Sanmei(SH:603379) GUOTAI HAITONG SECURITIES·2026-02-25 02:11Macro Research - In 2026, approximately 77 trillion yuan of residents' fixed deposits will mature, with about 25 trillion yuan facing repricing due to high-interest deposits [1] - The maturity pressure for 2026 is expected to be less severe compared to 2025, with a year-on-year increase of 9.6-10.8 trillion yuan, corresponding to a growth rate of 14.4%-16.3% [2][3] Strategy Research - Kevin Warsh's potential leadership at the Federal Reserve may lead to a "moderate rate cut + limited balance sheet reduction" policy, which could increase asset volatility and reshape asset pricing paradigms [1][5] Basic Chemical Research - Sanmei Co., Ltd. is a leading player in the third-generation refrigerants market, with prices expected to continue rising due to increasing downstream demand [1][8] - The company has a significant share of the HFCs production quota in China, with HFC-134a, HFC-125, HFC-32, and HFC-143a accounting for 23.97%, 18.43%, 11.81%, and 15.48% of the national production quota, respectively [9][27] - The average market price of R32 has surged from 13,472 yuan/ton at the beginning of 2023 to 63,000 yuan/ton at the beginning of 2026, a staggering increase of 368% [11][28] - The company is actively enhancing its integrated layout across the fluorine industry chain, with several projects in various stages of development [12][28]