自1958年在钱塘江畔奠基立业，巨化集团已走过67载峥嵘岁月。这家诞生于我国"二五"时期的老牌化工 企业，已从最初的基础化工原料生产基地，成长为全国最大的氟化工先进制造业基地和浙江省石化化工 行业的领军企业。 图为巨化集团厂景 硬核技术显身手 在算力需求爆发式增长的AI时代，数据中心散热成为行业的关键瓶颈。巨化集团依托十余年氟化工技 术积累，联合北京化工大学、中国科学院化学研究所等机构，攻克了浸没式冷却液的核心技术难题。这 种看似如水的氟化液具备极高的绝缘性与无腐蚀性，可将数据中心PUE值从传统风冷的1.5降至1.07，节 能率达80%以上。"如果把这个技术全部推广应用，全国在计算中心冷却这一领域，就可以减少1000亿 千瓦时用电，相当于一个三峡水电站全年的发电量。"中国工程院院士、浙江大学衢州研究院院长任其 龙表示，浸没式冷却液在"双碳"、节能减碳方面效益显著。 2019年，一家客户找到生产氟化液的巨化集团，了解到该集团研制的全氟聚醚具有不导电、不短路、不 腐蚀的特性，并提出共同攻关冷却液国产化替代技术。面对市场与技术的挑战，巨化集团研发团队勇挑 重担。在为期100天的技术攻坚中，团队成员面对数百种服务器材 ...

Group 1 - During the "14th Five-Year Plan" period, China's petrochemical industry has entered a low growth phase after a concentrated release of basic product capacity, with a focus on policy support for sustainable development by 2026 [1] - The central economic work conference emphasized a more proactive fiscal policy and moderately loose monetary policy, aiming to promote domestic demand and build a large domestic market [1] - Multiple institutions, including Guosen Securities and Everbright Securities, predict that the petrochemical industry will see a cyclical turning point in 2026, with gradual recovery in industry prosperity [1] Group 2 - The domestic policy continues to guide structural optimization in the industry, including strict control of new refining capacity and promoting the elimination of outdated refining capacity [1] - On the international front, the Federal Reserve is expected to restart its interest rate cut cycle in 2025, while OPEC+ continues to adjust its production plans, reflecting a cautious attitude towards short-term energy demand [1] - The petrochemical sector is expected to benefit from a stable oil price environment in 2026, with core domestic petrochemical companies likely to see improved profit elasticity [2] Group 3 - China National Petroleum Corporation is expected to benefit from natural gas market reforms, leading to stable performance improvements [2] - Sinopec is focusing on domestic refining and chemical sectors, enhancing cost control and market share [2] - CNOOC is advancing its reserve and production increase while reducing costs and improving efficiency [2] Group 4 - The chemical industry is anticipated to experience profit restructuring opportunities in 2026, with specific sectors like fluorochemicals and potash fertilizers expected to see improved market conditions [2] - The implementation of the "one certificate, one product" policy in the pesticide sector is expected to reshape market competition [2] - Breakthroughs in catalyst technology and biobased chemical production are crucial for enhancing competitiveness in high-end materials [2]

Core Viewpoint - Juhua Co., Ltd. has solidified its leadership in the refrigerant sector during the 14th Five-Year Plan period, achieving breakthroughs in high-end fluorinated polymers and green energy new materials, while maintaining a focus on high-end, intelligent, and green development [2][3]. Group 1: Business Performance - Juhua's core business in fluorinated refrigerants has achieved global leadership, with the third-generation refrigerant quota reaching 37.86% of the industry total by 2025, and domestic usage quota at 38.77%, both ranking first in the industry [2]. - From 2021 to 2024, Juhua's cumulative operating income is expected to grow by 38%, while total profit is projected to increase by 140% [2]. - In the first three quarters of 2025, Juhua achieved operating income of 20.393 billion yuan and net profit attributable to shareholders of 3.248 billion yuan, representing year-on-year growth of 13.89% and 160.22%, respectively [2]. Group 2: Innovation and Development - Breakthroughs in high-end new materials have been a highlight for Juhua during the 14th Five-Year Plan, with the company achieving domestic substitution in several high-value new material fields through independent research and investment [3]. - Juhua has fully promoted the construction of "digital workshops," completing "zero manual" transformations of major production units, achieving full-process automated control [3]. - The company has maintained a high dividend payout ratio, with cash dividends accounting for approximately 30% of net profit for several consecutive years, totaling 5.973 billion yuan by June 2025, which is 38.11% of cumulative net profit [3]. Group 3: Future Outlook - Looking ahead to the 15th Five-Year Plan, Juhua aims to continue focusing on green development, digital transformation, and innovation-driven upgrades, striving to become a world-class manufacturing base for high-performance fluorinated and chlorinated new materials [3].

Core Insights - Juhua Co., Ltd. has solidified its leadership position in the refrigerant sector during the 14th Five-Year Plan, achieving breakthroughs in high-end fluorinated polymers and green energy new materials [1][2] - The company has adopted a new development philosophy focusing on high-end, intelligent, and green industrialization, establishing a high-performance fluorine-chlorine new materials base [1] Financial Performance - From 2021 to 2024, Juhua's cumulative operating income is expected to grow by 38%, while total profit is projected to increase by 140% [1] - In the first three quarters of 2025, Juhua achieved an operating income of 20.393 billion yuan and a net profit attributable to shareholders of 3.248 billion yuan, representing year-on-year growth of 13.89% and 160.22%, respectively [1] Market Position - Juhua is the only domestic company with a complete series of fluorinated refrigerants from the first to the fourth generation, with a projected market share of 37.86% for third-generation refrigerants by 2025 [1] - The company has maintained a high dividend payout ratio, with cash dividends accounting for approximately 30% of net profit in recent years, totaling 5.973 billion yuan by June 2025 [2] Innovation and Sustainability - Juhua has made significant advancements in high-end new materials, achieving domestic substitution in several high-value sectors through independent research and investment [2] - The company has implemented a "zero manual" transformation in its main production facilities, achieving full automation and significantly reducing carbon emissions through the recycling of by-products [2] Future Outlook - Looking ahead to the 15th Five-Year Plan, Juhua aims to continue its focus on green development and digital transformation, striving to become a world-class manufacturer of high-performance fluorinated and chlorinated new materials [2]

Group 1 - The Ministry of Ecology and Environment has issued a notification regarding the allocation of production, usage, and import quotas for ozone-depleting substances and hydrofluorocarbons for the year 2026 [1] - A total of 17 companies, including Inner Mongolia San Aifu Wanhao Fluorochemical Co., Ltd., have been granted production quotas for hydrochlorofluorocarbons, while 14 companies, including Aux Air Conditioning Co., Ltd., have received usage quotas for the same substances [1] - Additionally, 7 companies, including Lianlong Bohua (Tianjin) Pharmaceutical Chemical Co., Ltd., have been allocated usage quotas for carbon tetrachloride [1] Group 2 - A total of 34 companies, including Tianjin Green Bell Gas Co., Ltd., have been granted production and internal usage quotas for hydrofluorocarbons, while 36 companies, including Zhejiang Penglai Refrigerant Co., Ltd., have received import quotas for hydrofluorocarbons [1]

证券研究报告 基础化工/行业深度报告 领先大市（维持） AI发展加速液冷渗透率,液冷工质打开成长空间 分析师：骆红永 S0910523100001 2025年12月29日 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 请仔细阅读在本报告尾部的重要法律声明 2 u AI发展带来功耗问题，液冷方案逐渐明朗。在算力需求强力驱动下，数据中心等各种服务器数量大幅增加，所带来功耗问题 日益凸显。液冷具有散热效率高、降温快、无振动、噪音小等特点，面对高功耗高密度场景，传统风冷已无法满足能耗和散 热需求，液冷成为智算中心温控解决方案必选项，广泛用于AI算力、电子终端、互联网、金融、能源交通、工业制造等领域。 数据中心（服务器）、机器人、光伏储能等新兴产业快速兴起，为液冷市场拓展新的发展机遇。2024年中国液冷服务器市场 规模达到23.7亿美元，同比增长67.0%，2025年有望达到33.9亿美元，预计2024-2029年，中国液冷服务器市场复合增长率将 达到46.8%，2029年市场规模将达到162亿美元。液冷工质也随着液冷市场需求爆发而快速增长。 u 液冷工质多种选择，氟化液前景 ...

Group 1 - The company ST Lianchuang plans to grant a total of 11.1 million restricted stocks to 107 incentive targets, representing approximately 1.04% of the company's total share capital of about 1.069 billion shares [1] - The grant price for the restricted stocks is set at 3.5 yuan per share, and the validity period for the stocks is up to 36 months from the date of grant [1] - As of the first half of 2025, the company's revenue composition includes 73.6% from fluorine-containing new materials, 25.86% from polyurethane new materials, and 0.54% from the internet sector [1] Group 2 - The current market capitalization of ST Lianchuang is 6.4 billion yuan [2]

Group 1 - The fluorochemical sector experienced a decline of 1.61%, ranking among the top losers in concept sectors, with major declines seen in companies like Hongyuan Pharmaceutical, Duofluoride, and Shenzhen New Star [1] - The top gainers in the fluorochemical sector included Hainan Mining, Shangwei Co., and Ankao Intelligent Electric, with respective increases of 3.09%, 3.06%, and 1.36% [1] - The overall market saw significant net outflows from the fluorochemical sector, totaling 4.951 billion yuan, with 50 stocks experiencing net outflows, and 10 stocks seeing outflows exceeding 100 million yuan [1] Group 2 - Duofluoride led the net outflow with 1.114 billion yuan, followed by Tianji Co., Tianqi Materials, and Nanda Optoelectronics with outflows of 1.045 billion yuan, 565 million yuan, and 382 million yuan respectively [1] - The stocks with the highest net inflows included Yuntianhua, Huabang Health, and Zhongmi Holdings, with net inflows of 123 million yuan, 2.05 million yuan, and 800,900 yuan respectively [1] - The fluorochemical sector's outflow leaderboard featured Duofluoride with a decline of 8.06%, Tianji Co. with a slight increase of 0.40%, and Tianqi Materials with a decrease of 3.80% [2]

格隆汇12月29日丨巨化股份(600160.SH)在互动平台表示，2026年，随着新能源汽车快速发展，公司预 计R134a将维持紧平衡，公司将根据全球不同品种的市场需求变化顺势而为、全面统筹、主动作为，努 力维护健康供应秩序，把握市场机遇，创造价值回报社会和股东。 ...

Market Overview - The A-share market saw all three major indices decline, with the Shanghai Composite Index closing slightly up by 0.04% at 3965 points, marking a nine-day consecutive rise [1] - The Shenzhen Component Index fell by 0.49%, and the ChiNext Index decreased by 0.66% [1] - Total market turnover was 2.16 trillion yuan, a decrease of 234 billion yuan compared to the previous trading day, with over 3300 stocks declining [1] Index Performance - Shanghai Composite Index: 3965.28 (+1.60, +0.04%) [2] - Shenzhen Component Index: 13537.10 (-66.80, -0.49%) [2] - ChiNext Index: 1456.45 (-6.59, -0.45%) [2] - Other indices such as the STAR Market 50 and the CSI 300 also showed mixed results, with the STAR Market 50 up by 0.49% and the CSI 300 down by 0.38% [2] Sector Performance - The carbon fiber and chemical fiber sectors performed well, with companies like Shenjian Co. and Huading Co. hitting the daily limit [3] - The commercial aerospace concept continued to show strength, with China Satellite reaching the daily limit [3] - The robotics sector was active, with Wuzhou New Spring also hitting the daily limit [3] - Other sectors that saw gains included digital currency, oil, diversified finance, and wind power equipment [3] - Conversely, the lithium mining concept saw a decline, with XWanda dropping over 11%, and the pharmaceutical commercial sector weakened, with Shuyuan Pingmin falling over 18% [3]