KAIYUAN SECURITIES·2026-03-15 05:14Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Insights - The fluorochemical industry is showing signs of recovery, with a notable increase in prices for refrigerants and raw materials, indicating a potential upward trend in market conditions [4][23] - The demand for refrigerants remains resilient despite geopolitical tensions in the Middle East, suggesting that prices may see a new round of increases [4][23] - The industry is entering a long-term prosperity cycle, with significant growth potential across the entire fluorochemical value chain, from raw materials like fluorite to high-end fluorinated materials and fine chemicals [23] Summary by Sections 1. Fluorochemical Market Overview - Fluorite prices have shown a slight recovery, with the average market price for 97% wet fluorite at 3,393 CNY/ton as of March 13, 2026, reflecting a 0.18% increase from the previous week [18] - The average price for March 2026 is 3,339 CNY/ton, down 4.08% compared to the average price in 2025 [18] 2. Refrigerant Market Trends - As of March 13, 2026, the prices for various refrigerants are as follows: R32 at 63,500 CNY/ton, R125 at 55,000 CNY/ton (up 7.84%), and R134a at 58,500 CNY/ton [20][21] - The external trade prices for R32 and R125 are 62,500 CNY/ton and 51,000 CNY/ton, respectively, with R125 showing a stable trend [21] - The market is experiencing a mild recovery in demand, with companies maintaining normal inventory levels and focusing on essential purchases [22] 3. Beneficiary Companies - Recommended stocks include: Jinshi Resources (fluorite), Juhua Co. (refrigerants, fluororesins), Sanmei Co. (refrigerants), and Haohua Technology (refrigerants, fluororesins, fine fluorochemicals) [10][23] - Other beneficiary companies include Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [10][23]