Group 1 - The report highlights that the tariff impact has not yet manifested, and demand-side expectations may become crucial, as indicated by the US May CPI data showing a year-on-year increase of 2.4% and a month-on-month increase of 0.1% [5][6] - The refrigerant industry continues to experience high prosperity, with prices for third-generation refrigerants R32, R125, and R134a increasing by 4.08%, 1.11%, and 2.11% respectively as of May 30, 2025 [10][11] - The short-term fundamentals for adipic acid are expected to improve, with market prices rising to 7233 yuan/ton, reflecting a 6.63% increase [13][14] Group 2 - The report discusses the financial support measures issued by the central bank and the State Administration of Foreign Exchange to explore cross-strait integration development in Fujian [19] - It notes that the Chinese government is willing to strengthen market connectivity and industrial collaboration with the European Central Bank [20] - The report mentions the key parts of a US-UK trade agreement that will lower tariffs on car exports from the UK to the US [20] Group 3 - The report provides an overview of the A-share market, indicating that the Shanghai Composite Index closed slightly higher at 3402 points, with mixed performance among major indices [21][22] - It highlights that the precious metals sector saw significant gains, while the white liquor sector experienced declines [23][25] - The report includes market data showing the closing prices and changes for various indices and commodities, such as the WTI crude oil price at $66.64 per barrel [27]

Group 1: Equipment Manufacturing Industry - The equipment manufacturing industry shows improving prosperity, with the manufacturing PMI for May 2025 at 49.5%, up 0.5 percentage points from the previous month [5][6] - Large enterprises have a PMI above the critical point, while small and medium-sized enterprises remain below it, with small enterprises showing a 0.6 percentage point increase in May [5] - The robot industry is advancing applications in the pharmaceutical sector, with a strategic partnership between Yujian Technology and Yaoshi Bang to develop intelligent robots for medical applications [6][7] Group 2: Refrigerant Industry - The refrigerant industry continues to experience high prosperity, with prices for third-generation refrigerants R32, R125, and R134a increasing by 4.08%, 1.11%, and 2.11% respectively as of May 30, 2025 [11][12] - The production of household air conditioners is expected to maintain year-on-year growth, supporting demand for refrigerants [12] - Investment recommendations focus on leading companies in the refrigerant industry and those with a complete industrial chain, such as Juhua Co., Ltd. and Sanmei Co., Ltd. [12] Group 3: Adipic Acid Industry - The adipic acid market is showing positive short-term fundamentals, with prices rising to 7,233 yuan/ton, an increase of 6.63% [13][14] - The demand for adipic acid is supported by significant expansions in downstream nylon production, with domestic nylon 66 capacity expected to reach 1.27 million tons by the end of 2024 [14][16] - Integrated enterprises in the adipic acid sector are expected to have a competitive advantage due to their scale and complete industrial chain, with recommendations to focus on companies like Hualu Hengsheng and Huafeng Chemical [17]

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].

Group 1 - Fluorine is a highly reactive chemical element widely found in various organic and inorganic compounds, with fluorinated refrigerants being a significant branch of organic fluorine products [2] - The fluorochemical industry chain starts with fluorite, a strategic mineral resource in China, which has seen tightened domestic policies leading to a shift from a net exporter to a net importer since 2018, with net imports expected to reach 1.1 million tons in 2024, a year-on-year increase of 72% [2] - The price of fluorite has shown a long-term upward trend due to strengthened mining regulations, which directly impacts the cost structure of downstream fluorinated compounds [2] Group 2 - The first generation of refrigerants has been globally phased out due to significant damage to the ozone layer, while the second generation, which has a relatively lower impact, is also being phased out in developed countries and is subject to quota production in China, leading to continuous reductions [3] - According to the Ministry of Ecology and Environment, the production quota for second-generation refrigerants has decreased from 426,000 tons in 2013 to 164,000 tons by 2025, with R22 accounting for the highest share at 91% of the total quota, making it the mainstream product among second-generation refrigerants [4]

Investment Rating - The report suggests a positive outlook for the chemical industry, particularly in segments like potassium fertilizers and carbon fiber, indicating potential investment opportunities in leading companies with scale and technological advantages [5][6][7]. Core Insights - The potassium fertilizer market is expected to maintain its favorable conditions following the signing of a major contract between Russia and India at a price of $349 per ton, reflecting a 23.3% increase from the previous year [6][15]. - The carbon fiber industry is undergoing accelerated consolidation, with significant players like Dow and SGL exiting the market, which may create opportunities for companies with strong technological capabilities [7][16][17]. Summary by Sections 1. Industry News and Events - The Indian potassium fertilizer contract was finalized at $349 per ton, with a shipment volume of 600,000 tons, indicating a strong market outlook [6][15]. - The carbon fiber sector is seeing consolidation, with Dow selling its stake in DowAksa and SGL closing its factory in Portugal, suggesting a shift towards companies with competitive advantages [7][16][17]. 2. Chemical Sector Performance - The basic chemical index rose by 2.61% in the week of June 2-6, 2025, outperforming the broader market [21][22]. - Notable stock performances included significant gains in companies like Lianhua Technology and Dazhi Technology, while some companies faced declines [26][28]. 3. Price Trends - Key products such as sulfuric acid and caustic soda saw price increases of 4.67% and 4.56% respectively, while vitamin E prices dropped by 13.46% [32][33]. - The price spread for products like PVC and PET bottles showed significant increases, indicating market dynamics favoring certain chemical products [34][35]. 4. Investment Recommendations - The report recommends focusing on integrated players in the refining and chemical sectors, as well as leaders in the refrigerant and agricultural chemical markets [19][20]. - Companies involved in domestic substitution for high-end materials, such as semiconductor materials and advanced engineering plastics, are highlighted as potential beneficiaries of the domestic manufacturing trend [20].

Investment Rating - The report suggests a positive outlook for the potassium fertilizer market, with a focus on companies like Yaqi International and Dongfang Iron Tower [6][15]. Core Insights - The report highlights the acceleration of consolidation in the carbon fiber industry, recommending attention to leading companies with scale and technological advantages such as Guangwei Composite and Zhongfu Shenying [7][17]. - The potassium fertilizer contract signed between Russia and India at $349 per ton indicates a potential upward trend in the potassium fertilizer market, with a 23.3% increase from last year's price [6][15]. - The report emphasizes the importance of monitoring the chemical sector's performance, noting that the basic chemical index outperformed the market with a 2.61% increase [8][21]. Summary by Sections Industry News and Events - The Indian potassium fertilizer contract was finalized at $349 per ton, which is a 23.3% increase from last year's price of $283 per ton, indicating a favorable market outlook [6][15]. - The carbon fiber industry is experiencing accelerated consolidation, with significant exits from major players like Dow Chemical, suggesting a shift towards companies with stronger technological capabilities [7][17]. Chemical Sector Performance - The basic chemical index increased by 2.61%, outperforming the broader market, with notable gains in sub-sectors such as pesticides (7.69%) and other chemical raw materials (5.05%) [8][21][22]. - Key products showing price increases include sulfuric acid (4.67%) and caustic soda (4.56%), while vitamin E saw a significant decline of 13.46% [8][32][33]. Investment Recommendations - The report recommends focusing on integrated players in the refining-PX-PTA chain, such as Hengli Petrochemical and Rongsheng Petrochemical [19]. - It also suggests monitoring leading companies in the refrigerant and fluorochemical sectors, as well as those involved in agricultural chemicals, which are currently experiencing favorable market conditions [20].

826只股公布截至5月31日最新股东户数，相比上期股东户数下降的有377只，降幅居前的是哈三联、中 欣氟材、光智科技等。 投资者除了在定期报告中获得股东信息数据外，还可以在交易所互动平台上通过提问方式了解部分公司 更及时（每月10日、20日、月末）的股东户数信息。以往3期分别有731家、670家、657家公司在互动平 台透露了股东户数，截至发稿，共有826家公司公布了截至5月31日股东户数。 上期筹码集中股回测：62%跑赢沪指 证券时报·数据宝对上一期(5月20日)筹码集中股监测显示，这些股5月11日以来平均上涨4.82%，走势强 于同期沪指表现（上涨1.73%），其中，62%的筹码集中股相对大盘获超额收益。 上期股东户数降逾一成个股中，*ST和科涨幅最高，5月11日以来累计上涨31.87%，涨幅居前的还有万 通智控、速达股份等。 27股最新股东户数降逾一成 证券时报·数据宝统计显示，共有826只个股公布了5月31日股东户数，与上期（5月20日）相比，股东户 数下降的有377只。其中股东户数降幅超一成的有27只。 股东户数降幅最多的是哈三联，截至5月31日最新股东户数为40260户，较5月20日下降25.74 ...

中化新网讯 5月30日，由中化蓝天集团有限公司牵头完成的公约受控强温室气体三氟甲烷(HFC-23)资源 化转化关键技术及示范应用项目通过了中国石油和化学工业联合会科技成果鉴定。鉴定委员会一致认 为，该技术先进，创新性强，推广应用前景广阔，项目整体技术水平处于国际领先，并建议加快推广应 用。 早在2015年，中化蓝天就启动HFC-23转化技术研究，经过前期积累与持续攻关，历时五年成功开发出 与HCFC-22装置耦合的HFC-23转化技术，2023年12月建成示范化装置并平稳运行。该技术不仅实现了 HFC-23从付费处置到资源化利用的重大升级，还具有投资成本低、工艺安全可靠等多重优势，能够为 氟化工企业HFC-23的可持续减排提供技术解决方案。按年转化1.5万吨产能计算，采用该技术可实现年 减排量2.2亿吨二氧化碳当量。这不仅降低了处置成本和排放风险，助力"双碳"目标实现，更将减排行 动转化为实际收益。 气候变化是当前人类面临的最大生态危机，应对气候变化的核心是减少温室气体的排放。HFC-23是氢 氟碳化物中温室效应潜值最高的物质，全球变暖潜能值(GWP值)达14800，其主要来源于二氟一氯甲烷 (HCFC-22 ...

Investment Rating - The investment rating for the chemical raw materials industry is "Positive" (maintained) [1] Core Viewpoints - The refrigerant market is experiencing an upward trend, with continuous validation of industrial logic, suggesting active investment opportunities [4] - The fluorochemical industry chain has entered a long-term prosperity cycle, with significant growth potential across various segments, including refrigerants and high-end fluorinated materials [20] Summary by Sections 1. Fluorochemical Market Overview - The fluorochemical index increased by 4.23% during the week of June 2 to June 6, outperforming the Shanghai Composite Index by 3.10% [5][22] - The average price of 97% wet fluorite was 3,387 CNY/ton, down 3.09% week-on-week, while the average for June was 3,416 CNY/ton, down 9.85% year-on-year [6][29] 2. Refrigerant Market Trends - As of June 6, 2025, the prices for various refrigerants are as follows: R32 at 51,000 CNY/ton, R125 at 45,500 CNY/ton, R134a at 48,500 CNY/ton, R410a at 48,500 CNY/ton, and R22 at 36,000 CNY/ton, with most prices stable compared to the previous week [7][18] - The market is seeing a significant increase in demand for refrigerants post-Duanwu Festival, with prices expected to rise further in June [19] 3. Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [9][20]