Core Viewpoint - The company has confirmed its involvement in the liquid cooling sector through its products, specifically hexafluoropropylene dimer and trimer [2] Company Summary - Yonghe Co., Ltd. (605020.SH) has indicated that its hexafluoropropylene dimer and trimer can be utilized in the liquid cooling field [2]

Group 1 - The company Zhejiang Chenglong New Materials, controlled by Yonghe Co., is a comprehensive new materials enterprise [2] - The main business of Zhejiang Chenglong includes the production and sales of polymer colored granules and fine powders [2]

Group 1 - The core point of the article is that Yonghe Co., Ltd. has announced that its subsidiary, Shaowu Yonghe, has entered the trial production phase for a high-purity PFA plant with a capacity of 3kt/year [2] Group 2 - Investors inquired about the construction cycle for the PFA project on the investor interaction platform [2] - The announcement was made on November 26, indicating progress in the company's production capabilities [2]

格隆汇11月26日丨永和股份(605020.SH)在投资者互动平台表示，公司子公司邵武永和3kt/年高纯pfa已进 入试生产阶段。 ...

Group 1 - The core viewpoint of the article is that Yonghe Co., Ltd. (605020.SH) is currently in the market expansion phase for its fluorinated liquid products [1] Group 2 - The company has communicated this information through its investor interaction platform [1]

永和股份（605020.SH）11月26日在投资者互动平台表示，2025上半年度，公司出口美国业务的销售收 入占公司整体销售收入比重不足5%，占比较小。 每经AI快讯，有投资者在投资者互动平台提问：请问永和股份出口美国的收入或利润占比是多少？ （文章来源：每日经济新闻） ...

Core Viewpoint - The company has received a total HFCs quota of approximately 55,900 tons for 2024, with specific allocations for different types of HFCs detailed [2]. Quota Allocation - The total HFCs quota for 2024 is approximately 55,900 tons, with the following allocations: - HFC-143a: 14,400 tons - HFC-152a: 10,600 tons - HFC-134a: 10,900 tons - HFC-227ea: 7,200 tons - HFC-32: 5,800 tons - HFC-125: 6,400 tons [2]. Future Projections - For 2025, the company is projected to receive a total HFCs quota of approximately 58,200 tons [2]. Quota Utilization Strategy - The company adheres to relevant policy requirements and develops production plans based on annual quota size and market dynamics, aiming to maximize benefits for the company and its shareholders [2].

Core Viewpoint - The methane chlorides industry in China is experiencing significant growth in production capacity and output, with a projected total capacity of 3.84 million tons per annum by 2024, accounting for 48% of global capacity. The industry is expected to face increasing supply pressures, leading to potential market reshuffling and heightened competition among companies [1][5][6]. Industry Overview - Methane chlorides are products formed by substituting hydrogen atoms in methane with chlorine atoms, including methyl chloride, dichloromethane, trichloromethane, and carbon tetrachloride. They are widely used in refrigerants, solvents, coatings, film, acetate fibers, carbonates, and extraction agents [2][4]. Production Capacity - By 2024, there will be 16 methane chloride production enterprises in China, with a total capacity of 3.84 million tons per annum, representing 48% of global capacity. The production capacity is highly concentrated in East and North China, which together contribute 87.5% of the national capacity [5][6]. Production Volume - China's methane chloride production is expected to reach 3.07 million tons in 2024, reflecting a year-on-year increase of 5.9%. The capacity utilization rate is projected to be 79.9%, up by 4.4 percentage points from the previous year [6][7]. Market Demand - The consumption of methane chlorides is primarily driven by dichloromethane and trichloromethane. In 2024, the total consumption of dichloromethane is estimated at 1.337 million tons, a slight decrease of 1.5%, while trichloromethane consumption is expected to reach 1.349 million tons, an increase of 9.6% [8][10]. Competitive Landscape - The domestic market for methane chlorides is competitive, with over ten companies operating. Companies like Jinyi Technology and Yonghe Co. are actively optimizing their business layouts to enhance market competitiveness. Jinyi Technology has an annual production capacity of 370,000 tons, accounting for 9.6% of national capacity, while Yonghe Co. has a capacity of 197,000 tons, representing 5.1% [12][13]. Industry Development Trends - The methane chlorides industry is expected to face increasing supply pressures, leading to a supply-demand mismatch and potential market reshuffling. The trend of vertical integration in the industry is becoming more pronounced, with companies looking to extend their supply chains into downstream products such as refrigerants and high-performance fluoropolymers [13][14].

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Views - The chemical industry is expected to benefit from the ongoing "anti-involution" measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift is anticipated to enhance cash flow and dividend yields for companies in the sector, transforming them from cash-consuming entities to cash-generating ones [7][27] - The report highlights the potential for domestic substitutes for Japanese semiconductor materials due to rising tensions in Sino-Japanese relations, which could accelerate the domestic market's growth in this area [6] Summary by Sections Recent Trends - The chemical industry has shown a relative performance increase of 16.1% over the past 12 months, outperforming the CSI 300 index, which increased by 11.6% [4] Key Price Movements - DMC (Dimethyl Carbonate) prices rose to 4400 CNY/ton, up 14.29% week-on-week, driven by strong demand from the electrolyte sector [14] - Lithium battery electrolyte prices increased to 27000 CNY/ton, up 8.00% week-on-week, although profit margins for manufacturers are under pressure due to rising raw material costs [14] - Diammonium phosphate prices in East China reached 3850 CNY/ton, up 5.48% week-on-week, amid rising production costs [14] Investment Opportunities - The report identifies four key opportunities in the chemical sector: 1. Low-cost expansion, focusing on companies like Wanhua Chemical and Hualu Hengsheng [9] 2. Improved industry conditions, particularly in chromium salts and phosphate rock [10] 3. New materials with high growth potential, such as electronic chemicals and aerospace materials [11] 4. High dividend yields from state-owned enterprises in the chemical sector, including China Petroleum and China National Chemical [11] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for several firms in the chemical sector, with many rated as "Buy" [28]

Core Viewpoint - The company has a complete industrial chain for lithium hexafluorophosphate core raw materials and is positioned to benefit from the recent price surge in this product [2] Group 1: Company Information - The company produces anhydrous hydrofluoric acid as a basic fluorochemical raw material with an annual production capacity of 135,000 tons [2] - The company’s industrial chain includes fluorite mines, hydrofluoric acid, methyl chloride, fluorocarbon chemicals, fluorine-containing polymers, and fine fluorine chemicals [2] Group 2: Market Impact - The recent significant price increase of lithium hexafluorophosphate may provide financial benefits to the company due to its involvement in the production of related core raw materials [2]