国信证券主要观点如下： 一季度主流制冷剂长协价格持续上涨 智通财经APP获悉，国信证券发布研报称，2026年二代制冷剂履约削减，三代制冷剂配额制度延续， R32、R134a、R125等品种行业集中度高;三代制冷剂品种间转化比例同比增长，企业生产调配灵活性提 升，预计2026年主流三代制冷剂将保持供需紧平衡。该行认为，制冷剂配额约束收紧为长期趋势方向， 在此背景下，该行看好R32、R134a、R125等主流制冷剂景气度将延续，价格长期仍有较大上行空间;对 应制冷剂配额龙头企业有望保持长期高盈利水平。此外看好液冷产业对氟化液与制冷剂需求的提升。建 议关注PVDF价格修复。建议关注产业链完整、基础设施配套齐全、制冷剂配额领先以及工艺技术先进 的氟化工龙头企业及上游资源龙头。 液冷带动上游氟化液与制冷剂需求提升 随着AI技术发展，服务器功率密度大幅提升，传统风冷散热方式已达瓶颈，液冷技术可有效降低数据 中心PUE，其中浸没式及双相冷板式液冷成为未来趋势，带动上游氟化液及制冷剂需求快速增长，全氟 聚醚、氢氟醚、全氟胺、六氟丙烯低聚体均各具优势，建议关注巨化股份、三美股份、东岳集团等。 关注PVDF在成本上涨、供需改善背 ...

1月8日，A股三大股指集体低开，其中，沪指跌0.2%报4077.72点，深成指跌0.42%，报13971.89点，创 业板指跌0.63%，报3308.74点，科创50指数跌0.15%，报1441.19点。稀土永磁板块盘初走低，华新环保 跌超4%，中科磁业跌超3%，格林美、九菱科技、银河磁体、厦门钨业跟跌；脑机接口板块盘初活跃， 创新医疗4连板创新高，爱朋医疗、南京熊猫、海南海药、岩山科技、菲沃泰跟涨；工业金属板块盘初 走低，中国铝业、天山铝业、江西铜业跌超2%，洛阳钼业、白银有色、西部矿业、中孚实业跟跌。 普利特：日前在机构调研时表示，公司的LCP薄膜产品凭借其极低吸水率、优异的高频传输性能、同时 生物相容性较好，适合作为脑机接口的柔性电极材料使用。随着脑机接口产业技术的不断成熟和商业化 进程加速，公司看好LCP薄膜产品在侵入式和非侵入式脑机接口领域的未来应用市场。LCP薄膜技术壁 垒极高，全球仅有三家企业具备大规模化量产能力，普利特是国内唯一实现该技术突破的企业。目前， 公司已与海外客户关于公司LCP薄膜在脑机接口领域的应用进行了共同开发以及验证工作，目前正在进 行临床试验工作，进展顺利。国内相关行业客户公 ...

据了解，剑桥科技聚焦800G液冷光模块，通过定制化液冷散热结构提升模块散热效率与运行稳定性， 适配AI算力、超大型数据中心等高功率场景，匹配1.6T等更高速率模块的散热演进需求。目前公司1.6T 光模块处于送样测试阶段，液冷方案未进入量产交付。 智通财经APP获悉，剑桥科技(06166)午前涨超6%，截至发稿，涨5.65%，报93.45港元，成交额2.4亿港 元。 消息面上，国盛证券研究报告指出，随着英伟达GB300放量及后续VeraRubin平台的加速落地，液冷产 业正经历关键的阶段转换，从以概念和预期验证为主导的"第一发展阶段"，进入以订单确认、产能落地 和业绩兑现为核心的"第二发展阶段"。该行认为，液冷产业长期确定性强，行业龙头在全链条布局、系 统集成与交付、头部客户认证等领域优势凸显。 ...

据了解，剑桥科技聚焦800G液冷光模块，通过定制化液冷散热结构提升模块散热效率与运行稳定性， 适配AI算力、超大型数据中心等高功率场景，匹配1.6T等更高速率模块的散热演进需求。目前公司1.6T 光模块处于送样测试阶段，液冷方案未进入量产交付。 消息面上，国盛证券（002670）研究报告指出，随着英伟达GB300放量及后续VeraRubin平台的加速落 地，液冷产业正经历关键的阶段转换，从以概念和预期验证为主导的"第一发展阶段"，进入以订单确 认、产能落地和业绩兑现为核心的"第二发展阶段"。该行认为，液冷产业长期确定性强，行业龙头在全 链条布局、系统集成与交付、头部客户认证等领域优势凸显。 剑桥科技（603083）(06166)午前涨超6%，截至发稿，涨5.65%，报93.45港元，成交额2.4亿港元。 ...

巨化股份在日前接受机构调研时表示，2026年空调市场将保持稳定增长，预计主流三代制冷剂R32的供 需将维持紧平衡状态。随着新能源汽车快速发展，R134a的需求将会增加，供需平衡预计会更加紧张。 R125则由于内用配额比例较小和社会库存减少，其供需关系也将较为紧张。 该公司指出，制冷剂行业内部分企业存在配额品种不齐全、部分配额数量较少的情况。当高全球增温潜 势值制冷剂产品价格上涨，或企业为维护客户和渠道需要时，可能会调增高GWP值制冷剂的产量。 国信证券的观点认为，预计2026年主流三代制冷剂将保持供需紧平衡。制冷剂配额约束收紧为长期趋势 方向，在此背景下，R32、R134a、R125等主流制冷剂的景气度有望延续，价格长期仍有较大上行空 间，对应制冷剂配额龙头企业有望保持长期高盈利水平。此外，液冷产业的发展也被看好，其对氟化液 与制冷剂的需求有望提升。 在产业链动态方面，上游萤石资源龙头企业金石资源于12月21日晚间发布公告，拟斥资2.57亿元受让浙 江诺亚氟化工有限公司15.7147%的股权，交易完成后将成为其第二大股东。金石资源在公告中表示， 本次交易是公司作为氟化工上游龙头企业向下游高附加值精细氟化工领域 ...

Core Viewpoint - The liquid cooling industry is approaching a significant turning point, with expectations for explosive growth in 2024, marking it as the "year of liquid cooling" [1]. Group 1: Industry Dynamics - The demand for liquid cooling components from NVIDIA is expected to double next year, indicating a substantial market opportunity for domestic manufacturers [2]. - Domestic manufacturers are likely to gain unexpected market share, with projections for certain companies' market share increasing from 5-8% to potentially 10-15% [2]. - The collaboration between domestic companies and Taiwanese/American firms for OEM production is anticipated to ensure supply stability, with expected overflow in cold plate manufacturing reaching several billion [2]. Group 2: Key Projects and Collaborations - Meta's Prometheus project is showing signs of acceleration, with domestic liquid cooling leaders poised to capture significant market share due to the project's large scale and favorable procurement model [2]. - Google is projected to procure liquid cooling cabinets worth approximately $3-3.5 billion, with a target of 40,000 units, highlighting the collaboration potential with domestic liquid cooling leaders [2]. Group 3: Growth Potential of Leading Companies - Delta's revenue from liquid cooling is projected to reach around 1 billion RMB in 2024, with expectations to grow tenfold to 10 billion RMB by 2025, and further doubling by 2026, indicating a strong growth trajectory for domestic liquid cooling manufacturers [3].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The announcement of the 2026 refrigerant quota indicates a long-term constraint on the supply side of both second and third-generation refrigerants, suggesting a continuation of product prosperity in the refrigerant market [3][5] - For second-generation refrigerants, the production and usage in 2026 will be reduced by 71.5% and 76.1% from the baseline, respectively, with R22 production quota reduced by 3,005 tons, a year-on-year decrease of 2.02% [3][6] - The total production quota for third-generation refrigerants in 2026 is set at 797,800 tons, an increase of 5,963 tons compared to the beginning of 2025, with specific increases in R32, R125, and R134a quotas [2][3][7] - The report emphasizes that the tightening of refrigerant quotas is a long-term trend, and it is expected that the main third-generation refrigerants will maintain a tight supply-demand balance in 2026, with significant price upside potential [3][20] Summary by Sections Second-Generation Refrigerants - The production quota for second-generation refrigerants in 2026 is 151,400 tons, a decrease of 12,100 tons from 2025, with R22 production quota at 146,100 tons, down 3,005 tons year-on-year [6][3] - The internal usage quota for R22 is 77,900 tons, reflecting a year-on-year reduction of 3.60% [6] Third-Generation Refrigerants - The total production quota for third-generation refrigerants is 797,800 tons, with an internal usage quota of 394,100 tons, both showing increases from 2025 [7][3] - Specific increases in production quotas include R32 at 281,500 tons, R134a at 211,500 tons, and R125 at 167,600 tons, while R143a, R152a, and R227ea show slight decreases [7][3] Investment Recommendations - The report suggests focusing on leading fluorochemical companies with complete industrial chains, advanced technology, and strong quota positions, such as Juhua Co., Ltd., Sanmei Co., Ltd., and Dongyue Group [20][21]

Core Viewpoint - The company has shown significant growth in its e-commerce segment, leading to an increase in overall gross profit margin, and is optimistic about the liquid cooling industry while focusing on shareholder returns and cost control measures [2][3][4]. Group 1: Financial Performance - As of November 7, 2025, Junhe Co., Ltd. (603617) closed at 7.82 yuan, up 2.89% from the previous week [1]. - The company's total market capitalization is 3.053 billion yuan, ranking 183rd in the general equipment sector and 4543rd in the A-share market [1]. - The gross profit margin has improved compared to the same period last year, primarily due to the significant growth in the e-commerce business [2]. Group 2: Business Development - The company has achieved a sales revenue of 62.03 million yuan in the first half of 2025 from its cross-border e-commerce business, representing a year-on-year growth of approximately 400% [4][5]. - The main structure of the production base in Thailand has been completed, with production equipment expected to ramp up by the end of the year [3][5]. - The company is actively expanding its online presence on platforms like JD.com, Tmall, and Douyin, and has opened several flagship stores and warehouses across various regions [6]. Group 3: Strategic Focus - The company is focusing on high-margin products, enhancing research and development to improve pricing power, and exploring mergers and acquisitions to cultivate a second growth curve [2]. - The company is optimistic about the potential of the Thai market and is addressing macro risks through local compliance teams and foreign exchange hedging mechanisms [3]. - The company emphasizes continuous innovation in its core water pump business and is actively participating in industry exhibitions and technical forums to stay ahead of market trends [3].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][9]. Core Views - The fluorochemical industry is experiencing a significant price increase in refrigerants, driven by supply constraints and rising demand from both domestic and international markets [2][5][8]. - The transition to liquid cooling technologies in data centers is expected to boost the demand for fluorinated liquids and refrigerants, indicating a positive outlook for companies involved in this sector [3][6][8]. Summary by Sections 1. Industry Performance - As of September 30, the fluorochemical index rose by 7.61% compared to the end of August, outperforming major indices such as the Shanghai Composite and the CSI 300 [1][16]. 2. Refrigerant Market Review - The long-term contract prices for R32 and R410A have increased by 18.97% and 7.26% respectively in Q4, reflecting a strong market sentiment [1][23]. - R32's external trade demand is growing due to environmental regulations, with prices reaching 62,000 CNY/ton for exports and 61,000-63,000 CNY/ton for domestic sales [2][25]. 3. Production and Export Data - Domestic air conditioning production is expected to adjust upwards in Q4 2025, despite a decline in September-October due to high inventory levels from the previous year [3][4]. - The export of refrigerants like R32 has shown a 19% increase year-on-year, while R22 exports have decreased by 33% due to quota reductions [33][4]. 4. Liquid Cooling Demand - The shift towards liquid cooling in data centers is anticipated to significantly increase the demand for fluorinated liquids, with the market expected to exceed 100 billion CNY by 2027 [6][67]. - Companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as key players benefiting from this trend [3][69]. 5. Regulatory Environment - China's commitment to the Montreal Protocol includes significant reductions in HCFCs and HFCs, which will impact the production quotas for refrigerants like R22 and R32 [70][73]. - The report emphasizes that the tightening of refrigerant quotas will support long-term price increases and profitability for leading companies in the fluorochemical sector [8][73].

Group 1 - The stock price of Xiangxin Technology on August 27 was 43.58 yuan, down 1.87 yuan or 4.11% from the previous trading day, with a trading volume of 227,016 hands and a transaction amount of 1.009 billion yuan [1] - The company reported a revenue of 3.572 billion yuan for the first half of 2025, representing a year-on-year growth of 13.25%, while the net profit attributable to shareholders was 112 million yuan, a decrease of 36.37% year-on-year [1] - The computer, communication, and other electronic equipment manufacturing segment achieved a revenue of 202 million yuan, with a significant year-on-year increase of 490.75% [1] Group 2 - The company is actively expanding into humanoid robots and liquid cooling industries, having completed the development of two generations of dexterous hands and achieved application on production lines [1] - On August 27, the company received multiple institutional investors for research discussions regarding its business development [1] - The net outflow of main funds on August 27 was 109.2497 million yuan, accounting for 1.26% of the circulating market value, with a total net outflow of 622.0166 million yuan over the past five days, representing 7.16% of the circulating market value [1]