证券研究报告 | 2025年10月11日 氟化工行业：2025 年 9 月月度观察 优于大市 四季度制冷剂长协价格落地，制冷剂报价持续上涨 9 月氟化工行情回顾：截至 9 月末（9 月 30 日），上证综指报 3882.78 点， 较 8 月末（8 月 29 日）上涨 0.64%；沪深 300 指数报 4640.69 点，较 8 月末 上涨 3.20%；申万化工指数报 4113.74，较 8 月末上涨 1.22%；氟化工指数报 1809.47 点，较 8 月末上涨 7.61%。8 月氟化工行业指数跑赢申万化工指数 6.39pct,跑赢沪深 300 指数 4.41pct，跑赢上证综指 6.97pct。 主流制冷剂产品四季度长协价格落地。据卓创资讯，R32 长协价格为 6.02 万元/吨，较三季度长协价格上涨 9600 元/吨，增幅 18.97%；R410A 长协价 格为 5.32 万元/吨，较三季度价格上涨 3600 元/吨，涨幅为 7.26%。此外， 据氟务在线，制冷剂大厂对外报价或将由季度定价模式转为月度定价模式， 制冷剂价格上涨到制冷剂企业业绩增长的传导将更加顺畅。 R32、R134a 报价持续上涨。R3 ...

Core Viewpoint - The prices of third-generation refrigerants have increased as of September 2025, while prices of PVDF and HFP have decreased [2] Group 1: Refrigerant Prices - As of September 30, 2025, the prices for third-generation refrigerants R32, R125, and R134a are 62,500 yuan/ton, 45,500 yuan/ton, and 52,000 yuan/ton, reflecting increases of 4.17%, 0.00%, and 0.97% respectively compared to the end of August [2][4] - The price of R22 has decreased by 4.23% month-on-month to 34,000 yuan/ton, but has increased by 13.33% year-on-year [2] Group 2: Fluorspar and Hydrofluoric Acid Prices - As of September 30, 2025, the prices for wet and dry fluorspar are 3,628 yuan/ton and 3,828 yuan/ton, showing month-on-month increases of 10.07% and 9.50% respectively [2][4] - The market price for anhydrous hydrofluoric acid is 11,704 yuan/ton, with a month-on-month increase of 11.83% [2][4] Group 3: Air Conditioning Production Trends - Domestic air conditioning production is expected to decline year-on-year in October, November, and December 2025, with production volumes of 11.53 million units, 12.96 million units, and 16.36 million units respectively, reflecting year-on-year decreases of 17.98%, 14.70%, and 8.60% [3] - Since June 2024, the export volume of R32 has shown an upward trend due to increased overseas demand and enhanced production capacity of domestic air conditioning companies [3] Group 4: Investment Recommendations - The reduction of second-generation refrigerant quotas and the maintenance of third-generation refrigerant production quotas at baseline levels indicate a tightening supply-demand relationship [4] - The prices of refrigerants have been steadily increasing since 2025, with significant year-on-year price increases for R32, R134a, and R125 of 64.47%, 55.22%, and 40.00% respectively [4] - Companies such as Juhua Co., Ltd., Sanmei Co., Ltd., and Jinshi Resources are recommended for investment due to their strong positions in the refrigerant industry and complete industrial chains [4]

Core Insights - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" aims to guide this pillar industry of the national economy to maintain reasonable growth while achieving high-quality development, focusing on "stabilizing growth, adjusting structure, and promoting innovation" [1][17][18] - The plan sets a target for an average annual growth of over 5% in industry value added from 2025 to 2026, while also pursuing improvements in economic efficiency and innovation capabilities [1][17] Industry Analysis Petrochemical Industry - The plan is expected to promote the elimination of outdated production capacity and lead to healthier industry development, optimizing the supply side of the chemical industry [2][18] - The plan emphasizes the need to strengthen the planning and layout of major petrochemical and modern coal chemical projects, strictly control new refining capacity, and reasonably determine the scale and pace of new ethylene and paraxylene capacity [2][18] Fertilizer Industry - The plan aims to strengthen raw material supply security and stabilize production foundations for the fertilizer industry, requiring long-term agreements with suppliers of coal, phosphate rock, and natural gas [19] - The plan also encourages the optimization of product structure and the development of new fertilizers [19] Chemical Products Pricing - As of September 28, 2025, the China Chemical Product Price Index (CCPI) was reported at 3969 points, down 8.4% from January 2, 2025 [20] - The manufacturing PMI slightly rose to 49.4%, indicating limited improvement in the economic environment, with the production index at 50.8% [20] Investment Recommendations Potash Fertilizer - The global potash fertilizer industry is characterized by oligopoly, with a tight supply-demand balance, and prices are expected to remain high [21] - The company "Yaqi International" is highlighted for its significant potash resources and ongoing capacity expansion, with a projected production capacity of 5 million tons by 2025 [21] Pesticides - The pesticide industry is expected to see a recovery in prices due to increased demand from South America and limited export growth from India and the US [22] - "Lier Chemical" is recommended as a leading company in the chlorinated pyridine herbicide and glyphosate sectors [22] Fluorochemicals - The fluorochemical sector is anticipated to benefit from the implementation of quota systems for refrigerants starting in 2024, with a focus on the long-term price increase of refrigerants [23] - Companies such as "Juhua Co., Ltd." and "Dongyue Group" are recommended for their strong market positions in refrigerants and fluorinated liquids [23] Sustainable Aviation Fuel (SAF) - The European Union's mandatory addition of 2% SAF in 2025 is expected to drive up prices for bio-jet fuel products, with "Zhuoyue New Energy" recommended for its competitive advantages in production capacity [24][9]

证券代码：603379 证券简称：三美股份 公告编号：2025-062 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。 重要内容提示： ● 担保对象及基本情况 （一）担保的基本情况 近日，浙江三美化工股份有限公司（以下简称"公司"）与中国银行股份有限公司重庆长寿支行（以下简 称"中国银行重庆长寿支行"）签署了《保证合同》，为参股公司重庆市新美合科技有限公司（以下简 称"新美合"）与中国银行重庆长寿支行签署的《固定资产借款合同》项下债务按持股比例提供连带责任 保证担保，担保金额为8,330.00万元。新美合其他股东亦按持股比例为其提供担保。本次担保事项不存 在反担保情况。 （二）内部决策程序 公司于2025年8月21日召开第七届董事会第三次会议，并于2025年9月8日召开2025年第一次临时股东 会，审议通过《关于为参股公司提供担保暨关联交易的议案》，同意为新美合向金融机构融资事项按持 股比例提供担保，担保金额为10,000万元，其他股东亦按持股比例为其提供担 ...

证券代码：603379 证券简称：三美股份 公告编号：2025-062 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。 重要内容提示： 担保对象及基本情况 担保对象 被担保人名称 重庆市新美合科技有限公司 被担保人关联关系 □控股股东、实际控制人及其控制的 主体 上市公司董事、监事、高级管理人 员及其控制或者任职的主体 □其他______________ 本次担保金额 8,330.00 万元 实际为其提供的担保余额 8,330.00 万元 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股子 公司对外担保总额（万元） | 70,845.02 | | 对外担保总额占上市公司最近一期 | 11.00 | | 经审计净资产的比例（%） | | | 特别风险提示（如有 ...

Core Insights - The PVDF concept sector saw an increase of 2.76%, ranking 9th among concept sectors, with 14 stocks rising, including Duofluor and Juhua, which rose by 9.98% and 7.99% respectively [1][2] Sector Performance - The top-performing sectors today included: - Zinc: +3.68% - Nickel: +3.65% - Lead: +3.61% - PVDF: +2.76% [2] Capital Flow - The PVDF sector experienced a net inflow of 649 million yuan, with 9 stocks receiving net inflows, and 6 stocks exceeding 10 million yuan in net inflow. Duofluor led with a net inflow of 497 million yuan [2][3] - The net inflow ratios for leading stocks were: - Duofluor: 46.70% - Juhua: 6.71% - Huayicong: 8.27% [3] Stock Performance - Key stocks in the PVDF sector included: - Duofluor: +9.98%, turnover rate 5.11%, net inflow 496.63 million yuan, net inflow ratio 46.70% - Juhua: +7.99%, turnover rate 2.66%, net inflow 184.03 million yuan, net inflow ratio 6.71% - Huayicong: +6.47%, turnover rate 9.80%, net inflow 51.76 million yuan, net inflow ratio 8.27% [3][4]

中国经济网北京9月29日讯 三美股份(603379.SH)9月27日披露了控股股东减持股份结果公告。 | 股东名称 | 胡荣达 | | --- | --- | | 减持计划首次披露日期 | 2025年6月28日 | | 减持数量 | 5,684,819股 | | 减持期间 | 2025年8月1日~2025年9月25日 | | 减持方式及对应减持数量 | 集中竞价减持,5,684,819 股 | | 减持价格区间 | 49.35~62.30元/股 | | --- | --- | | 减持总金额 | 298,638,439.00元 | | 减持完成情况 | 已完成 | | 减持比例 | 0.9312% | | 原计划减持比例 | 不超过:0.9312% | | 当前持股数量 | 225,229,140股 | | 当前持股比例 | 36.8938% | （责任编辑：蔡情） 本次减持主体为三美股份控股股东、实际控制人胡荣达。本次减持计划实施前，胡荣达持有公司股 份230,913,959股，约占公司总股本的37.8250%；其一致行动人胡淇翔持有公司股份103,738,226股，约 占公司总股本的16.9929%，武义 ...

9月29日，三美股份盘中上涨2.02%，截至13:08，报57.99元/股，成交3.58亿元，换手率1.02%，总市值 354.02亿元。 责任编辑：小浪快报 三美股份所属申万行业为：基础化工-化学制品-氟化工。所属概念板块包括：社保重仓、融资融券、氟 化工、PVDF概念、养老金概念等。 截至6月30日，三美股份股东户数1.79万，较上期增加24.52%；人均流通股34162股，较上期减少 19.69%。2025年1月-6月，三美股份实现营业收入28.28亿元，同比增长38.58%；归母净利润9.95亿元， 同比增长159.22%。 分红方面，三美股份A股上市后累计派现9.27亿元。近三年，累计派现5.59亿元。 机构持仓方面，截止2025年6月30日，三美股份十大流通股东中，香港中央结算有限公司位居第八大流 通股东，持股486.64万股，为新进股东。 资金流向方面，主力资金净流入16.23万元，特大单买入4810.72万元，占比13.44%，卖出8152.72万元， 占比22.78%；大单买入1.03亿元，占比28.72%，卖出6920.50万元，占比19.34%。 三美股份今年以来股价涨52.89%，近5 ...

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 17th this week, with a decline of 0.95%, underperforming the Shanghai Composite Index by 1.16 percentage points and the ChiNext Index by 2.91 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated growth in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's performance this week was -0.95%, ranking it 17th among all sectors, while the top three performing sectors were power equipment, non-ferrous metals, and electronics [22][23] - The top three individual stocks in the chemical sector this week were Bluefeng Biochemical (61.16%), Shangwei New Materials (44.81%), and Huarsoft Technology (31.83%) [28] Key Industry Dynamics - A new plan for stable growth in the petrochemical industry was released by seven departments, aiming for an average annual growth of over 5% in value added from 2025 to 2026 [34] - The plan emphasizes the importance of technological innovation, digital empowerment, and environmental sustainability in the petrochemical sector [34] Investment Opportunities - Synthetic biology is highlighted as a key area for growth, with companies like Kasei Biotech and Huaheng Biological being recommended for investment [4][8] - The third-generation refrigerants are expected to enter a high prosperity cycle due to upcoming quota policies and stable demand growth from the air conditioning and cold chain markets [5] - The electronic specialty gases market presents significant domestic substitution opportunities, driven by rapid upgrades in the semiconductor and photovoltaic industries [6][8] - Light hydrocarbon chemicals are identified as a global trend, with a shift towards lighter raw materials expected to enhance the value of leading companies in this sector [8] - The COC polymer industry is accelerating its domestic industrialization process, with companies like AkzoNobel being recommended for attention [9] - Potash fertilizer prices are anticipated to rebound as supply tightens and demand increases due to rising agricultural planting intentions [10] - The MDI market is expected to improve due to oligopolistic supply dynamics and stable demand from polyurethane applications [12]

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across the entire supply chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [23] - The market for fluorite is showing a continuous recovery, with prices increasing due to strong demand and limited supply [35][36] - The refrigerant market is expected to maintain an upward trend, driven by the increasing prices of R32 and other refrigerants, as well as the ongoing transition to more environmentally friendly products [21][22] Summary by Sections 1. Fluorochemical Industry Overview - The fluorite price has shown a continuous recovery, with the average market price for 97% wet fluorite reaching 3,512 CNY/ton, up 4.09% from the previous week [19][35] - The fluorochemical index decreased by 0.43% during the week of September 22-26, 2025, underperforming compared to the Shanghai Composite Index and the CSI 300 Index [27][30] 2. Fluorite Market - The fluorite market is experiencing a strong upward trend, with increased inquiries and negotiations for new contracts as downstream prices rise [35] - The supply side is tightening due to production limitations and seasonal factors, leading to a bullish market sentiment [36] 3. Refrigerant Market - As of September 26, 2025, the prices for various refrigerants are as follows: R32 at 62,500 CNY/ton, R125 at 45,500 CNY/ton, R134a at 52,000 CNY/ton, R410a at 52,500 CNY/ton, and R22 at 34,500 CNY/ton [21][24] - The export quota for R32 has been progressing well, with a 62% consumption rate, benefiting from the release of overseas production capacity by domestic air conditioning companies [22] 4. Recent Industry Developments - Major companies such as Juhua Co. have received environmental assessments for new projects, indicating ongoing investment in the fluorochemical sector [10] - India has initiated anti-dumping investigations against Chinese HFC refrigerants, which may impact market dynamics [10][11] 5. Recommended Stocks - Key stocks to watch include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinjubang [11][23]