化工周报：三代制冷剂毛利普遍提升，维生素E价格上涨

Investment Rating - The report maintains a "Positive" outlook on the basic chemical industry [1]. Core Insights - The profit margins for third-generation refrigerants have generally increased, while the price of Vitamin E has risen significantly due to supply constraints [1][2]. - The report suggests focusing on companies such as Juhua Co., Sanmei Co., and Yonghe Co. in the refrigerant sector, and Zhejiang Medicine and Xinhong Cheng in the Vitamin E market [3]. Summary by Sections 1. Key Industry and Product Tracking - Refrigerants R32 and R134a have seen price increases. As of November 3, the profit margins for second-generation refrigerants are as follows: R22 at 19,761.5 CNY/ton (up 2,580 CNY/ton), R142b at -516.45 CNY/ton (down 1,000 CNY/ton). For third-generation refrigerants, R125 is at 16,755.5 CNY/ton (up 794 CNY/ton), R32 at 23,349 CNY/ton (up 516 CNY/ton), and R134a at 18,141 CNY/ton (up 205 CNY/ton) [1][27]. - Vitamin E prices have surged to 132 CNY/kg (up 4 CNY/kg) due to reduced supply and strong export demand [2]. 2. Refrigerants - The report notes that the overall supply of refrigerants is tightening due to limited production of fluorite and stable prices for hydrogen fluoride. The demand for exports is improving, and the market supply remains tight [3]. 3. Vitamin E - The report highlights that major overseas producers are facing capacity constraints, leading to strong export demand and a firm pricing stance from domestic manufacturers, who have even stopped taking orders [3].