氟化工行业月报：下游需求旺盛，制冷剂价格进一步上涨

Investment Rating - The report maintains a positive outlook on the refrigerant industry, suggesting that the industry is expected to maintain a high level of prosperity due to strong downstream demand and price increases [5][6][83]. Core Insights - As of November 29, 2024, the prices of refrigerants R32, R125, and R134a have increased by 2.56%, 7.04%, and 11.43% respectively compared to the end of October, with R22 also seeing a price increase of 3.23% [5][9]. - The supply of R32 is expected to increase due to the draft for the 2025 refrigerant quota distribution, which will maintain upward pressure on refrigerant prices in the long term [5][6]. - The demand for refrigerants is supported by the rising production of household air conditioners, with production figures for December 2024 to February 2025 showing significant year-on-year growth [6][52]. Summary by Sections 1. Core Insights - The report highlights that the price gap for refrigerants has increased, with R22 prices rising significantly, indicating a strong market demand [5][27]. - The production quotas for second-generation refrigerants are being reduced, while third-generation refrigerants will maintain their production levels, leading to a tightening supply-demand relationship [5][6]. 2. Refrigerant Tracking - The report provides detailed tracking of refrigerant prices and production rates, noting that the production rates for R32, R134a, and R125 have shown fluctuations, with R32 experiencing a decrease in inventory levels [19][21]. - The total inventory of R22 has been on a long-term decline, indicating a tightening market [38][36]. 3. Fluoropolymer Insights - The prices of fluoropolymers such as PTFE, PVDF, and HFP are currently low due to rapid capacity increases and slowing demand growth [61]. - The report notes a significant drop in the production of fluoropolymers, with production figures for November 2024 showing declines compared to previous years [68][69]. 4. Investment Recommendations - The report recommends focusing on leading companies in the refrigerant industry and those with a complete industrial chain, such as Juhua Co., Ltd. and Sanmei Co., Ltd., as well as companies related to fluorochemical raw materials [6][83].