Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][10]. Core Insights - The fluorochemical industry is experiencing rapid growth, with prices of fluorinated polymers continuing to rise. The performance of fluorochemical companies is strong, supported by stable demand and supply dynamics [1][4]. - The long-term outlook for mainstream refrigerants such as R32, R134a, and R125 remains positive due to tightening quota constraints, which are expected to sustain price increases [5][9]. Summary by Sections 1. Industry Performance - As of January 30, 2026, the fluorochemical index stood at 2155.24 points, up 6.77% from the end of December 2025. The index underperformed the Shenwan Chemical Index by 5.95 percentage points but outperformed the CSI 300 and Shanghai Composite indices by 5.12 and 3.01 percentage points, respectively [1][17]. 2. Refrigerant Market Review - In the first quarter of 2026, long-term contract prices for mainstream refrigerants are on the rise. R32 is expected to be priced at 61,200 CNY/ton, a 1.66% increase from the previous quarter, while R410A is projected at 55,100 CNY/ton, up 3.57% [2][22]. - The domestic prices for R22, R134a, R125, and R32 have shown increases, with R22 reaching 17,000 CNY/ton, R125 at 48,500 CNY/ton, and R134a maintaining at 58,000 CNY/ton [24][23]. 3. Supply and Demand Dynamics - The supply side of the fluorochemical industry is characterized by tight overall supply and low inventory levels among companies, which supports price increases. The demand side shows continued interest in stockpiling ahead of the holiday season [4][9]. - The production quotas for refrigerants in 2026 indicate a slight increase in the production capacity for R32, R125, and R134a, while R143a and R152a quotas have been reduced [4][79]. 4. Liquid Cooling Demand - The rapid growth of data centers is driving the demand for fluorinated liquids and refrigerants, as traditional air cooling methods are becoming insufficient. The market for liquid cooling solutions is expected to grow significantly, with projections indicating a market size exceeding 100 billion CNY by 2027 [64][70]. - Companies involved in the production of fluorinated liquids, such as Juhua Co., Dongyue Group, and others, are well-positioned to benefit from this trend [73][74]. 5. Key Company Profit Forecasts - Juhua Co. is expected to achieve a net profit of 3.54-3.94 billion CNY in 2025, representing a year-on-year growth of 80%-101%. Dongyue Group and Sanmei Co. are also projected to see significant profit increases [4][10].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][10]. Core Insights - The fluorochemical industry is experiencing rapid growth, with prices of fluoropolymers continuing to rise. The industry index has shown a performance that outpaces the Shanghai Composite Index and the CSI 300 Index [1][5]. - The first quarter of 2026 is expected to see stable execution of long-term contracts for refrigerants, with significant price increases noted for R32 and R410A [2][5]. - The demand for fluorinated liquids and refrigerants is anticipated to increase due to the growth of liquid cooling technologies in data centers, driven by the need for efficient cooling solutions [3][9]. Summary by Sections 1. Industry Performance - As of January 30, 2026, the fluorochemical index reached 2155.24 points, up 6.77% from the end of December 2025, while the chemical index rose by 12.72% [1][17]. - The Guosen Chemical Fluorochemical Price Index reported a 2.95% increase, indicating a positive trend in pricing for fluorochemical products [1][18]. 2. Refrigerant Market Review - Long-term contract prices for refrigerants are on the rise, with R32 priced at 61,200 CNY/ton and R410A at 55,100 CNY/ton, reflecting increases of 1.66% and 3.57% respectively from the previous quarter [2][22]. - The domestic prices for R22, R125, and R134a have also seen upward adjustments, with R22 now at 17,000 CNY/ton, up 1,000 CNY/ton from the previous month [2][24]. 3. Liquid Cooling Demand - The report highlights the urgent need for efficient cooling technologies in data centers, with liquid cooling solutions becoming increasingly favored over traditional air cooling due to their superior efficiency [3][64]. - The market for liquid cooling in data centers is projected to grow significantly, with a compound annual growth rate of 51.4% expected from 2019 to 2027 [3][70]. 4. Refrigerant Quota Announcements - The Ministry of Ecology and Environment has announced the refrigerant quotas for 2026, indicating a slight increase in production quotas for R32, R125, and R134a, while R141b's quota has been eliminated [4][79]. - The report suggests that the tightening of refrigerant quotas will support long-term price stability and growth in the industry [4][74]. 5. Company Profit Forecasts - Major companies in the fluorochemical sector, such as Juhua Co., Dongyue Group, and Sanmei Co., are expected to see significant profit growth in 2025, with Juhua's net profit projected to increase by 80%-101% [4][10].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][10]. Core Insights - The fluorochemical industry is experiencing rapid growth, with prices of fluorinated polymers continuing to rise. The industry index has shown a performance that outpaces the Shanghai Composite Index and the CSI 300 Index [1][5]. - The first quarter of 2026 is expected to see sustained price increases for mainstream refrigerants due to stable execution of long-term contracts by terminal air conditioning companies [2][5]. - The demand for fluorinated liquids and refrigerants is anticipated to increase due to the growth of liquid cooling technologies in data centers, driven by the need for efficient cooling solutions [3][9]. Summary by Sections 1. Industry Performance - As of January 30, 2026, the fluorochemical index was at 2155.24 points, up 6.77% from the end of December 2025, indicating a strong performance relative to other indices [1][17]. 2. Refrigerant Market Review - Long-term contract prices for refrigerants such as R32 and R410A have increased, with R32 priced at 61,200 CNY/ton and R410A at 55,100 CNY/ton, reflecting increases of 1.66% and 3.57% respectively from the previous quarter [2][22]. - The domestic prices for R22, R125, and R134a have also seen increases, with R22 at 17,000 CNY/ton and R125 at 48,500 CNY/ton [24]. 3. Liquid Cooling Demand - The report highlights the urgent need for efficient cooling technologies in data centers, with liquid cooling solutions becoming a preferred choice due to their superior performance compared to traditional air cooling [3][64]. - The market for liquid cooling in data centers is projected to grow significantly, with a compound annual growth rate of 51.4% expected from 2019 to 2027 [70]. 4. Refrigerant Quota Announcements - The Ministry of Ecology and Environment has announced the 2026 refrigerant quotas, indicating a slight increase in production quotas for R32, R125, and R134a, while R141b's quota has been eliminated [4][79]. - The report anticipates that the stringent quota policies will continue to support the long-term growth of refrigerant products [4][74]. 5. Key Company Profit Forecasts - Key companies in the fluorochemical sector, such as Juhua Co., Dongyue Group, and Sanmei Co., are projected to achieve significant profit growth in 2025, with expected net profits increasing by 80%-176% year-on-year [4][10].

Group 1 - The core viewpoint of the news highlights the performance of the petrochemical ETF (159731), which has seen a decline of 1.88%, while its constituent stocks such as Guangdong Hongda, Sanmei Co., and Juhua Co. have shown positive growth [1] - The petrochemical ETF has recorded a total net inflow of 1.43 billion yuan over the past 20 trading days, with the latest share count reaching 1.692 billion and a total scale of 1.706 billion yuan [1] - The average price of the third-generation mainstream refrigerant R32 has stabilized at 63,000 yuan/ton since January 2026, reflecting a year-on-year increase of approximately 45%, while R134a has seen a 32% increase [1] Group 2 - The petrochemical ETF and its linked funds closely track the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.02% and the oil and petrochemical industry for 32.43%, indicating potential profit recovery from downstream chemical products [2] - The overall industry narrative is improving due to optimization of industry structure and supply-demand adjustments, suggesting a positive long-term outlook [2]

证券代码：603379 证券简称：三美股份 公告编号：2026-010 重要内容提示： 浙江三美化工股份有限公司 关于为参股公司提供担保暨关联交易的进展公告 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。 担保对象及基本情况 | 被担保人名称 | 被担保人关联关系 | 本次担保金额 | 实际为其提供 的担保余额 | | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | --- | | | | | （不含本次担 | | 预计额度内 | 否有反担保 | | | | | 保金额） | | | | | 重庆市新美合 | 上市公司董事、监 事、高级管理人员及 | 1,029.00 万元 | 8,330.00 | 万元 | 是 | | | 科技有限公司 | 其控制或者任职的 | | | | | 否 | | | 主体 | | | | | | 累计担保情况 三、担保协议的主要内容 保证人：浙江三美化工股份有限公司 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | - ...

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Sanmei Co., indicating a decline in stock price and trading volume on February 2, with a net financing purchase of 11.88 million yuan [1] - As of February 2, the total margin balance of Sanmei Co. is 814 million yuan, with a financing balance of 811 million yuan, representing 1.99% of the circulating market value, which is below the 30th percentile level over the past year [1] - The company specializes in the research, production, and sales of fluorinated chemical products, with its main revenue sources being fluorinated refrigerants (85.55%), hydrogen fluoride (9.77%), and other products [1] Group 2 - As of September 30, the number of shareholders of Sanmei Co. increased by 26.46% to 22,600, while the average circulating shares per person decreased by 20.92% to 27,014 shares [2] - For the period from January to September 2025, Sanmei Co. achieved a revenue of 4.429 billion yuan, representing a year-on-year growth of 45.72%, and a net profit attributable to shareholders of 1.591 billion yuan, with a significant increase of 183.66% [2] - The company has distributed a total of 1.122 billion yuan in dividends since its A-share listing, with 755 million yuan distributed over the past three years [3]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is experiencing a stable pricing environment for third-generation refrigerants, with potential for a new round of price increases. Companies like Juhua Co., Ltd. and Haohua Technology have announced profit increases for 2025 [4][19] - 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 [25] Summary by Sections 1. Fluorochemical Market Overview - Fluorite prices have stabilized and are expected to gradually recover, with the average market price for 97% wet fluorite at 3,314 CNY/ton as of January 30, 2026, reflecting a 0.15% increase from the previous week [19][20] - The fluorochemical index decreased by 4.98% during the week of January 26 to January 30, 2026, underperforming compared to the Shanghai Composite Index by 4.54% [6][38] 2. Refrigerant Pricing Trends - As of January 30, 2026, the prices for various refrigerants are as follows: R32 at 63,000 CNY/ton, R125 at 50,000 CNY/ton, R134a at 58,000 CNY/ton, and R410a at 55,500 CNY/ton, all remaining stable compared to the previous week [21][22] - The market for refrigerants is entering a demand off-season, but there is potential for price increases as domestic demand is expected to rise with the upcoming peak season [23][24] 3. Company Performance and Announcements - Juhua Co., Ltd. expects a net profit of 3.54 to 3.94 billion CNY for 2025, representing a year-on-year increase of 80% to 101%. Haohua Technology anticipates a net profit of 1.38 to 1.48 billion CNY, a growth of 30.96% to 40.44% [10] - Other companies such as Luxi Chemical and ST Lianchuang also forecast significant profit increases for 2025, indicating a positive outlook for the industry [10] 4. Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Ltd., Dongyue Group, and Xinzhou Bang [11][25]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The fluorochemical industry is experiencing a stable price trend for the third-generation refrigerants, with a potential new round of price increases on the horizon. Companies such as Juhua Co., Ltd. and Aohua Technology have announced profit increases for 2025 [4][19] - 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 [25] Summary by Sections Industry Overview - The fluorite price has stabilized and is expected to gradually recover, with the average market price for 97% wet fluorite at 3,314 CNY/ton as of January 30, 2026, reflecting a 0.15% increase from the previous week [19][20] - The fluorochemical index decreased by 4.98% during the week of January 26 to January 30, 2026, underperforming compared to the Shanghai Composite Index by 4.54% [6][38] Refrigerant Market - As of January 30, 2026, the prices for various refrigerants remained stable, with R32 at 63,000 CNY/ton, R125 at 50,000 CNY/ton, and R134a at 58,000 CNY/ton [21][22] - The refrigerant market is entering a demand off-season, but there is potential for price adjustments as domestic demand increases, especially with low inventory levels and supply constraints [9][24] Company Announcements - Juhua Co., Ltd. expects a net profit of 3.54 to 3.94 billion CNY for 2025, representing a year-on-year increase of 80% to 101%. Aohua Technology anticipates a net profit of 1.38 to 1.48 billion CNY, a growth of 30.96% to 40.44% [10] - Other companies such as Luxi Chemical and ST Lianchuang also forecast significant profit increases for 2025 [10] Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd., and Aohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Ltd., Dongyue Group, and Xinzhou Bang [11][25]

证券代码：603379 证券简称：三美股份 公告编号：2026-009 单位：万元 受托方 产品名称 认购金额 预期年化收 益率（%） 起息日 到期日 赎回本金 实际收益 建行武义 支行 结构性存 款 6,500.00 0.65-2.00 2025/10/28 2026/1/28 6,500.00 32.77 合计 6,500.00 / / / 6,500.00 32.77 关于使用部分闲置募集资金进行现金管理 到期赎回的公告 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。 浙江三美化工股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开 第六届董事会第十八次会议和第六届监事会第十六次会议，分别审议通过《关于 使用闲置募集资金进行现金管理的议案》，同意公司在确保募投项目所需资金和 保证募集资金安全的前提下，使用闲置募集资金进行现金管理，授权期限内单日 最高余额不超过 1.90 亿元，授权期限自该次董事会审议通过之日起 12 个月。具 体内容详见公司于 2025 年 3 月 25 日在上海证券交易所网站（www ...

Price Trends - The latest price of R2201 as of January 28 is 17,333.33 yuan per ton, reflecting an increase of 11.83% over the last 60 days [2][4] Related Companies - Relevant producers include: - Juhua Co., Ltd. (600160) - Yonghe Co., Ltd. (605020) - Sanmei Co., Ltd. (603379) - Luxi Chemical Co., Ltd. (000830) - Haohua Technology Co., Ltd. (600378) [2][4]