Core Viewpoint - The demand for AI data centers is increasing, driven by high heat dissipation and high energy consumption, leading to a growing need for liquid cooling solutions [2][3]. Group 1: AI Data Center Capacity and Growth - According to Semianalysis, the global AI computing center installed capacity is expected to reach 7 GW in 2024, with further growth anticipated by 2028 [1][2]. Group 2: Liquid Cooling Solutions - The two main types of liquid cooling solutions for data centers are cold plate cooling and immersion cooling [3][4]. - Cold plate cooling can be further divided into single-phase and phase-change types, with single-phase primarily using deionized water and phase-change using fluorinated fluids [3]. - Immersion cooling liquids are categorized into synthetic oils and fluorinated liquids, with synthetic oils including hydrocarbon and silicone oils, and fluorinated liquids being ideal due to their chemical stability and low dielectric constant [4]. Group 3: Recommended Companies - For cold plate cooling, recommended companies include Haohua Technology (600378.SH), Juhua Co., Ltd. (600160.SH), and Sanmei Co., Ltd. (603379.SH) [3]. - For synthetic oils, Satellite Chemical (002648.SZ) is highlighted, while for silicone oil, the recommended company is Huamao Technology (603181.SH) [4]. - For fluorinated liquids, recommended companies include Sinoma Science & Technology (300037.SZ), Juhua Co., Ltd., Hualu Group (600623.SH), and Yonghe Co., Ltd. (605020.SH) [4].

Group 1 - The National Bureau of Statistics will hold a press conference to introduce the national economic operation situation for August 2025 [1] - The National Bureau of Statistics will release data on the sales price changes of commercial residential properties in 70 large and medium-sized cities for August 2025 [2] - The third Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference will be held, focusing on promoting supply chain openness and cooperation [3] Group 2 - A total of 14 companies will have their restricted shares unlocked today, with a total unlock volume of 309 million shares, amounting to a market value of 8.932 billion yuan [4] - Six companies will have unlock volumes exceeding 10 million shares, with Yonghe Co., Weiman Sealing, and Jiquan Technology leading in unlock volume [4] - The People's Bank of China will have 191.5 billion yuan of 7-day reverse repos maturing today [5]

Group 1 - The core point of the article is that Yonghe Co., Ltd. (605020) announced the listing and circulation of restricted shares from a private placement, totaling 83,473,685 shares [1] - The shares will be available for trading starting from September 15, 2025 [1] - The method of subscription for the shares is through offline placement [1]

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-072 | | --- | --- | --- | | 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 关于向特定对象发行股票部分限售股上市流通的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数 为83,473,685股。 本次股票上市流通总数为83,473,685股。 本次股票上市流通日期为2025 年 9 月 15 日。 一、本次限售股上市类型 本次限售股上市类型为浙江永和制冷股份有限公司（以下简称"公司"）向 特定对象发行人民币普通股（A 股）股票（以下简称"本次发行"）。 公司于 2025 年 1 月 26 日收到中国证券监督管理委员会出具的《关于同意浙 江永和制冷股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕 172 号），同意公司向特定对象发行股票的注册申请。 2025 年 3 月 14 日，公司向特定 ...

中信证券股份有限公司 关于浙江永和制冷股份有限公司 一、本次限售股上市类型 本次限售股上市类型为永和股份向特定对象发行人民币普通股（A 股）股票 （以下简称"本次发行"）。 | 序号 | 发行对象名称 | 认购股数 | 限售期 | | 解除限售日期 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （月） | | | | | | | 1 | 童建国 | 7,894,736 | 18 | 2026 | 年 9 | 月 | 日 | 15 | | 2 | 中央企业乡村产业投资基金股份有限公司 | 21,052,631 | 6 | 2025 | 年 9 | 月 | 日 | 15 | | 3 | 赣州发展投资基金管理有限公司-赣州定增 捌号股权投资合伙企业（有限合伙） | 14,210,526 | 6 | 2025 | 年 9 | 月 | 日 | 15 | | 4 | 上海玖鹏资产管理中心（有限合伙）-玖鹏 旭泰 2 号私募证券投资基金 | 6,521,061 | 6 | 2025 | 年 9 | 月 | 日 | 15 ...

Investment Rating - The report maintains a rating of "Overweight" for the basic chemical industry [6] Core Viewpoints - The refrigerant industry is experiencing a sustained upward trend in demand, with leading companies showing significant profit growth in H1 2025. The production quotas for second-generation fluorinated refrigerants will be further reduced, and third-generation refrigerants will be subject to production quotas, tightening supply. This, combined with a steady recovery in downstream demand, is optimizing the supply-demand dynamics in the refrigerant market [1][2] - The price of refrigerants has been rising, leading to substantial increases in profitability for major companies. For instance, in H1 2025, the net profits of major domestic refrigerant companies such as Juhua Co., Sanmei Co., Yonghe Co., and Dongyue Group increased by 146.97%, 159.22%, 140.80%, and 153.28% respectively [1] - The price differences for third-generation refrigerants have significantly increased, with R32 prices rising by 15.24% since early July 2025 and 40.70% since the beginning of the year. The price difference for R32 reached 42,761 yuan/ton, reflecting a 19.68% increase since early July and a 66.79% increase since the beginning of the year [2] - Leading refrigerant companies are accelerating their entry into the liquid cooling sector, driven by tightening environmental regulations and increasing demand for AI computing power. Companies like Juhua Co. and Sanmei Co. are investing in high-value-added liquid cooling technologies, which are expected to benefit from the growing AI computing needs and domestic substitution opportunities [3][4] - The liquid cooling technology market is projected to grow significantly, with global market sizes expected to reach 4.5 billion USD in 2025 and 19.4 billion USD by 2032, representing a CAGR of 23% from 2025 to 2032 [4] Summary by Sections Industry Overview - The refrigerant industry is in a high prosperity cycle, with major companies reporting strong performance due to supply constraints and rising prices [1][5] - The report highlights the ongoing recovery in downstream demand, which is expected to further support price increases in the refrigerant market [2] Price Trends - The report tracks significant price increases for key refrigerants, with R32, R125, and R134a showing notable price growth in 2025 [2][18] - The price of R32 reached 60,500 yuan/ton, marking a 40.70% increase since the beginning of 2025 [2] Company Developments - Major companies are expanding their operations into the liquid cooling market, with Juhua Co. planning to produce 5,000 tons/year of cooling liquid and Sanmei Co. launching a 19,000 tons/year electronic-grade fluorinated liquid project [3][4] - The transition to liquid cooling technologies is seen as a strategic move to capture growth opportunities in the AI sector and to leverage existing technological advantages [3][4]

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]

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][8]. Core Views - The fluorochemical industry is experiencing a strong performance, with the industry index outperforming major stock indices in August 2025. The fluorochemical index rose by 16.75% compared to the previous month, indicating robust market dynamics [1][15]. - Main refrigerant prices are expected to continue stable growth, driven by limited supply and strong demand. The average prices for R32 and R134a are projected to rise in the coming months [2][22]. - The development of liquid cooling technology is expected to significantly boost the demand for fluorinated liquids and refrigerants, as traditional cooling methods are becoming less effective [4][62]. Summary by Sections 1. Industry Performance - As of August 29, 2025, the fluorochemical index reached 1681.54 points, up 16.75% from the end of July, outperforming the Shenwan Chemical Index by 7.77 percentage points [1][15]. 2. Refrigerant Market Review - The prices of major refrigerants are on an upward trend due to supply constraints. R32 is expected to average 62,000 CNY/ton in September to November, while R134a is projected to average 52,000 CNY/ton [2][22][24]. - Export data shows a mixed performance, with R32 exports increasing by 13% year-on-year, while R22 exports decreased by 34% [35]. 3. Liquid Cooling Demand - The rise of AI technology and increased server power density are driving the shift towards liquid cooling solutions, which are more efficient than traditional air cooling methods. This trend is expected to enhance the demand for fluorinated liquids and refrigerants [4][62][66]. 4. Regulatory Environment - China's commitment to the Montreal Protocol includes significant reductions in HCFCs and HFCs production and usage, which will impact the refrigerant market dynamics positively in the long term [71][74]. 5. Key Companies and Investment Recommendations - Companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as key players in the fluorochemical sector, with strong growth prospects due to their leading positions in refrigerant quotas and advanced technologies [4][8][70].

Core Points - Yonghe Co., Ltd. announced that it will provide a joint liability guarantee for its wholly-owned subsidiary Baotou Yonghe New Materials Co., Ltd. not exceeding 400 million yuan [2] - The company will also provide a maximum joint liability guarantee of 30 million yuan for its controlling subsidiary Zhejiang Binglong Environmental Technology Co., Ltd. [2] - As of the date of the announcement, the total external guarantee balance incurred by the company is 246.34 million yuan, which accounts for 8.64% of the company's most recent audited net assets [2]

Core Viewpoint - Zhejiang Yonghe Refrigeration Co., Ltd. has announced the provision of guarantees for its subsidiaries, including a guarantee of RMB 400 million for Baotou Yonghe New Materials Co., Ltd. and RMB 30 million for Zhejiang Binglong Environmental Technology Co., Ltd. [1][2] Summary by Sections Guarantee Overview - The company has signed a guarantee contract with a syndicate of banks for Baotou Yonghe New Materials Co., Ltd. to support its production and project needs [1] - The total guarantee amount for Baotou Yonghe is RMB 400 million, while for Binglong Environmental, it is RMB 30 million, with the actual guarantee balance for Binglong being RMB 1.666 million [1][2] Internal Decision-Making Process - The company held board meetings on April 23, 2025, and May 16, 2025, to approve the guarantee limits for the fiscal year 2025, allowing for a total of RMB 4.3 billion in guarantees for subsidiaries [2] Basic Information of Guaranteed Entities - Baotou Yonghe New Materials Co., Ltd. is a wholly-owned subsidiary of the company, established in September 2021, with a registered capital of RMB 133.6 million [3] - Zhejiang Binglong Environmental Technology Co., Ltd. is a holding subsidiary, established in November 2017, with a registered capital of RMB 5 million [4][5] Guarantee Agreement Details - The guarantee for Baotou Yonghe covers principal, interest, penalties, and other related costs associated with the loans [7] - The guarantee for Binglong Environmental includes a maximum limit of RMB 30 million, covering similar financial obligations [8] Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary for supporting the subsidiaries' project construction and daily operations, aligning with the company's overall interests and development strategy [8] - Despite Binglong's debt ratio exceeding 70%, the company maintains control over its operations and financial management, which mitigates perceived risks [8] Board of Directors' Opinion - The board unanimously approved the guarantee limits, emphasizing that these measures support the sustainable development of the company and its subsidiaries [9] Cumulative Guarantee Situation - As of the announcement date, the company has a total external guarantee balance of RMB 246.34 million, representing 8.64% of the latest audited net assets, with no overdue guarantees reported [9]