氟化工行业：萤石价格上涨，制冷剂R32、R22价格走势更为强劲

Investment Rating - The industry rating is "Buy" [3][5][21] Core Views - The price of fluorite has increased, with 97% wet powder priced at 3762 RMB/ton as of May 17, 2024, reflecting an 8.7% increase compared to one month ago and a 0.9% increase compared to one week ago [3][7] - The prices of refrigerants R32 and R22 are showing strong upward trends, with R32 priced at 35000 RMB/ton (up 16.7% month-on-month) and R22 at 26500 RMB/ton (up 15.2% month-on-month) [4][11][19] - The demand for refrigerants is expected to rise due to the peak production season for air conditioners, with domestic air conditioner production increasing by 22.6% year-on-year in May [4][10] Summary by Sections 1. Fluorite Price Trends - Fluorite prices have risen, with a current price of 3762 RMB/ton for 97% wet powder, up 8.7% from the previous month [3][7] - Supply constraints are expected to persist due to increased regulatory scrutiny on mining operations, leading to a tight supply of acid-grade fluorite [3][7] 2. Refrigerant Price Trends - Refrigerant prices are generally high, with R32 and R22 showing particularly strong price movements [4][10] - R32's price has increased by 16.7% over the past month, while R22 has risen by 15.2% [11][19] 3. Demand and Supply Dynamics - The demand for refrigerants is bolstered by the upcoming peak season for air conditioning production, with significant increases in production figures [4][10] - The introduction of third-generation refrigerant quotas is expected to stabilize supply in the medium to long term, potentially increasing demand for third-generation refrigerants as second-generation refrigerants phase out [5][10][22]