2025 年 9 月 7 日 行业研究 制冷剂高景气 25H1 龙头企业业绩高增长，布局液冷业务前景可期 ——基础化工行业周报（20250901-20250905） 要点 制冷剂行业景气度持续上行，25H1 龙头企业业绩表现亮眼。2025 年，第二 代氟制冷剂生产配额进一步削减，第三代氟制冷剂实行生产配额制，致行业 供给端持续收紧。叠加下游需求稳步复苏，制冷剂供需格局持续优化。在此 背景下，制冷剂产品价格持续上涨，带动制冷剂企业盈利能力大幅增长。 25H1，国内制冷剂龙头企业巨化股份、三美股份、永和股份、东岳集团归母 净利润分别同比+146.97%、+159.22%、+140.80%、+153.28%。 配额落地行业景气度持续上行，三代制冷剂价格价差大幅增长。20-22 年基 线年中，产能扩张使三代制冷剂市场供过于求。2023 年以来，随着"份额 战"结束，供给端收缩，叠加需求端景气恢复，三代制冷剂价差修复明显。 截至 25 年 9 月 3 日，R32 价格为 60500 元/吨，较 25 年 7 月初+15.24%， 较 25 年年初+40.70%； R125 价格为 45500 元/吨，25 年 7 月初 ...

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

证券研究报告 | 2025年09月01日 氟化工行业：2025 年 8 月月度观察 优于大市 主流制冷剂价格持续上涨，液冷板块开启增长空间 8 月氟化工行情回顾：截至 8 月末（8 月 29 日），上证综指报 3857.93 点， 较 7 月末（7 月 31 日）上涨 7.97%；沪深 300 指数报 4496.76 点，较 7 月末 上涨 10.33%；申万化工指数报 4064.30，较 7 月末上涨 8.98%；氟化工指数 报 1681.54 点，较 7 月末上涨 16.75%。8 月氟化工行业指数跑赢申万化工指 数 7.77pct,跑赢沪深 300 指数 6.42pct，跑赢上证综指 8.78pct。 主流制冷剂产品未来价格稳定增长。R32 方面，随着年度配额的持续消化， 各家年度内可售货源有限，存明显的挺价惜售心态，供应端对价格利好支撑 较强，新单价格或仍有进一步上涨的可能。预计 9-11 月均价分别在 6.2 万 元/吨、6.3 万元/吨、6.4 万元/吨。R134a 方面，随着年度配额的持续消化， 卖方挺价心态或持续增强，四季度出口需求的逐步增量同时气雾罐等长协订 单陆续进入商谈阶段，基本面利好支 ...

（文章来源：证券日报） 证券日报网讯 9月2日晚间，永和股份发布公告称，公司为全资子公司包头永和新材料有限公司提供不 超过400，000万元连带责任保证担保，同时为控股子公司浙江冰龙环保科技有限公司提供最高额不超过 3，000万元连带保证责任。前述担保均无反担保。截至本公告披露日，公司实际发生的对外担保余额为 24，634.00万元，占公司最近一期经审计净资产8.64%。 ...

证券代码：605020 证券简称：永和股份 公告编号：2025-071 债券代码：111007 债券简称：永和转债 浙江永和制冷股份有限公司 关于为子公司提供担保的进展公告 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 被担保人名称 包头永和新材料有限公司 本次担保金额 400,000.00万元 担保对象一 实际为其提供的担保余额 0.00 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：_________ 被担保人名称 浙江冰龙环保科技有限公司 本次担保金额 3,000.00 万元 担保对象二 实际为其提供的担保余额 166.60 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 截至本公告日公司及控股子公司 对外担保余额（万元） 对外担保余额占上市公司最近一 期经审计净资产的 ...

重要内容提示： 担保对象及基本情况 | 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：111007 | 债券简称：永和转债 | | 浙江永和制冷股份有限公司 关于为子公司提供担保的进展公告 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。 | | 被担保人名称 本次担保金额 | 包头永和新材料有限公司 400,000.00万元 | | | --- | --- | --- | --- | | 担保对象一 | 实际为其提供的担保余额 | 万元 0.00 | | | | 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：_________ | | 担保对象二 | 被担保人名称 | | 浙江冰龙环保科技有限公司 | | | 本次担保金额 | 万元 3,000.00 | | | | 实际为其提供的担保余额 | 万元 166.60 | | | | 是否在前期预计额度 ...

Market Performance - The chemical products sector increased by 0.37% on September 1, with *ST Jintai leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Chemical Sector - *ST Quantai (300225) closed at 5.79, up 12.21% with a trading volume of 366,800 shares and a turnover of 204 million yuan [1] - Kangda New Materials (002669) closed at 15.46, up 10.04% with a trading volume of 305,700 shares [1] - Jianye Co. (603948) closed at 32.09, up 10.01% with a trading volume of 25,800 shares [1] - Dinglong Technology (603004) closed at 24.42, up 10.00% with a trading volume of 78,100 shares [1] - Zanyu Technology (002637) closed at 12.02, up 9.97% with a trading volume of 154,400 shares [1] Top Losers in Chemical Sector - Akole (603722) closed at 51.95, down 7.99% with a trading volume of 75,000 shares and a turnover of 392 million yuan [2] - Jiabiyou (688089) closed at 27.36, down 5.07% with a trading volume of 122,100 shares [2] - Andyshi (66ZOO9) closed at 10.07, down 4.82% with a trading volume of 271,400 shares [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 243 million yuan [2][3] - Kangda New Materials (002669) had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 55.12 million yuan from retail investors [3] - Zanyu Technology (002637) had a net inflow of 61.87 million yuan from institutional investors, with a net outflow of 32.00 million yuan from retail investors [3]

Group 1 - The PVDF concept sector rose by 1.74%, ranking 7th among concept sectors, with 9 stocks increasing, including Puxin Technology and Dongyang Sunshine hitting the daily limit [1][2] - Notable gainers in the PVDF sector included Juhua Co., which increased by 6.88%, Sanmei Co. by 3.83%, and Yonghe Co. by 3.69% [1][4] - The sector experienced a net inflow of 485 million yuan from main funds, with Puxin Technology leading the inflow at 205 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Puxin Technology at 11.52%, Huahua Technology at 9.25%, and Heimao Co. at 8.54% [3] - The trading volume for Puxin Technology was 20,509.85 million yuan, with a daily turnover rate of 3.84% [3] - The stocks with the largest declines included Zhongchuang Environmental Protection, which fell by 5.58%, and Jinming Precision Machinery, which decreased by 2.21% [1][4]

Group 1: A-Share Market Performance - A-shares saw collective gains on August 28, with trading volume exceeding 3 trillion yuan, led by the technology sector [1] - The A-share market has outperformed global markets this year, with significant inflows into emerging markets, particularly from the iShares core MSCI Emerging Markets ETF, which saw over $8.6 billion in net inflows [1] - On August 27, there was a market pullback, particularly in small-cap stocks, with the CSI 2000 index down 2.32% and the Wind micro-cap index down nearly 4% [1] Group 2: Private Enterprises and Financial Performance - The "2025 China Top 500 Private Enterprises" list revealed that 194 companies control 273 A-share listed companies, with a revenue threshold of 27.023 billion yuan [2] - The total revenue of the top 500 private enterprises reached 43.05 trillion yuan, with an average revenue of 861.02 billion yuan, reflecting a year-on-year growth of 2.72% [2] Group 3: Fund Issuance and Investment Trends - The new fund issuance market is recovering, with nearly 100 billion yuan in new funds launched this month, and equity fund issuance exceeding 57 billion yuan, marking a record high for the year [3] - Sovereign wealth funds are increasing their holdings in A-shares, with notable investments from entities like Abu Dhabi Investment Authority and Kuwait Investment Authority [3] Group 4: Fluorochemical Industry Performance - Major fluorochemical companies reported significant profit growth in the first half of the year, with Juhua Co. achieving a net profit of 2.051 billion yuan, up 146.97% year-on-year [4] - The supply of refrigerants is constrained due to quota systems, leading to improved industry dynamics and increased domestic and international demand [4] Group 5: Insurance Sector Performance - The five major listed insurance companies reported a combined net profit of 178.193 billion yuan in the first half of 2025, a year-on-year increase of 3.7% [8] - The new business value of life insurance and the combined cost ratio of property insurance improved, indicating better underwriting profitability [8] Group 6: Nonferrous Metals Industry - As of August 28, 116 listed companies in the nonferrous metals sector reported their half-year results, with 72 companies showing profit growth and 18 companies exceeding 100% profit growth [9] - The sector benefited from rising prices and sales of gold, silver, and copper, alongside ongoing innovation and cost reduction efforts by leading firms [9]

Core Viewpoint - The profitability of several leading fluorochemical companies has significantly increased in the first half of the year, driven by rising prices and volumes of refrigerants [1][2]. Group 1: Company Performance - Juhua Co., Ltd. reported a net profit of 2.051 billion yuan in the first half of the year, a year-on-year increase of 146.97%, surpassing last year's total [2][3]. - Sanmei Co., Ltd. achieved a net profit of 999.5 million yuan, up 159.22% year-on-year, despite a 6.27% decline in refrigerant sales volume [3]. - Dongyangguang and Yonghe Co., Ltd. also reported strong performances, with net profits increasing by 170.57% and 140.82%, respectively [3]. Group 2: Market Dynamics - The supply of refrigerants is constrained due to quota systems, leading to improved industry ecology and competitive order [1][2]. - The average price of refrigerants has risen significantly, with Juhua Co. reporting an average price of 39,400 yuan per ton, a 61.88% increase year-on-year [2][3]. - The demand for refrigerants is driven by domestic policies promoting appliance upgrades and international market growth due to urbanization and consumption upgrades [1][4]. Group 3: Future Outlook - Analysts expect the price of mainstream refrigerants to continue rising, with R32 prices increasing by nearly 40% since the beginning of the year [4][5]. - The domestic refrigerant market is expected to benefit from ongoing demand in air conditioning, refrigeration, and automotive sectors, despite potential slowdowns in certain areas [4][5].