氟化工行业周报：2025年制冷剂配额下发，主流制冷剂品种有望全面上行

Investment Rating - The report maintains a "Positive" investment rating for the industry [27]. Core Insights - The ongoing implementation of carbon peak and carbon neutrality strategies is expected to benefit HFCs, with clear policy expectations and pathways for control of various non-CO2 greenhouse gases [1]. - The average transaction price of HFCs refrigerants is anticipated to maintain a long-term upward trend, starting from the first quota year in 2024 [1]. Summary by Sections HFCs and Refrigerants Market - The R125 foreign trade market price as of December 20 is 23,000 CNY/ton, stable compared to the previous week, with a month-on-month increase of 2.55% [3]. - R134a market price remains stable at 40,000 CNY/ton, with a month-on-month increase of 5.07% [7]. - R32 market price is 40,500 CNY/ton, with a year-on-year increase of 121.12% [11]. - The overall refrigerant market is expected to see a comprehensive upward trend due to tight quotas and increased demand from air conditioning production [24]. Production and Quotas - The production quota for R134a in 2025 is expected to decrease by 7,401 tons compared to 2024, indicating a potential improvement in supply-demand dynamics [38]. - The 2025 quotas for HFCs have been released, showing better-than-expected outcomes, particularly for R32 and R125 [44]. Price Trends - The report indicates that the prices of various refrigerants, including R410a and R22, are stable or increasing, reflecting a positive market sentiment [9][10]. - The overall fluorochemical index increased by 2.67%, outperforming the Shanghai Composite Index [27]. Beneficiaries - Recommended stocks benefiting from the positive outlook include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology [32].