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]

Core Viewpoint - Yonghe Co. announced that investors holding "Yonghe Convertible Bonds" can only convert at a price of 19.68 CNY per share within the specified time frame or opt for forced redemption at a face value of 100 CNY per bond plus accrued interest, which totals 100.9973 CNY per bond. This forced redemption may lead to significant investment losses for investors [2]. Summary by Category - **Company Announcement** - Yonghe Co. released an announcement regarding the options available to investors holding "Yonghe Convertible Bonds" [2]. - **Investment Options** - Investors can either convert their bonds at a price of 19.68 CNY per share or choose to be forcibly redeemed at 100 CNY per bond plus accrued interest of 0.9973 CNY, totaling 100.9973 CNY per bond [2]. - **Potential Risks** - The possibility of forced redemption could result in substantial investment losses for investors [2].

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-076 | | --- | --- | --- | | 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 第三次提示性公告 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： 自 2025 年 9 月 29 日起，"永和转债"停止交易。 最后转股日：2025 年 10 月 9 日 截至 2025 年 9 月 26 日收市后，距离 10 月 9 日（"永和转债"最后转股日） 仅剩 3 个交易日，10 月 9 日为"永和转债"最后一个转股日。 本次提前赎回完成后，"永和转债"将自 2025 年 10 月 10 日起在上海 证券交易所摘牌。 投资者所持"永和转债"除在规定时限内按照 19.68 元/股的转股价格 进行转股外，仅能选择以 100 元/张的票面价格加当期应计利息（即 100.9973 元 /张）被强制赎回。若被强制赎回，可能面临较大投资损失。 （二）当本次可转债未转股余 ...

Core Viewpoint - The article discusses the growing importance of liquid cooling technology in data centers due to increasing power consumption and heat generation from AI server chips, highlighting the shift from traditional air cooling to liquid cooling solutions. Group 1: Liquid Cooling Technology Types - Liquid cooling technology is categorized into two main types: cold plate and immersion cooling, with cold plate cooling holding a 91% market share in 2022 due to its maturity and compatibility [3][31]. - Immersion cooling, while having the highest heat dissipation capability, accounts for about 8% of the market and is represented by companies like Shuguang Data and Guangdong He Yi [4][31]. - Cold plate cooling primarily uses water-based coolants, offering advantages such as low cost and fast heat dissipation [5]. Group 2: Cooling Liquid Material Systems - The main types of cooling liquids include water-based, oil-based, and fluorinated coolants [7]. - Water-based coolants are mainly used in single-phase cold plate cooling, supplied by companies like Compton and Unification [8]. - Oil-based coolants are used in single-phase immersion cooling, with suppliers like China Petroleum and Unification [8]. - Fluorinated coolants are crucial for high reliability and extreme physical conditions, with companies like Juhua and Dongyue Group achieving large-scale production [8]. Group 3: Microchannel Liquid Cooling Breakthroughs - Microchannel cold plate technology is becoming a focus for AI chip manufacturers, with companies like Nvidia and Microsoft pushing for MLCP standards [9]. - Domestic companies such as Highlan and Feirongda are gaining certifications and expanding their market share in this area [9]. Group 4: Market Size and Price Logic - By 2028, the global AI data center installation capacity is expected to reach 59 GW, corresponding to a cooling liquid demand exceeding 89,000 tons [10]. - The Chinese market for liquid-cooled data centers is projected to grow at a compound annual growth rate (CAGR) of 51.4%, with the industry scale expected to exceed 100 billion yuan by 2027 [10]. Group 5: Leading Projects - Major companies like Alibaba, Shuguang, Huawei, and Lenovo are implementing liquid-cooled data center demonstration projects, with Alibaba achieving a PUE of 1.12 in its 5A green liquid-cooled data center [14][15]. - Shuguang has realized the world's first large-scale commercial application of immersion phase change liquid cooling [15]. - Huawei's cloud data center in Ulanqab utilizes indirect evaporative cooling, achieving a PUE of 1.15 [16]. Group 6: Mainstream Cooling Pathways - The article outlines the mainstream cooling pathways, including water-based, oil-based, and fluorinated cooling liquids, emphasizing the rapid growth of the liquid cooling market [18][21].

证券日报网讯 9月25日晚间，永和股份发布公告称，投资者所持"永和转债"除在规定时限内通过二级市 场继续交易或按照19.68元/股的转股价格进行转股外，仅能选择以100元/张的票面价格加当期应计利息 （即100.9973元/张）被强制赎回。若被强制赎回，可能面临较大投资损失。 （文章来源：证券日报） ...

| 证券代码：605020 | 证券简称：永和股份 | 公告编号：2025-075 | | --- | --- | --- | | 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 第二次提示性公告 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 25 日收市后，距离 9 月 26 日（"永和转债"最后交易日） 仅剩 1 个交易日，9 月 26 日为"永和转债"最后一个交易日。 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：2025 年 10 月 9 日 赎回价格：100.9973 元/张 赎回款发放日：2025 年 10 月 10 日 最后交易日：2025 年 9 月 26 日 不低于"永和转债"当期转股价格的 130%（即 ...

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]