基础化工行业动态：制冷剂配额政策延续，行业长景气周期逻辑不变

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Viewpoints - The recent policy from the Ministry of Ecology and Environment regarding the quota for ozone-depleting substances and hydrofluorocarbons (HFCs) indicates a continued long-term positive outlook for the refrigerant industry [6][7] - The production quota for HCFCs (second-generation refrigerants) will be reduced, leading to potential price increases for products such as R22, which has seen a price increase of 53.85% since the beginning of the year [7] - The production quota for HFCs (third-generation refrigerants) remains unchanged, with some adjustments for specific varieties, ensuring stability in the market [7] Summary by Relevant Sections Event Overview - The 2025 production quota for HCFCs is set at 163,600 tons, with reductions of 67.5% and 73.2% for internal production and usage quotas respectively [6] - The total production quota for HFCs remains at 1.853 billion tCO2, consistent with 2024 [6] Core Analysis - The reduction in HCFCs quotas is expected to drive up product prices, particularly for R22, R141b, R142b, and R123, which have seen significant quota cuts compared to 2024 [7] - The domestic air conditioning production reached 157.06 million units in the first half of 2024, a year-on-year increase of 13.8%, contributing to rising refrigerant prices [7] Investment Recommendations - The report suggests a positive outlook for the refrigerant industry due to stable production quota policies and consistent demand from downstream sectors such as home appliances and automotive [8] - Recommended companies to watch include Juhua Co., Haohua Technology, and Sanmei Co. [8]