Core Viewpoint - Yonghe Co., Ltd. is expected to see a significant increase in net profit for the first three quarters of 2025, driven by the sustained high demand in the refrigerant industry, with projected growth rates of 211.59% to 225.25% year-on-year [2][4][6]. Financial Performance - The company anticipates a net profit attributable to shareholders of 456 million to 476 million yuan for the first three quarters of 2025, marking an increase of 309.90 million to 329.90 million yuan compared to the previous year [5]. - For the third quarter alone, the expected net profit is between 185 million to 205 million yuan, reflecting a year-on-year growth of 447.64% to 506.85% and a quarter-on-quarter increase of 6.34% to 17.83% [4][5]. - The projected net profit excluding non-recurring gains and losses for the first three quarters is estimated at 441 million to 461 million yuan, with a year-on-year increase of 300.56 million to 320.56 million yuan [5]. Industry Context - The refrigerant industry is experiencing a high level of prosperity, supported by supply-side quota policies and steady growth in downstream demand, particularly in air conditioning and cold chain sectors [6][9]. - The transition from second-generation (HCFCs) to third-generation (HFCs) refrigerants is ongoing, with production quotas tightening, which enhances the supply-demand structure [6][9]. - The company has optimized its product structure and improved operational efficiency, transitioning from capacity building to profit realization, which has contributed to its financial performance [6][8]. Market Dynamics - The domestic refrigerant market is primarily driven by air conditioning (62.18%), refrigerators (4.78%), and automotive applications (9.87%), with a growing trend in consumption upgrades and technological innovation [9]. - The industry is characterized by high concentration, with major players including Yonghe Co., Ltd., Juhua Co., Ltd., and others holding significant market shares in the production of third-generation refrigerants [11].

Performance Disclosure - Yonghe Co., Ltd. expects a year-on-year increase in net profit attributable to shareholders of 211.59% to 225.25%, with an estimated profit of 456 million to 476 million yuan for the first three quarters of 2025 [1] - Chip Original Co., Ltd. anticipates a 78.77% year-on-year increase in revenue for the third quarter of 2025, projecting a revenue of 1.284 billion yuan, marking a significant quarter-on-quarter growth of 119.74% [2] Sales Performance - BYD reported a 5.52% year-on-year decline in new energy vehicle sales in September, with sales reaching 396,300 units [3] - Seres Co., Ltd. experienced a 19.44% year-on-year increase in new energy vehicle sales in September, achieving sales of 44,700 units, with cumulative sales of 304,600 units from January to September [4] Shareholding Changes - Dihun Network's controlling shareholder, Hu Jianping, completed a 2% reduction in company shares, totaling 4.8692 million shares [5] - Ruian New Materials announced that a major shareholder plans to reduce their holdings by no more than 0.0581% of the company's total shares, equating to approximately 100,800 shares [6] - Huaxing Yuanchuang's employee stock ownership platform plans to reduce its holdings by up to 0.9% of the company's total shares, amounting to a maximum of 4 million shares [7] Risk Events - *ST Gaohong received a notice of termination of listing from the Shenzhen Stock Exchange, indicating a potential end to the company's stock trading [8] - Suihengyun A expects losses from a typhoon disaster to exceed 10% of the company's projected net profit for 2024, affecting assets in a photovoltaic project [9] - Hainan Haiyao announced that approximately 131 million shares held by a major shareholder will be subject to judicial auction, representing 98.11% of their holdings and 10.08% of the company's total shares [10]

Market Outlook - The market is expected to continue the upward trend observed in September, maintaining a low-slope oscillating movement in October, with a high probability of an upward trend due to the low base effect from last year and anticipated earnings growth in most industries [1][2] - The upcoming Fourth Plenary Session and the introduction of the 15th Five-Year Plan are expected to influence market expectations and trading directions, maintaining a high risk appetite in October [2] Industry Recommendations - Key sectors to focus on include non-ferrous metals, power equipment, machinery, automotive, electronics, and media, particularly those with sustained high prosperity and potential for turnaround [1][3][7] - Specific recommendations include industrial metals, precious metals, photovoltaic equipment, batteries, automation equipment, passenger vehicles, semiconductor, consumer electronics, and gaming [3][7] Investment Style and Fund Flows - The market is leaning towards a large-cap style in October, with growth expected to continue to outperform, and a more balanced industry style [3] - There is a positive outlook for net inflows of incremental funds in October, driven by financing funds and continued interest in industry and thematic ETFs [4][5] Economic and Liquidity Conditions - The macro liquidity environment is expected to remain stable, with the central bank maintaining a supportive monetary policy, which is crucial for market stability [4] - The overall funding supply is improving, with a notable increase in the issuance of equity funds and a shift from net redemptions to net subscriptions in ETFs [5] Earnings and Sector Performance - The third-quarter earnings report is anticipated to show significant growth in sectors such as high-end manufacturing, AI industry chain, and essential consumer goods, driven by low base effects and policy support [6][7] - The sectors with the highest expected earnings growth include mid-to-high-end manufacturing, AI-related industries, and certain resource products [6]

Group 1 - The core viewpoint of the news is that Yonghe Co., Ltd. expects significant profit growth in the upcoming quarters, driven by the high demand and favorable supply-side policies in the refrigerant industry [1] - For the first three quarters of 2025, the company anticipates a net profit attributable to shareholders of approximately 456 million to 476 million yuan, representing an increase of about 310 million to 330 million yuan year-on-year, which translates to a growth rate of 211.59% to 225.25% [1] - The expected net profit for the third quarter of 2025 is projected to be between 185 million and 205 million yuan, indicating a year-on-year growth of 447.64% to 506.85% and a quarter-on-quarter increase of 6.34% to 17.83% [1] Group 2 - The main reason for the performance change is the sustained high prosperity in the refrigerant industry, supported by supply-side quota policies and steady growth in downstream demand [1] - The second-generation fluorinated refrigerant production quotas continue to decrease, while the third-generation fluorinated refrigerants (HFCs) are still subject to production quota management, which strengthens supply-side constraints and optimizes the supply-demand structure [1] - Downstream demand in sectors such as air conditioning and cold chain logistics is steadily increasing, which supports continuous price increases and steady improvements in gross profit margins [1] Group 3 - In 2024, Yonghe Co., Ltd.'s revenue composition is expected to be 97.37% from the fluorochemical industry and 2.63% from other businesses [2] - As of the report date, the market capitalization of Yonghe Co., Ltd. is 14.4 billion yuan [2]

Core Viewpoint - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" aims to guide this pillar industry of the national economy to achieve high-quality development while maintaining reasonable growth, focusing on "stabilizing growth, adjusting structure, and promoting innovation" [2][3] Industry Growth and Structure - The plan requires an average annual growth of over 5% in industry value-added from 2025 to 2026, while pursuing improvements in economic efficiency and innovation capabilities [2][3] - The plan is expected to promote the elimination of outdated production capacity and lead to healthier industry development, optimizing supply-side dynamics [3] Capacity Control and Market Dynamics - The plan emphasizes strict control over new refining capacity and rational determination of new ethylene and paraxylene production scales, aiming to prevent overcapacity risks in the coal-to-methanol sector [3] - Future supply of refining and ethylene will be significantly limited, potentially optimizing the competitive landscape of the industry [3] Chemical Products and Investment Recommendations - The report highlights key investment directions in the chemical sector, including potassium fertilizers, pesticides, refrigerants, and fluorinated liquids, driven by improving supply-demand dynamics and resource scarcity [5][6] - The global potassium fertilizer industry is characterized by high concentration and tight supply-demand balance, with companies like "Yara International" expected to maintain high prices [6] - The pesticide sector is anticipated to see price recovery due to increased demand from South America and limited export growth from India and the U.S. [6] Emerging Trends and Policy Support - The plan supports the development of new chemical materials, such as electronic chemicals and high-performance fibers, to meet the needs of emerging industries like semiconductors and renewable energy [3] - The fertilizer industry is encouraged to strengthen raw material supply and stabilize production, ensuring a reliable supply during critical agricultural periods [4] Price Trends and Economic Indicators - The chemical product price index (CCPI) reported a decline of 8.4% from the beginning of the year, indicating ongoing challenges in the market [5] - The manufacturing PMI showed a slight recovery, but demand remains weak, highlighting the need for continued monitoring of economic conditions [5]

Core Viewpoint - The company has engaged in substantial research collaborations with top domestic universities and research institutes in the field of solid-state batteries, focusing on various material routes such as polymers and sulfides. The company has not yet initiated research and production of fluorinated polyether products [2]. Group 1 - The company is actively involved in the solid-state battery sector through collaborations with leading academic and research institutions [2]. - The research efforts include multiple material routes, specifically polymers and sulfides [2]. - The company has not started the research and production of fluorinated polyether products [2].

格隆汇9月30日丨多氟多(002407.SZ)在互动平台表示，公司尚未布局氟酮产业。 ...

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [8] Core Insights - The basic chemical industry experienced a slight revenue and profit growth in the first half of 2025, indicating a bottom recovery trend in industry prosperity [4][11] - The industry saw a total revenue of 1,300.467 billion yuan, a year-on-year increase of 4.70%, and a net profit of 77.050 billion yuan, a year-on-year increase of 0.40% [11][12] - The profitability of the industry remains stable, with a continuous improvement in gross margin [8][20] Summary by Sections 1. Industry Profitability and Recovery - In the first half of 2025, the basic chemical industry showed a slight increase in profits, with a quarter-on-quarter improvement in Q2 [11][12] - Among 33 sub-industries, 19 reported revenue growth, while 15 saw declines, indicating significant differentiation in performance [14][17] 2. Financial Indicators - The overall gross margin for the basic chemical industry was 17.97% in Q2 2025, showing a quarter-on-quarter increase [20][26] - The net profit margin was 6.16%, reflecting a quarter-on-quarter improvement [20][26] - The industry maintained stable financial indicators, with a decrease in construction projects indicating reduced capacity pressure [8][19] 3. Sub-Industry Performance - Sub-industries such as fluorochemicals, potassium fertilizers, and synthetic resins showed significant profit growth, while others like organic silicon and nylon faced substantial declines [14][24] - The report highlights that the profitability of certain sectors is benefiting from improved supply-demand dynamics and demand recovery [15][24] 4. Investment Recommendations - The report suggests focusing on sectors benefiting from anti-involution policies, such as pesticides, organic silicon, and polyester filament [8][19] - It also recommends monitoring potassium and phosphorus chemical industries, which have strong resource attributes, especially in the context of potential interest rate cuts by the Federal Reserve [8][19]

Investment Rating - The industry rating is maintained at Neutral, consistent with the previous rating [3]. Core Insights - The liquid cooling technology is driven by the increasing power density of data center cabinets, which necessitates more efficient heat dissipation methods. Liquid cooling offers advantages such as lower energy consumption, higher cooling efficiency, lower noise, and lower total cost of ownership (TCO) compared to traditional air cooling [4][12]. - The Chinese liquid cooling server market is projected to grow significantly, reaching a market size of $2.37 billion in 2024, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [4][33][57]. - The global data center cooling market is expected to grow from $7.67 billion in 2023 to approximately $16.87 billion by 2028, with liquid cooling technology's market share increasing from 13% to 33% during the same period [33][36]. Summary by Sections Section 1: Development of Liquid Cooling Technology - The shift towards high-density and energy-efficient data centers necessitates the adoption of liquid cooling solutions, especially when cabinet power density exceeds 20KW [11][12]. - The average power density of global data center cabinets has increased from 5.6KW in 2017 to 12.8KW in 2023, with supercomputing centers requiring over 30KW [11][12]. Section 2: Liquid Cooling Efficiency and Cost Advantages - Liquid cooling systems demonstrate superior cooling capabilities compared to air cooling, with a cost of approximately 11,818 RMB per KW, leading to annual savings of about 1.84 million RMB compared to air cooling [17][12]. - NVIDIA's liquid-cooled data centers can achieve a Power Usage Effectiveness (PUE) of 1.15, significantly lower than the 1.6 PUE typical of air-cooled systems [11][12]. Section 3: Types of Liquid Cooling Technologies - Liquid cooling technologies are categorized into contact and non-contact types, with single-phase cold plate liquid cooling being the most mature and widely adopted solution [52][32]. - Immersion cooling, which can be single-phase or two-phase, is gaining traction due to its energy efficiency and compact design, with the market for immersion cooling servers expected to grow from $1.2 million in 2024 to $48.6 million by 2029 [55][57]. Section 4: Market Growth Projections - The Chinese liquid cooling server market is expected to maintain rapid growth, with a projected market size of $2.37 billion in 2024, reflecting a 67% increase from 2023 [36][57]. - The global data center liquid cooling market is anticipated to grow from $1 billion in 2023 to approximately $5.6 billion by 2028, indicating a strong upward trend in adoption [33][36]. Section 5: Key Companies and Products - Companies such as Juhua Co., Yonghe Co., New Zobang, Huayi Group, and others are positioned to benefit from the growing demand for fluorinated liquids used in immersion cooling systems, especially following 3M's exit from the PFAS production market [66][67].

Core Insights - The introduction of the "Stabilizing Growth Work Plan for the Petrochemical Industry (2025-2026)" aims to guide this pillar industry of the national economy to maintain reasonable growth while achieving high-quality development, focusing on "stabilizing growth, adjusting structure, and promoting innovation" [1][17][18] - The plan sets a target for an average annual growth of over 5% in industry value added from 2025 to 2026, while also pursuing improvements in economic efficiency and innovation capabilities [1][17] Industry Analysis Petrochemical Industry - The plan is expected to promote the elimination of outdated production capacity and lead to healthier industry development, optimizing the supply side of the chemical industry [2][18] - The plan emphasizes the need to strengthen the planning and layout of major petrochemical and modern coal chemical projects, strictly control new refining capacity, and reasonably determine the scale and pace of new ethylene and paraxylene capacity [2][18] Fertilizer Industry - The plan aims to strengthen raw material supply security and stabilize production foundations for the fertilizer industry, requiring long-term agreements with suppliers of coal, phosphate rock, and natural gas [19] - The plan also encourages the optimization of product structure and the development of new fertilizers [19] Chemical Products Pricing - As of September 28, 2025, the China Chemical Product Price Index (CCPI) was reported at 3969 points, down 8.4% from January 2, 2025 [20] - The manufacturing PMI slightly rose to 49.4%, indicating limited improvement in the economic environment, with the production index at 50.8% [20] Investment Recommendations Potash Fertilizer - The global potash fertilizer industry is characterized by oligopoly, with a tight supply-demand balance, and prices are expected to remain high [21] - The company "Yaqi International" is highlighted for its significant potash resources and ongoing capacity expansion, with a projected production capacity of 5 million tons by 2025 [21] Pesticides - The pesticide industry is expected to see a recovery in prices due to increased demand from South America and limited export growth from India and the US [22] - "Lier Chemical" is recommended as a leading company in the chlorinated pyridine herbicide and glyphosate sectors [22] Fluorochemicals - The fluorochemical sector is anticipated to benefit from the implementation of quota systems for refrigerants starting in 2024, with a focus on the long-term price increase of refrigerants [23] - Companies such as "Juhua Co., Ltd." and "Dongyue Group" are recommended for their strong market positions in refrigerants and fluorinated liquids [23] Sustainable Aviation Fuel (SAF) - The European Union's mandatory addition of 2% SAF in 2025 is expected to drive up prices for bio-jet fuel products, with "Zhuoyue New Energy" recommended for its competitive advantages in production capacity [24][9]