中信证券：核心品类逻辑强化 三代制冷剂景气延续

Core Viewpoint - The supply-side constraints for third-generation refrigerants are expected to persist until 2026, with R32, R134a, and R125 supplies likely to tighten further. The demand side is strongly stimulated by the growth in new energy vehicles, air conditioning, and foreign trade, leading to a sustained increase in industry prosperity. The report suggests capitalizing on the dual opportunities of rising prices for third-generation refrigerants and the technological iteration of fourth-generation refrigerants driven by both policy and technology [1] Group 1 - Supply-side limitations for third-generation refrigerants are projected to continue until 2026 [1] - Demand for refrigerants is being driven by new energy vehicles, air conditioning, and foreign trade [1] - The industry is experiencing a sustained upward trend in prosperity due to strong demand [1] Group 2 - There are dual opportunities in the market: rising prices for third-generation refrigerants and advancements in fourth-generation technology [1] - Focus on industry leaders with synchronized patent and capacity layouts is recommended [1] - Companies related to third-generation refrigerants are expected to benefit significantly [1]