KAIYUAN SECURITIES·2026-03-02 00:24Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is experiencing a comprehensive price increase for third-generation refrigerants, indicating signs of recovery in fluorine materials [4][24] - The fluorochemical index rose by 4.95%, outperforming the Shanghai Composite Index by 2.97% and the CSI 300 Index by 3.87% [6][37] - The market for fluorite is stable, with the average price of 97% wet fluorite at 3,324 CNY/ton, unchanged from the previous period [7][18] Summary by Sections Fluorochemical Market Overview - The fluorite market is currently stable, with prices holding at 3,324 CNY/ton as of February 27, 2026, reflecting a year-on-year decrease of 9.71% [7][18] - The market is characterized by a tug-of-war between supply and demand, with downstream industries cautious about high raw material prices [19] Refrigerants - As of February 27, 2026, the prices for various refrigerants are as follows: R32 at 63,000 CNY/ton, R125 at 50,000 CNY/ton, and R134a at 58,000 CNY/ton, all stable compared to the previous period [20][21] - The market is showing a "second-generation stable, third-generation rising" pattern, with several refrigerants experiencing price increases [22][23] Fluorine Materials - The market for fluorine materials is showing signs of recovery, with price increases for certain products due to tightening supply and rising production costs [9] - Specific fluorine materials like PTFE and PVDF are maintaining stable pricing, while HFP prices have increased by 1.54% [9][27] Beneficiary Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [10][24]