yuan, down 3.09% year-on-year, and net profit at 372.86 billion yuan, down 2.08% [11]. - The bank maintains a high dividend payout ratio, with a projected dividend of 2 yuan per share for 2024, resulting in a dividend yield of 4.60% based on the May 29 closing price [11]. - The bank's asset quality remains under pressure, particularly in retail loans, with a non-performing loan ratio of 0.94% [11]. 紫金矿业 (Zijin Mining, 601899) - The company reported significant growth in mineral production, achieving 1.07 million tons of copper and 73 tons of gold in 2024, with production costs decreasing [15]. - Zijin Mining's resource reserves are expanding, with successful exploration projects and acquisitions enhancing its market position [15]. - The company expects continued growth in copper and gold prices, supporting its revenue projections for 2025 [15]. 三美股份 (Sanmei Co., 603379) - The company experienced a substantial increase in revenue from its refrigerant products, with a 30.28% year-on-year growth in 2024 [19]. - The average selling price of refrigerants rose significantly, contributing to improved profitability [19]. - The company is well-positioned in the refrigerant market, with ongoing price increases expected in 2025 [19]. 青岛啤酒 (Qingdao Beer, 600600) - The company reported a revenue of 321.38 billion yuan in 2024, with a net profit of 43.45 billion yuan, showing signs of recovery in the beverage sector [23]. - The management is optimistic about demand recovery as the peak season approaches, supported by favorable government policies [23]. - EPS projections for 2025 are set at 3.52 yuan, with a "buy" rating maintained [23]. 恒瑞医药 (Hengrui Medicine, 600276) - The company achieved a 20.14% year-on-year growth in revenue for Q1 2025, driven by its innovative drug portfolio [27]. - Hengrui's focus on R&D has led to the development of multiple new drugs, enhancing its market competitiveness [27]. - EPS for 2025 is projected at 1.05 yuan, with a "buy" rating maintained [27]. 海大集团 (Haida Group, 002311) - The company reported a 9% increase in feed sales in 2024, with significant growth in international markets [31]. - Haida is actively pursuing international expansion, particularly in Southeast Asia and Africa, to enhance its market presence [31]. - EPS projections for 2025 are set at 3.01 yuan, with a "buy" rating maintained [31]. 华电国际 (China Huadian Corporation, 600027) - The company completed a significant asset restructuring, expected to enhance its operational scale and market share [35]. - Post-restructuring, the company anticipates a 25.07% increase in revenue and a 5.93% increase in net profit [35]. - EPS projections for 2025 are set at 0.64 yuan, with a "buy" rating maintained [35]. 胜宏科技 (Shenghong Technology, 300476) - The company reported a 35.31% increase in revenue for 2024, driven by strong demand in the PCB sector [39]. - Q1 2025 saw an 80.31% increase in revenue, with significant growth in high-value product orders [39]. - EPS projections for 2025 are set at 5.09 yuan, with a "buy" rating maintained [39]. 中国电信 (China Telecom, 601728) - The company reported a 3.1% year-on-year increase in revenue, with a focus on digital transformation and service innovation [44]. - The mobile user base continues to grow, contributing to stable revenue streams [44]. - EPS projections for 2025 are set at 0.39 yuan, with a "buy" rating maintained [44].