KAIYUAN SECURITIES·2025-11-16 12:44Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Views - The report highlights that the price of R134a has exceeded expectations, indicating a significant value proposition in the refrigerant sector, and suggests that long-term positioning is timely [4] - The fluorochemical index has shown a strong performance, increasing by 7.71% and outperforming major indices such as the Shanghai Composite and CSI 300 [6][25] - The report emphasizes the ongoing upward trend in refrigerant prices, particularly for R134a, R32, and R125, while noting a structural differentiation in the market [22][23] Summary by Sections 1. Fluorochemical Industry Overview - The fluorochemical market is experiencing a positive trend, with R134a prices rising significantly due to concentrated purchasing demand, reaching 60,000 yuan/ton, an increase of 6,000 yuan/ton [9][22] - The overall market sentiment for fluorite is weak, with prices for 97% fluorite powder averaging 3,391 yuan/ton, down 0.96% from the previous week [19][33] 2. Refrigerant Market Trends - As of November 14, refrigerant prices are as follows: R32 at 63,000 yuan/ton, R125 at 45,500 yuan/ton, R134a at 55,000 yuan/ton, and R410a at 53,500 yuan/ton, with R134a showing a weekly increase of 1.85% [21][24] - The report notes that the refrigerant market is characterized by a strong upward trend for R32 and R134a, while R125 remains stable, and other products like R404 and R507 are experiencing downward pressure [22][23] 3. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]