Group 1 - The core viewpoint is that the refrigerant industry is expected to maintain high prosperity due to strong demand and supply constraints, with significant profit potential for leading companies in the sector [1][2] - In 2025, the production quota for second-generation refrigerants will be reduced, while the total production quota for third-generation refrigerants will remain at baseline levels, indicating a tightening supply-demand relationship for both generations [1] - The air conditioning industry has shown a year-on-year increase in production from May to July 2025, with production volumes of 23.3 million units, 20.98 million units, and 18.42 million units, reflecting growth rates of 9.94%, 14.10%, and 14.30% respectively [2] Group 2 - As of April 30, 2025, prices for third-generation refrigerants R32, R125, and R134a have increased by 4.26%, 0%, and 2.15% respectively, with R22 prices remaining stable [1] - The prices of fluoropolymers have also rebounded, with PTFE and PVDF products showing various price points, indicating a recovery in the materials market [1] - Companies such as Juhua Co., Ltd. (600160), Sanmei Co., Ltd. (603379), and Jinshi Resources (603505) are recommended for investment due to their strong positions in the refrigerant and fluorochemical sectors [1]
东海证券：制冷剂价格维持上行趋势 需求持续提升
Zhi Tong Cai Jing·2025-05-13 08:34