Core Viewpoint - The refrigerant industry is experiencing a sustained period of strong performance despite being in the traditional off-season, with prices showing significant year-on-year increases for major refrigerants [1] Price Trends - The average price of the third-generation mainstream refrigerant R32 has stabilized at 63,000 yuan per ton, reflecting a year-on-year increase of approximately 45% [1] - The market average price of R134a is stable at 58,000 yuan per ton, with a year-on-year increase of 32% [1] - As of February 3, the prices of R125 and R410a have increased by 16% and 29% year-on-year, respectively, with both refrigerants showing a continuous upward trend since Q4 2025 [1] Market Dynamics - According to Shenwan Hongyuan, the issuance of HFC quotas to companies in 2026, combined with strict global supply constraints, is expected to optimize the industry structure and increase prices and price differentials in the long term [1] - The refrigerant market is evolving towards a "just-in-time" consumption model, with characteristics of essential consumer goods and a specialized business model gradually forming [1]