近期制冷剂价格整体高位运行

Investment Rating - The industry rating is "Overweight (Maintain)" [10] Core Viewpoints - Recent refrigerant prices are running at a high level, and in the medium to long term, supply constraints due to quota policies are expected to maintain a tight supply-demand balance for refrigerants, driven by factors such as improved living standards and global warming [8][27] - The report suggests focusing on companies such as Juhua Co., Ltd., Sanmei Co., Ltd., Dongyue Group, and Yonghe Co., Ltd. as potential investment opportunities [8][27] Industry Overview - From July 28 to August 1, 2025, the basic chemical industry experienced a weekly decline of 1.46%, ranking 11th among all Shenwan first-level industries [6][11] - The top five stocks with the highest weekly gains in the basic chemical industry were: Shangwei New Materials, Songji Co., Ltd., Keta Bio, *ST Yatai, and Tiantie Technology; while the top five stocks with the highest weekly losses were: Poly United, Weike Technology, Gaozheng Min Explosion, Fengmao Co., Ltd., and Yahua Group [6][11] Sub-industry - Fluorine Chemicals - As of August 1, 2025, the price of 97% wet fluorite was 3162 RMB/ton, down 1.2% compared to one month ago and one week ago [12] - The supply of fluorite is tightening due to extreme weather affecting mining operations, while manufacturers are keen to raise prices due to high production costs [12] - The overall demand for refrigerants is expected to remain strong despite a seasonal decline in air conditioning production, supported by high temperatures and supply constraints [14]