Group 1: Wens Foodstuff Group (温氏股份) - Wens Foodstuff Group has made significant progress in chicken and pig farming technology and cost control, with the comprehensive cost of pork farming reduced to 6-6.1 yuan per jin and the total cost of chicken farming reduced to 5.5-5.6 yuan per jin [1] - The company continues to focus on pig fattening and sales, having sold 1.01 million piglets from January to May 2025, and does not plan to entrust breeding pigs to cooperative farmers [1] - The company believes its competitive advantage in the pig farming industry lies in cost reduction and efficiency improvement, with effective disease prevention and stable production [1] Group 2: Huayi Group (华谊集团) - Huayi Group's subsidiary, San Aifu, specializes in the R&D, production, and sales of fluorinated chemicals, with a projected net profit of 275 million yuan in 2024, driven by an increase in product volume [1] - The company is expanding its production lines and continuously investing to maintain technological and channel leadership, especially as refrigerant patents expire [1] - Huayi Group has announced a cash dividend of 0.18 yuan per share (including tax), with a cash dividend ratio increased to 41.96%, emphasizing its commitment to sharing business development results with investors [1]

Group 1: Xunluo Electronics (顺络电子) - The company has a full order book and high capacity utilization in Q2 [1] - The automotive electronics business covers electrification and intelligent scenarios, with a broad product line and good development prospects [1] - The data center business shows significant sales growth, providing various products and solutions [1] - Increased demand for power inductors from AI smartphones enhances the value of individual components [1] - The company has a rich variety of integrated inductors with wide applications and a promising market outlook [1] - The industry has high barriers to entry, positioning the company as a leading player with multiple core advantages [1] - The company is continuously expanding production and investing in R&D, with no immediate financing plans [1] Group 2: San Aifu (三爱富) - The company primarily engages in the R&D, production, and sales of fluorinated chemicals, with a projected net profit of 275 million yuan in 2024 [2] - Growth is driven by an increase in product volume, with some production lines at the Shaowu base gradually starting operations [2] - Future growth will come from existing products, industrial transfer, and domestic substitution [2] - The company's products are widely used in downstream industries such as new energy, electronics, and aerospace, with some products holding leading market shares [2] - The expiration of refrigerant patents will lead to new production lines and processes being developed [2] - The PVDF market is expected to have sufficient supply in the coming years, with the company having advantages in the supply chain and cost [2] - The company has a diverse range of customized polymer products, with stable overall performance [2] - The company is actively seeking new applications and markets for existing products while developing new ones [2] - A valuation enhancement plan for 2025 has been established, with a focus on cash dividends to enhance investor returns [2] - The company plans to distribute a cash dividend of 0.18 yuan per share, increasing the cash dividend ratio to 41.96% [2] - The company is monitoring regulatory trends regarding B-shares and responding to market feedback [2]

Core Viewpoint - The company held an investor reception on June 13, 2025, to enhance communication with investors regarding its development strategy and the current situation of refrigerants, particularly the third-generation hydrofluorocarbons (HFCs) and their market dynamics [2][5]. Group 1: Event Details - The investor reception took place on June 13, 2025, from 15:00 to 17:45 [2]. - The event was held in the company's video conference room [3]. - Attendees included company executives and representatives from various investment firms, totaling 51 participants [4]. Group 2: Discussion Highlights - The main purpose of the meeting was to strengthen investor relations and address misconceptions regarding the HFCs quota system, which is a significant change in the industry [5]. - HFCs are characterized as essential refrigerants for air conditioners and heat pumps, with a growing market due to increasing demand in various sectors [6]. - The company emphasized that HFCs have unique market attributes, including low downstream cost share and high storage capability, distinguishing them from other chemical products [6][7]. Group 3: Market Dynamics - The implementation of the quota system for HFCs starting in 2024 under the Montreal Protocol has positioned China to hold over 80% of the global HFCs quota, creating a specific business model [7]. - The company noted that the seasonal production decline in the air conditioning sector does not solely dictate HFC demand, as market structures are evolving [8]. - The company has secured export orders for the third quarter, with prices showing an upward trend [8][9]. Group 4: Regulatory and Market Measures - The Ministry of Ecology and Environment has optimized the quota distribution plan for 2025, increasing the R32 quota by 45,000 tons [10]. - The company is prepared to request an additional 10% quota adjustment if demand significantly increases in the second half of the year [10][11]. - Measures to combat counterfeit products in the HFCs market include stricter regulations and enhanced enforcement against illegal production [12].

Group 1 - The third-generation refrigerant market is experiencing a strong price increase due to the combined effects of upstream raw material costs, industry capacity reduction, and growing downstream demand [1][3] - The main third-generation refrigerants are hydrofluorocarbons (HFCs) such as R32 and R134a, which are more environmentally friendly alternatives compared to second-generation refrigerants [1][2] - R32 and R134a prices have seen significant increases, with R32 rising by 21% to a price range of 52,000 to 53,000 yuan per ton, and R134a increasing by 18% to a range of 48,000 to 49,000 yuan per ton [1][2] Group 2 - Major companies in the third-generation refrigerant sector include Zhejiang Juhua Co., Ltd., Zhejiang Sanmei Chemical Co., Ltd., and others, which have reported substantial profit increases in Q1, with Juhua's net profit up by 160.64% [2] - The refrigerant sector is a significant part of the fluorochemical industry, with high product barriers and added value, and is expected to grow due to the development of new energy and electronic industries [2][3] - The current supply constraints, including the freezing of third-generation refrigerant quotas and the reduction of second-generation refrigerants, are expected to support ongoing price increases [3]

Group 1 - The overall performance of ETF products has been good in the past two weeks, with the largest increase in the ChiNext ETF and the pharmaceutical industry ETF [2][8] - Major broad-based ETFs experienced net outflows, with the speed of outflows from the CSI 300 and A-series accelerating compared to the previous two weeks [2][8] - New ETFs established in the past two weeks totaled 9, with a combined issuance of 2.936 billion shares, all being stock ETFs [2][8] Group 2 - The report indicates that the domestic equity market has shown resilience, with average daily trading volume rising to 1.3 trillion yuan, and the ChiNext index performing well [3][12] - The U.S. CPI data showed moderate inflation, leading to increased market expectations for the Federal Reserve to cut interest rates in the second half of the year [3][12] - The report suggests focusing on two main investment themes: high-end manufacturing and domestic technology growth, as well as quality consumer assets benefiting from domestic demand expansion policies [3][14] Group 3 - The U.S. Treasury repurchase market is crucial for providing financing and liquidity for U.S. Treasuries, and it is also a market for implementing Federal Reserve monetary policy tools [4][15] - The report outlines the main participants in the repurchase market, with money market funds being the largest lenders and hedge funds as the primary borrowers [4][15] - Recent indicators suggest that the repurchase market is functioning well, with no significant funding pressure observed, although hedge fund leverage is at a high level [4][16] Group 4 - The financial data for May 2025 shows that the social financing scale increased by 2.29 trillion yuan, exceeding market expectations, with government bonds and corporate bonds contributing significantly [22][30] - The report highlights that the new policy financial tools are expected to support technology innovation and may prioritize support for listed private enterprises [27][28] - The ongoing reforms in Shenzhen are expected to enhance the integration of financial, technological, and data resources to empower the real economy [30][31]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The escalation of conflicts related to nuclear issues between Israel and Iran has led to a significant increase in oil prices, with WTI crude futures rising by 13.81% and Brent oil futures increasing by 12.80% from June 6 to June 13, 2025 [6]. - Geopolitical tensions, particularly the ongoing conflict between Ukraine and Russia, have contributed to market volatility and concerns over oil supply [6]. - The report highlights that while there are short-term price increases due to geopolitical risks, there are long-term concerns regarding oversupply in the oil market [7]. Summary by Sections Oil and Petrochemical - The report notes that the geopolitical situation has led to a rise in oil prices, with specific data indicating a 13.81% increase in WTI and a 12.80% increase in Brent prices during the specified period [6]. - The U.S. has seen a notable increase in gasoline and jet fuel demand as the summer travel season approaches, despite a current oversupply in gasoline and distillate inventories [6]. - OPEC's production increase in May was below expectations, alleviating some concerns about oversupply in the short term [6]. Fluorochemical - The upcoming 618 shopping festival is expected to boost demand for air conditioning, with production of household air conditioners projected to increase by 29.3% and 22.8% year-on-year in June and July 2025, respectively [6]. - Prices for refrigerants such as R32 and R134a remain high due to strong demand and supply constraints [6]. - The report suggests that the supply of second-generation refrigerants will continue to decrease, while the production of third-generation refrigerants is limited, supporting price stability [6]. Semiconductor Materials - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving end-market conditions, suggesting a potential rebound in the industry index [7]. - The report recommends focusing on companies involved in semiconductor materials as the market shows signs of recovery [7].

方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [Table_Reportdate] 2025年06月13日 [证券分析师： Table_Authors] [晨会纪要 Table_NewTitle] 20250613 重点推荐 [table_summary] ➢ 1.关税冲击尚未显现，需求端预期或成关键——海外观察：美国2025年5月CPI数据 ➢ 2.制冷剂行业延续高景气——氟化工行业月报 ➢ 3.己二酸短期基本面有望向好，关注一体化龙头企业——基础化工行业简评 ➢ 1.央行、国家外汇局联合印发《关于金融支持福建探索海峡两岸融合发展新路 建设两岸融 合发展示范区的若干措施》 ➢ 2.国务院总理李强会见欧洲中央银行行长拉加德 ➢ 3.特朗普准备签署美英贸易协议的关键部分 ➢ 4.美国公布5月PPI数据 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW ...

[Table_Reportdate] 2025年06月12日 [证券分析师： Table_Authors] 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.装备制造业景气向好，机器人企业推进应用场景领域合作——机械设备行业周报 （20250602-20250608） ➢ 2.制冷剂行业延续高景气——氟化工行业月报 ➢ 3.己二酸短期基本面有望向好，关注一体化龙头企业——基础化工行业简评 ➢ 1.中方谈中美经贸磋商机制首次会议 ➢ 2.美国公布5月CPI数据 ➢ 3.特朗普：联邦上诉法院裁定可以使用关税工具 方霁 S0630523060001 fangji@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250612 重点推荐 | 1.1. 装备制造业景气向好，机器人企业推进应用场景领域合作——机械设备行业 | | | --- | --- | ...

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of prosperity and suggesting that related companies are likely to see significant improvements in profitability [8][66]. Core Insights - The prices of third-generation refrigerants R32, R125, and R134a have increased as of May 30, 2025, with respective prices of 51,000 CNY/ton, 45,500 CNY/ton, and 48,500 CNY/ton, reflecting increases of 4.08%, 1.11%, and 2.11% compared to the end of April [8][15]. - The production quotas for second-generation refrigerants are set to decrease in 2025, while the total production quota for third-generation refrigerants will remain at baseline levels, leading to a tightening supply-demand relationship for both generations [8][66]. - The domestic production of household air conditioners is expected to maintain a year-on-year growth trend from June to August 2025, with production volumes of 20.5 million units, 17.13 million units, and 12.09 million units, representing year-on-year growth rates of 11.50%, 6.30%, and 2.70% respectively [8][39]. Summary by Sections Refrigerant Tracking - As of May 30, 2025, the total inventory of R32, R134a, and R125 refrigerants was 4,042 tons, 3,380 tons, and 2,623 tons respectively, with slight fluctuations in inventory levels [8][21]. - The production of R22 in May 2025 was 32,082 tons, showing a year-on-year decrease of 15.19% but a month-on-month increase of 9.94% [8][28]. Fluoropolymer - The prices of fluoropolymers have shown fluctuations, with PTFE, PVDF, and HFP prices recorded at 41,000 CNY/ton, 62,000 CNY/ton, and 37,000 CNY/ton respectively as of May 30, 2025 [8][49]. - The production of PTFE, PVDF, and HFP in May 2025 was 12,946 tons, 10,538 tons, and 7,371 tons respectively, with year-on-year increases of 28.13%, 30.42%, and 34.02% [8][56]. Industry News - A new technology for the resource conversion of trifluoromethane has been developed, achieving international leading standards and promising significant reductions in greenhouse gas emissions [8][59]. - Juhua Co., Ltd. has been actively increasing its shareholding, reflecting confidence in future performance and growth [8][60].

Investment Rating - The report maintains a positive outlook on the refrigerant industry, indicating a high level of prosperity and suggesting that related companies are likely to see significant improvements in profitability [8][66]. Core Insights - The prices of third-generation refrigerants R32, R125, and R134a have increased as of May 30, 2025, with respective prices of 51,000 CNY/ton, 45,500 CNY/ton, and 48,500 CNY/ton, reflecting increases of 4.08%, 1.11%, and 2.11% compared to the end of April [8][15]. - The production quotas for second-generation refrigerants are set to decrease in 2025, while the total production quota for third-generation refrigerants will remain at baseline levels, leading to a tightening supply-demand relationship for both generations [8][66]. - The domestic production of household air conditioners is expected to maintain a year-on-year growth trend from June to August 2025, with production volumes of 20.5 million units, 17.13 million units, and 12.09 million units, representing year-on-year growth rates of 11.50%, 6.30%, and 2.70% respectively [8][39]. Summary by Sections Refrigerant Tracking - As of May 30, 2025, the total inventory of R32, R134a, and R125 refrigerants was 4,042 tons, 3,380 tons, and 2,623 tons respectively, showing a mixed change compared to the previous month [8][21]. - The production of R22 in May 2025 was 32,082 tons, a year-on-year decrease of 15.19% but a month-on-month increase of 9.94% [8][28]. Fluoropolymer - The prices of fluoropolymers have shown fluctuations, with PTFE, PVDF, and HFP prices recorded at 41,000 CNY/ton, 62,000 CNY/ton, and 37,000 CNY/ton respectively as of May 30, 2025 [8][49]. - The production of PTFE, PVDF, and HFP in May 2025 was 12,946 tons, 10,538 tons, and 7,371 tons respectively, with year-on-year increases of 28.13%, 30.42%, and 34.02% [8][56]. Industry News - A new technology for the resource conversion of trifluoromethane has been developed, achieving international leading levels and promising significant reductions in greenhouse gas emissions [8][59]. - Juhua Co., Ltd. has been actively increasing its shareholding, reflecting confidence in its future performance [8][60][61]. Investment Recommendations - The report suggests focusing on leading companies in the refrigerant industry and those with well-established supply chains in the fluorochemical sector, such as Juhua Co., Ltd., Sanmei Co., and Jinshi Resources [8][66].