氟化工行业研究框架专题报告：供需格局向好，景气周期到来

Investment Rating - The report suggests a positive investment outlook for the fluorochemical industry, particularly in refrigerants and fluorinated polymers, indicating a high prosperity cycle ahead [1]. Core Insights - The refrigerant supply-demand landscape is improving, with the industry entering a high prosperity cycle due to quota reductions for second-generation refrigerants and stable demand for R22 [1]. - The construction of data centers is driving demand for electronic fluorinated liquids, presenting growth opportunities for domestic manufacturers as major foreign players exit the market [1]. - The fluoropolymer sector is experiencing growth due to the rapid development of the new energy industry, although high-end products still rely on imports [1]. - Investment recommendations focus on leading refrigerant producers and integrated fluorochemical companies, with a particular emphasis on those with strong supply chain capabilities [1]. Summary by Sections 1. Fluorspar - Fluorspar is a critical source of fluorine for the fluorochemical industry, with significant applications in hydrogen fluoride production [5]. - China's fluorspar reserves are substantial, ranking high globally, but the supply is tightening due to over-exploitation [6][9]. 2. Refrigerants - The refrigerant market is transitioning from second-generation to third-generation refrigerants, with significant quota reductions planned for HCFCs [17]. - R22 remains stable in demand, primarily for maintenance and production uses, with a concentrated production quota among leading companies [19][20]. - The price of R22 has risen significantly due to quota reductions, leading to improved profitability for producers [20]. 3. Fluorinated Polymers - Fluorinated polymers are widely used across various industries, with domestic production expanding but still reliant on imports for high-end products [1]. - The rapid growth of PVDF production is noted, although prices have recently declined [1]. 4. Fluorinated Liquids - The demand for electronic fluorinated liquids is increasing due to data center construction, creating opportunities for domestic manufacturers as foreign competitors exit [1]. 5. Investment Recommendations - The report recommends focusing on leading companies in the refrigerant sector and those with comprehensive supply chains in the fluorochemical industry, such as Juhua Co., Sanmei Co., and Dongyue Group [1].