基础化工行业点评：2025年制冷剂配额公示，看好行业景气延续

Investment Rating - The industry investment rating is "Outperform the Market (Maintain)" for the basic chemical sector, indicating a positive outlook for the industry's continued prosperity [5]. Core Viewpoints - The report highlights that the announcement of the 2025 refrigerant quotas is slightly above expectations, with an increase in production quotas for the third-generation refrigerants (HFCs) to 792,000 tons for production and 390,000 tons for internal use, which is an increase of 46,000 tons and 50,000 tons respectively compared to 2024 [6]. - Strong external demand and improving domestic demand are expected to sustain the prosperity of the refrigerant market, with significant increases in air conditioning production and sales in November, showing a year-on-year growth of 55.7% in production and 44.2% in sales [7]. - The report suggests that the price of refrigerants has seen substantial increases, with R22, R32, R125, and R134a prices rising by 66.7%, 134.8%, 36.9%, and 42.9% respectively since the beginning of the year [7]. Summary by Sections Industry Overview - The report discusses the public announcement regarding the 2025 quotas for ozone-depleting substances and HFCs, which includes applications from 48 companies for production quotas and 67 companies for import quotas [5]. Market Performance - The second-generation refrigerant quotas are set to decrease as expected, with a reduction of 67.5% from baseline values for HCFCs, which will likely lead to price elasticity for R22 due to strong downstream demand in the air conditioning repair market [13]. Recommendations - The report recommends focusing on specific companies such as Sanmei Co., Ltd., Juhua Co., Ltd., Dongyue Group, Haohua Technology, and Yonghe Co., Ltd. as potential investment targets in the basic chemical sector [8].