KAIYUAN SECURITIES·2025-07-20 06:15Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Views - The report indicates that the fluorochemical industry is entering a long-term prosperity cycle, with significant growth potential across various segments, including raw materials like fluorite, refrigerants, and high-end fluorinated materials [22][23] - The refrigerant market is experiencing a sustained upward trend, driven by high temperatures and improved demand, particularly in the air conditioning sector [21][22] Summary by Sections Industry Overview - The fluorochemical index increased by 0.96% during the week of July 14-18, outperforming the Shanghai Composite Index by 0.54% [6][25] - The average price of fluorite (97% wet powder) remained stable at 3,200 CNY/ton as of July 18, 2025, with a year-on-year decrease of 13.61% [7][32] Refrigerant Market - As of July 18, 2025, the prices for various refrigerants are as follows: R32 at 54,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 50,000 CNY/ton, R410a at 49,500 CNY/ton, and R22 at 35,000 CNY/ton [20][24] - The report highlights that R32 and R134a prices have increased by 50.00% and 61.29% respectively compared to 2024 [45] Company Performance - Companies such as Dongyangguang, Juhua, and Sanmei are expected to report significant profit increases for the first half of 2025, with growth rates ranging from 136% to 192.81% [9][10] - Recommended stocks include Jinshi Resources, Juhua, Sanmei, and Haohua Technology, which are positioned to benefit from the ongoing trends in the fluorochemical sector [10][22]