Group 1 - The core announcement from Yonghe Co. indicates that the last trading day for "Yonghe Convertible Bonds" is September 26, 2025, and the last conversion day is October 9, 2025 [1] - After the early redemption, "Yonghe Convertible Bonds" will be delisted from the Shanghai Stock Exchange on October 10, 2025 [1] - Investors holding "Yonghe Convertible Bonds" can either trade in the secondary market within the specified time or convert at a price of 19.68 CNY per share, or face forced redemption at a price of 100 CNY per bond plus accrued interest, which totals 100.9973 CNY per bond [1]

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-074 | | --- | --- | --- | | 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 关于实施"永和转债"赎回暨摘牌的 第一次提示性公告 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： 截至 2025 年 9 月 24 日收市后，距离 9 月 26 日（"永和转债"最后交易日） 仅剩 2 个交易日，9 月 26 日为"永和转债"最后一个交易日。 最后转股日：2025 年 10 月 9 日 截至 2025 年 9 月 24 日收市后，距离 10 月 9 日（"永和转债"最后转股日） 仅剩 5 个交易日，10 月 9 日为"永和转债"最后一个转股日。 公司特提醒"永和转债"持有人注意在限期内转股或卖出。 浙江永和制冷股份有限公司（以下简称"公司"）的股票自 2025 年 7 月 22 日至 2025 年 8 月 25 日，已在连续三十个交易日内有十五个交易日收盘价格 1/5 赎回登记日：2 ...

Group 1 - The core viewpoint of the report indicates that the supply-demand relationship for second and third-generation refrigerants is tightening, with prices steadily increasing since 2025, particularly for R32, R134a, and R125, which have seen price increases of 44.19%, 22.35%, and 8.33% respectively as of September 19, 2025 [1] - Major refrigerant producers such as Juhua Co., Ltd. (600160.SH), Sanmei Co., Ltd. (603379.SH), and Yonghe Co., Ltd. (605020.SH) reported significant year-on-year net profit growth of 145.84%, 159.22%, and 140.82% respectively in the first half of 2025, indicating a high level of industry prosperity and improving profitability for related companies [1] - As of August 29, 2025, the prices for third-generation refrigerants R32, R125, and R134a were reported at 60,000 CNY/ton, 45,500 CNY/ton, and 51,500 CNY/ton, reflecting increases of 9.09%, 0.00%, and 3.00% respectively compared to the end of July [1] Group 2 - Domestic air conditioning production is expected to decline year-on-year from September to November 2025, with production volumes of 10.75 million units, 10.88 million units, and 12.20 million units respectively, showing declines of -11.98%, -22.60%, and -19.70% [2] - The export volume of R32 has been increasing since June 2024, driven by rising overseas demand and the enhancement of domestic air conditioning companies' overseas production capacity [2] Group 3 - Haohua Technology and Sanmei Co., Ltd. reported their semi-annual results, with Haohua achieving a revenue of 7.76 billion CNY, a year-on-year increase of 19.45%, and a net profit of 725 million CNY, up 29.68% [3] - Sanmei Co., Ltd. reported a revenue of 2.83 billion CNY, a year-on-year increase of 38.58%, and a net profit attributable to shareholders of 995 million CNY, reflecting a significant growth of 159.22% [3]

Group 1 - The company Yonghe Co., Ltd. announced that investors holding "Yonghe Convertible Bonds" can either continue trading in the secondary market within the specified time or convert at a price of 19.68 yuan per share [2] - If investors do not take these actions, they will face mandatory redemption at a face value of 100 yuan per bond plus accrued interest, totaling 100.9973 yuan per bond [2] - The potential for significant investment losses exists if bonds are forcibly redeemed [2]

Investment Rating - The report gives a bullish outlook on the refrigerant industry, indicating a potential increase in the Shanghai Composite Index by 20% or more within the next six months [72]. Core Viewpoints - The refrigerant prices have been steadily increasing since 2025, with significant price hikes noted in August and September. As of September 19, 2025, the prices for R32, R134a, and R125 have risen by 44.19%, 22.35%, and 8.33% respectively [7][66]. - The supply-demand relationship for second and third-generation refrigerants remains tight due to quota reductions and strong downstream demand, suggesting continued high profitability for related production companies [66]. - Major companies in the refrigerant sector, such as Juhua Co., Sanmei Co., and Yonghe Co., have reported substantial year-on-year profit growth, indicating a robust industry outlook [66]. Summary by Sections Refrigerant Prices and Production - As of August 29, 2025, the prices for R32, R125, and R134a are 60,000 CNY/ton, 45,500 CNY/ton, and 51,500 CNY/ton, reflecting increases of 9.09%, 0.00%, and 3.00% respectively compared to the end of July [7][15]. - Domestic production of R32, R134a, and R125 in August 2025 has increased by 63.05%, 66.77%, and 35.64% year-on-year [16]. - The total inventory of R32, R134a, and R125 has decreased by 6.31%, 5.34%, and 4.66% respectively, indicating a tightening supply [19]. Company Performance - Haohua Technology reported a revenue of 7.76 billion CNY for the first half of 2025, a year-on-year increase of 19.45%, with a net profit of 725 million CNY, up 29.68% [58][59]. - Sanmei Co. achieved a revenue of 2.83 billion CNY, a 38.58% increase, and a net profit of 995 million CNY, reflecting a 159.22% growth year-on-year [60][61]. Market Outlook - The report anticipates that the refrigerant industry will maintain high prosperity levels, with companies expected to continue improving their profitability due to favorable market conditions [66]. - The report suggests focusing on leading companies in the refrigerant sector and those with a well-established industrial chain, such as Juhua Co. and Sanmei Co. [66].

Investment Rating - The report gives an "Overweight" rating for the chemical industry [1] Core Viewpoints - The supply side is expected to undergo structural optimization, with a focus on selecting elastic and advantageous sectors. Domestic policies frequently emphasize supply-side requirements, while rising raw material costs and capacity exits in Europe and the U.S. have impacted overseas chemical companies. In the long term, China's chemical industry has a clear competitive advantage, with significant cost benefits and technological advancements, allowing Chinese companies to fill gaps in the international supply chain [6][16] Summary by Sections 1. Industry News and Event Commentary - Prices of third-generation refrigerants continue to rise, indicating a high level of industry prosperity. The supply of refrigerants is constrained by quotas, and increased downstream demand has significantly optimized the supply-demand balance. Prices for R32, R134a, and R125 have increased by 44.19%, 22.35%, and 8.33% respectively this year. Major refrigerant producers have seen substantial profit growth, with companies like Juhua Co., Sanmei Co., and Yonghe Co. reporting net profit increases of 145.84%, 159.22%, and 140.82% year-on-year in the first half of 2025 [15][8] 2. Chemical Sector Weekly Performance - For the week of September 15-21, 2025, the CSI 300 index fell by 0.44%, while the Shenwan Chemical Index dropped by 1.33%, underperforming the market by 0.89 percentage points. The Shenwan Oil and Petrochemical Index decreased by 1.99%, also underperforming the market [18][21] 3. Key Product Price Trends - The top price increases for the week included butyl acrylate (3.86%), bisphenol A (3.75%), and phenol (3.31%). Conversely, the largest price declines were seen in nitric acid (-3.11%), liquid ammonia (-2.71%), and caustic soda (-2.44%) [29][31]

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-073 | | --- | --- | --- | | 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 关于实施"永和转债"赎回暨摘牌的公告 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。 重要内容提示： 证券停复牌情况：适用 因提前赎回"永和转债",本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 111007 | 永和转债 | 可转债债券停牌 | 2025/9/29 | | | | 截至 2025 年 9 月 23 日收市后，距离 9 月 26 日（"永和转债"最后交易日） 仅剩 3 个交易日，9 月 26 日为"永和转债"最后一个交易日。 最后转股日：2025 年 10 月 9 日 截至 2025 年 9 月 23 日收市后，距离 ...

Core Viewpoint - The refrigerant industry is experiencing a continuous upward trend in prosperity due to supply reductions and steady recovery in demand, leading to significant profit growth for leading companies in the sector [3]. Group 1: Supply and Demand Dynamics - In 2025, the production quotas for second-generation fluorinated refrigerants will be further reduced, and third-generation refrigerants will implement production quotas, tightening the supply side of the industry [3]. - The steady recovery in downstream demand is optimizing the supply-demand landscape for refrigerants, resulting in continuous price increases for refrigerant products [3]. Group 2: Profit Growth of Leading Companies - In the first half of 2025, leading domestic refrigerant companies reported substantial year-on-year net profit growth: Juhua Co. +146.97%, Sanmei Co. +159.22%, Yonghe Co. +140.80%, and Dongyue Group +153.28% [3]. Group 3: AI Computing Power and Liquid Cooling Demand - The rapid growth in AI computing power demand is driving the need for liquid cooling solutions, prompting fluorochemical companies to accelerate their layout in the liquid cooling industry [4]. - Juhua Co. is advancing the "Juxin Cooling Liquid" project with a planned capacity of 5,000 tons/year, while Sanmei Co. is enhancing its integrated fluorochemical project in Chongqing [4]. Group 4: Liquid Cooling Technology Overview - Liquid cooling technology is an efficient heat dissipation solution using liquid as a cooling medium, offering advantages such as energy savings (PUE 1.1-1.25) and high-density cooling (supporting 30kW/rack) compared to air cooling [5]. - The main forms of liquid cooling technology are cold plate and immersion cooling, which are expected to see rapid growth as computing power continues to increase [6]. Group 5: Market Growth Projections - The global liquid cooling market is projected to grow significantly, with expected market sizes of $2.9 billion in 2023 and $3.6 billion in 2024, reaching $4.5 billion by 2025 and $19.4 billion by 2032, indicating a CAGR of 23% from 2025 to 2032 [6].

Investment Rating - The report rates the liquid cooling industry as "Overweight," indicating that it is expected to outperform the overall market [3]. Core Insights - The MLCP (Micro-Channel Liquid Cooling Plate) technology is highlighted as an innovative solution to address the cooling challenges posed by ultra-high power chips, with expected power consumption exceeding 2000W [3][5]. - The report emphasizes the importance of micro-channel design, forced convection, and optimized fluid dynamics in achieving high heat exchange efficiency [5]. - Key companies in the industry are recommended for attention, including Jiangshun Technology, Yingweike, and Kangsheng Co., among others, due to their advancements in liquid cooling technology [5]. Summary by Sections Industry Overview - The MLCP technology utilizes micro-scale fluid channels to achieve efficient heat exchange, capable of handling extreme thermal loads [5]. - The manufacturing processes for micro-channels include etching, 3D printing, and stamping, each with its advantages and limitations [5]. Key Companies and Valuations - Jiangshun Technology: Market cap of 48.74 billion, projected net profit of 1.55 billion in 2024 [6]. - Yingweike: Market cap of 756.61 billion, projected net profit of 4.53 billion in 2024 [6]. - Kangsheng Co.: Market cap of 54.89 billion, with a projected net profit of -0.98 billion in 2024 [6]. - Other notable companies include Nanfeng Co., Huazhu High-Tech, and Yinhong Co., with varying market caps and profit projections [6].

Investment Rating - The report maintains a rating of "Overweight" for the refrigerant industry [5] Core Insights - The refrigerant industry continues to experience high prosperity due to supply reduction and steady demand recovery, leading to significant profit growth for leading companies [1][20] - The rapid growth in AI computing power demand is driving fluorochemical companies to accelerate their layout in the liquid cooling industry, which is expected to create a secondary growth curve [2][4] - Liquid cooling technology is becoming essential for data centers and the computing era, offering energy-saving and high-density cooling solutions [3][31] Summary by Sections Supply and Demand Dynamics - The supply of second-generation fluorinated refrigerants will be further reduced by 2025, while the third generation will implement a quota system, tightening supply [1][20] - The domestic production of air conditioners and automobiles has shown steady growth, with production increasing by 5.1% and 10.5% year-on-year respectively as of July 2025, supporting the recovery of refrigerant demand [13] AI Computing and Liquid Cooling - The demand for liquid cooling is surging due to the rapid increase in AI computing power, prompting fluorochemical companies to focus on high-value products like fluorinated liquids [2][26] - Major companies like Juhua Co., Sanmei Co., and Yonghe Co. are expanding their production capacities and enhancing their product lines to meet the growing demand for liquid cooling solutions [27][28][29] Liquid Cooling Technology - Liquid cooling technology is a necessary evolution in the face of increasing computing power, providing superior cooling efficiency compared to traditional air cooling [3][31] - The global liquid cooling market is projected to grow significantly, with estimates of reaching $4.5 billion by 2025 and $19.4 billion by 2032, reflecting a CAGR of 23% from 2025 to 2032 [3][46] Investment Recommendations - The report suggests focusing on leading companies in the refrigerant and fluorochemical sectors, including Juhua Co., Sanmei Co., Yonghe Co., Dongyue Group, Xinzhou Bang, Bayi Shikong, and Runhe Materials, as they are well-positioned to benefit from the tightening supply and growing demand [4][55]