KAIYUAN SECURITIES·2025-12-28 14:46Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Insights - The fluorochemical index increased by 7.76% during the week of December 22-26, outperforming the Shanghai Composite Index by 5.88% [6][25] - The market for fluorinated refrigerants is expected to continue its upward trend, with stable prices for fluorite and a potential recovery in the market [4][19] - Jinshi Resources plans to acquire a 15.7147% stake in Noah Fluorochemical, entering the liquid cooling sector [10][19] Summary by Sections Fluorochemical Market Overview - The average market price for fluorite (97% wet powder) was 3,290 CNY/ton as of December 26, remaining stable compared to the previous week [19][33] - The average price for December was 3,300 CNY/ton, down 10.13% year-on-year, while the average price for 2025 is projected at 3,481 CNY/ton, a decrease of 1.80% from 2024 [19][33] Refrigerant Pricing Trends - As of December 26, refrigerant prices were as follows: R32 at 63,000 CNY/ton, R125 at 47,500 CNY/ton, R134a at 58,000 CNY/ton, R410a at 54,000 CNY/ton, and R22 at 16,000 CNY/ton [21][24] - The external trade prices for these refrigerants remained stable, with R32 at 61,000 CNY/ton and R134a at 50,000 CNY/ton [21][24] Market Dynamics - The confidence of refrigerant companies and distributors in seasonal demand has increased, leading to price hikes for various refrigerant products [22][23] - The current low inventory levels are expected to drive further transactions and gradual price increases as demand recovers [23] Recommended Stocks - 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]