化工行业周报：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 improved, while the price of Vitamin E has increased due to supply constraints [1][4] - The report highlights the tightening supply of refrigerants influenced by temperature changes and limited production of fluorite, leading to a stable pricing environment for dichloromethane and trichloroethylene [4] - The report suggests focusing on companies such as Juhua Co., Ltd., Sanmei Co., and Yonghe Co. in the refrigerant sector, and Zhejiang Medicine and Xinhong Cheng in the Vitamin E sector [4] Summary by Sections Refrigerants - The profit margins for second-generation refrigerants as of November 3 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 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) [2][31] - The overall supply of refrigerants remains tight, with limited quotas and strong foreign trade demand [4] Vitamin E - The price of Vitamin E has risen to 132 CNY/kg as of November 3, an increase of 4 CNY/kg, driven by reduced supply from major producers and strong export demand [3][4] - Domestic manufacturers have adopted a firm pricing stance, even halting orders due to pre-holiday stocking expectations [4] Chemical Products - In the polyurethane sector, MDI prices have slightly decreased due to increased supply from a new production facility and a lack of demand [14] - Glyphosate prices and margins have declined, with glyphosate priced at 24,782 CNY/ton as of November 3, down 0.72 CNY/ton, and margins at 994.45 CNY/ton, down 239.64 CNY/ton [16] - The report notes that the prices of phosphoric acid and diammonium phosphate have remained stable, with diammonium phosphate priced at 3,651 CNY/ton [20] Fluorinated Chemicals - The report indicates that the profit margins for third-generation refrigerants have improved, with the industry still experiencing an oversupply situation [25][30] - The prices of raw materials such as fluorite and hydrofluoric acid have increased, with fluorite at 3,575 CNY/ton (up 0.76%) and hydrofluoric acid at 11,200 CNY/ton (up 8.56%) [27][30]