制冷剂：25年配额公示，产品景气延续

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1]. Core Viewpoints - The supply and demand for refrigerants are expected to remain tight due to quota reductions for HCFCs and HFCs, which will support industry profitability [1]. - The report recommends Juhua Co., Ltd. and highlights Haohua Technology as a company to watch [1]. Summary by Sections Industry Overview - The 2025 quotas for HCFCs and HFCs have been announced, with significant reductions in production and internal use quotas for HCFCs, decreasing by 61.6% and 69.3% from the 2013 baseline [1]. - The production quota for R22 is set to decrease to 14.9 thousand tons, while R32's quota will increase by 4.1 thousand tons [1]. Supply and Demand Dynamics - The report indicates a supply gap of 1.9 thousand tons in 2024 and 3.6 thousand tons in 2025 for R22, suggesting a potential upward trend in market conditions [1]. - The demand for refrigerants in the air conditioning and automotive sectors is expected to grow, driven by increasing production and maintenance needs [1][12]. Price Trends - As of December 17, 2023, the prices for R22, R32, R134a, and R125 have increased by 67%, 135%, 43%, and 37% respectively since the beginning of the year [1]. - The overall refrigerant market has entered a favorable cycle since 2024, with supply constraints likely to maintain profitability [1]. Company Recommendations - Juhua Co., Ltd. (600160 CH) is rated as a "Buy" with a target price of 24.72 [19]. - Haohua Technology (600378 CH) is also rated as a "Buy" with a target price of 44.37 [19].