制冷剂行业长期景气获支撑

Group 1 - The core viewpoint of the articles highlights the ongoing regulatory changes in China's refrigerant industry, particularly focusing on the production, use, and import quotas for ozone-depleting substances (ODS) and hydrofluorocarbons (HFCs) for the year 2026, which are expected to support the long-term market stability of refrigerant products [1][2] - The 2026 quota plan emphasizes "total control and structural optimization," with a total production quota for second-generation refrigerants set at 151,400 tons, a decrease of 12,100 tons from 2025, indicating a continued push towards phasing out these substances [1] - The production quota for R22 is 146,100 tons, reflecting a 2.02% reduction from 2025, while R141b's quota is set to zero, showcasing the accelerated exit of second-generation refrigerants from the mainstream market [1] Group 2 - For third-generation refrigerants, the total production quota remains stable at 797,800 tons, an increase of 5,963 tons from 2025, with notable increases in quotas for key varieties such as R32 and R134a [2] - The new quota adjustment mechanism allows production companies to apply for inter-species quota adjustments under specific conditions, which is expected to benefit leading companies with diverse product lines and high quota bases, enhancing their capacity structure and profitability [2] - The downstream refrigerant market is characterized by dual support from traditional and emerging sectors, with the air conditioning industry entering a replacement cycle and the electric vehicle market driving steady demand for refrigerants [3]