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Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The price increase for third-generation refrigerants has begun, with expectations for continued price rises as the peak season approaches. The quota policy remains in place, indicating a favorable outlook for the refrigerant sector's long-term value [3][9] - The total production quota for third-generation refrigerants in 2026 is set at 797,844 tons, with an internal use quota of 394,082 tons, reflecting an increase from 2025. The supply side is expected to remain rigid due to quota constraints, while demand from air conditioning and automotive sectors is projected to grow, leading to an upward trend in the refrigerant market [9] Summary by Sections Price Trends - As of March 2, 2026, the prices for major third-generation refrigerants are as follows: R134a at 58,000 CNY/ton, R125 at 56,000 CNY/ton, R32 at 62,500 CNY/ton, and R410 at 56,500 CNY/ton. Weekly price changes show increases of +1.75%, +9.80%, +0.81%, and +2.73% respectively, with annual increases of +28.89%, +27.27%, +42.05%, and +28.41% [9] Quota Policy - The 2026 production quota for third-generation refrigerants has increased by 5,962 tons compared to 2025, with specific increases for R32 (+1,171 tons), R134a (+3,242 tons), and R245fa (+2,918 tons). Conversely, R143a, R227ea, and R152a have seen reductions in their quotas [9] Demand Drivers - The domestic air conditioning production for 2025 reached 26,697 million units, a year-on-year increase of +0.7%. The automotive sector also showed strong growth, with a production of 34,778.5 million vehicles, up +9.80% year-on-year. This sustained demand is expected to drive the need for refrigerants further [9]