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氟化工行业:2025年8月月度观察主流制冷剂价格持续上涨液冷板块开启增长空间-20250903
Guoxin Securities·2025-09-03 02:05

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][8]. Core Views - The fluorochemical industry is experiencing a strong performance, with the industry index outperforming major stock indices in August 2025. The fluorochemical index rose by 16.75% compared to the previous month, indicating robust market dynamics [1][15]. - Main refrigerant prices are expected to continue stable growth, driven by limited supply and strong demand. The average prices for R32 and R134a are projected to rise in the coming months [2][22]. - The development of liquid cooling technology is expected to significantly boost the demand for fluorinated liquids and refrigerants, as traditional cooling methods are becoming less effective [4][62]. Summary by Sections 1. Industry Performance - As of August 29, 2025, the fluorochemical index reached 1681.54 points, up 16.75% from the end of July, outperforming the Shenwan Chemical Index by 7.77 percentage points [1][15]. 2. Refrigerant Market Review - The prices of major refrigerants are on an upward trend due to supply constraints. R32 is expected to average 62,000 CNY/ton in September to November, while R134a is projected to average 52,000 CNY/ton [2][22][24]. - Export data shows a mixed performance, with R32 exports increasing by 13% year-on-year, while R22 exports decreased by 34% [35]. 3. Liquid Cooling Demand - The rise of AI technology and increased server power density are driving the shift towards liquid cooling solutions, which are more efficient than traditional air cooling methods. This trend is expected to enhance the demand for fluorinated liquids and refrigerants [4][62][66]. 4. Regulatory Environment - China's commitment to the Montreal Protocol includes significant reductions in HCFCs and HFCs production and usage, which will impact the refrigerant market dynamics positively in the long term [71][74]. 5. Key Companies and Investment Recommendations - Companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as key players in the fluorochemical sector, with strong growth prospects due to their leading positions in refrigerant quotas and advanced technologies [4][8][70].