氟化工行业月报：空调长协订单落地，再度提振制冷剂

Investment Rating - The report maintains a positive outlook on the refrigerant industry, suggesting a high level of confidence in the market's future performance [6]. Core Insights - The prices of refrigerants have shown an upward trend, with R32, R125, and R134a prices increasing by 7.50%, 10.53%, and 8.97% respectively as of December 31, 2024 [6]. - The cash ex-factory prices for long-term contracts of major air conditioning manufacturers have increased, indicating a positive market sentiment and potential for continued price growth in refrigerants [6]. - Despite a decline in production of household air conditioners and refrigerators in January 2025, a significant rebound is expected in February, supporting strong demand for refrigerants [6]. - The supply-demand relationship for third-generation refrigerants remains tight, with expectations of sustained high profitability for related production companies [6]. Refrigerant Tracking - As of December 2024, the operating rates and production of R32, R134a, and R125 have decreased compared to previous months, indicating a potential adjustment in market dynamics [18]. - The total inventory of third-generation refrigerants has been on a downward trend since the beginning of 2024, suggesting a tightening supply [19]. - The price of second-generation refrigerant R22 has risen significantly, reaching 33,000 yuan/ton, which is a 69.23% increase year-on-year [22]. Fluoropolymer Insights - The prices of fluoropolymers such as PTFE, PVDF, and HFP have remained low due to rapid capacity increases and slowing demand growth [54]. - The production and operating rates of fluoropolymers have shown signs of recovery, with a notable increase in output in December 2024 [61]. - The apparent consumption of PTFE and PVDF has declined year-on-year, reflecting a broader trend of reduced demand in the market [66]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry and those with a well-established supply chain in fluorochemical production, such as Juhua Co., Ltd. and Sanmei Co., Ltd. [6][70].