氟化工深度研究之总览篇：应用领域百花齐放，国产替代未来可期

Investment Rating - The report indicates a positive outlook for the fluorochemical industry, highlighting significant opportunities for domestic substitution and growth potential in various segments. Core Insights - The fluorochemical industry has established four major product systems, with a total domestic output value exceeding 100 billion yuan. Despite being a major producer and consumer, China currently lags in high-end product innovation, presenting a substantial domestic substitution opportunity [1][8]. - Environmental policies are expected to constrain supply in the fluorocarbon chemical sector, leading to a potential recovery in market conditions. The demand for refrigerants, primarily driven by household air conditioning, is projected to grow moderately [1][17]. - The domestic production capacity for fluoropolymers is the largest globally, but there are significant structural oversupply issues. The focus on high-end fluoropolymer products is critical for industry upgrades [1][39]. - The market for fluorinated fine chemicals is maturing, with China being the leading producer of fluorinated pharmaceutical intermediates. The industry is responding to customized demands and seeking cost-effective synthesis routes [1][62]. Summary by Sections Fluorochemical Overview - The fluorochemical industry has formed a diverse product system with a total domestic output value exceeding 100 billion yuan. The four main categories include inorganic fluorides, fluorocarbon chemicals, fluoropolymers, and fluorinated fine chemicals [1][8]. Fluorocarbon Chemicals - The demand for fluorocarbon chemicals is primarily driven by refrigerants, with household air conditioning expected to support moderate growth. The production quotas for HFCs will be frozen starting in 2024, which is anticipated to lead to a long-term high prosperity in the industry [1][17][24]. Fluoropolymers - China has the largest production capacity for fluoropolymers globally, but there is a notable structural oversupply. The focus on new fluoropolymer technologies is essential for upgrading the industry and meeting the demands of high-tech sectors such as semiconductors and renewable energy [1][39][51]. Fluorinated Fine Chemicals - China is the main producer of fluorinated pharmaceutical intermediates, with a mature industry that responds quickly to core customer needs. The market for fluorinated electronic specialty gases is rapidly rising, with domestic suppliers beginning to fill gaps left by major international companies [1][62][66].