Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The HFCs industry is operating steadily, with unchanged trends and clear opportunities [4] - The fluorochemical index increased by 4.59%, outperforming the Shanghai Composite Index by 3.19% [6][28] - The fluorochemical industry is entering a long prosperity cycle, with significant growth potential across various segments, including fluorinated materials and fine chemicals [24][25] Summary by Sections 1. Fluorochemical Market Overview - As of November 28, the average market price for 97% wet fluorite is 3,346 CNY/ton, down 0.65% from the previous week [20][37] - The average price for November is 3,398 CNY/ton, a year-on-year decrease of 7.76% [20][37] - The average price for 2025 is projected at 3,498 CNY/ton, down 1.34% from 2024 [20][37] 2. Refrigerant Market Trends - As of November 28, the prices for various refrigerants are as follows: R32 at 63,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 55,500 CNY/ton, R410a at 53,500 CNY/ton, and R22 at 16,000 CNY/ton [22] - The market for R134a is supported by centralized procurement, with prices expected to rise [9][23] - R125 is experiencing tight supply due to limited remaining quotas, maintaining prices around 46,000 CNY/ton [9][23] 3. Beneficiary Companies - Recommended stocks include: Jinshi Resources (fluorite), Juhua Co. (refrigerants, fluororesins), Sanmei Co. (refrigerants), and Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [11][25] - Other beneficiary companies include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [11][25] 4. Recent Industry Developments - A safety incident at a U.S. R134a plant may impact future production [10] - Haohua Technology has successfully launched its trifluoride nitrogen project [10]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

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 project [1] Group 2 - The company has communicated this information through its investor interaction platform [1]

Core Viewpoint - Yonghe Co., Ltd. (605020.SH) has announced that its Shaowu Yonghe 3kt/year high-purity PFA will enter trial production in October 2025, with ongoing orderly progress on various projects [1] Company Summary - Yonghe Co., Ltd. is advancing its high-purity PFA production project, indicating a strategic move towards enhancing its product offerings and production capabilities [1]

（文章来源：证券日报） 证券日报网讯 11月27日，永和股份在互动平台回答投资者提问时表示，邵武永和3kt/年HFPO项目目前 生产进展顺利，各项工作有序推进。 ...

证券日报网讯 11月27日，永和股份在互动平台回答投资者提问时表示，公司液冷产品目前处于市场拓 展及客户验证阶段。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article is that Yonghe Co., Ltd. clarifies the application of its R227ea product, stating it is primarily used in firefighting, refrigeration, and electronic industries, rather than as a raw material for perfluorohexane [1] - The company emphasizes that the R227ea product must comply with quota management regulations as per relevant policy requirements [1]

证券日报网讯11月27日，永和股份（605020）在互动平台回答投资者提问时表示，目前，公司控股子公 司浙江乘龙主营业务为聚合物彩色颗粒细粉等产品的生产与销售。 ...

Group 1 - The core viewpoint of the article is that Yonghe Co., Ltd. is expanding its market presence with its hexafluoropropylene dimer and trimer products, which are applicable in the liquid cooling sector [1] - The combined production capacity of these products is 7 kilotons per year [1] - The company is currently in the market expansion phase for these products [1]

Core Viewpoint - Yonghe Co., Ltd. (605020) emphasizes its main products, which include fluorocarbon chemicals, fluoropolymer materials, and fluorine fine chemicals, highlighting their potential applications in various industries such as new energy, electronic information, and semiconductors [1] Product Characteristics - The company's products are characterized by chemical resistance, electrical insulation, and stability, making them suitable for demanding applications [1] Industry Applications - The potential applications of the products are typically validated by downstream customers based on their specific process requirements and technical routes [1] - The company is actively promoting technological research and product optimization to meet industry demands while expanding product applications within compliance [1]