Group 1: Titanium Dioxide Market - The titanium dioxide market price remains stable at 13,372 CNY/ton as of October 12, with a week-on-week change of 0% [1][2] - The gross profit margin for titanium dioxide has increased by 2.69% to -1,081.9 CNY/ton [1][2] - The weekly operating rate for titanium dioxide is 60.70%, down by 0.83 percentage points from the previous week, with a weekly production of 74,300 tons, a decrease of 1.35% [1][2] Group 2: Fluorspar and Refrigerants - The price of wet flourspar has increased to 3,636 CNY/ton, up by 0.22% from the previous week, while hydrogen fluoride prices remain stable at 11,704 CNY/ton [3] - Prices for second-generation refrigerants R142b and R22 are stable at 27,000 CNY/ton and 33,000 CNY/ton, respectively, with R22 seeing a decrease of 1,000 CNY/ton [3] - Third-generation refrigerants maintain stable prices, with R125 at 45,500 CNY/ton, R134a at 52,000 CNY/ton, and R32 at 62,500 CNY/ton [3] Group 3: Industry Insights - The civil explosives industry is experiencing accelerated consolidation as the "14th Five-Year Plan" approaches its conclusion, with several projects expected to boost domestic demand [4] - The "Belt and Road" initiative is anticipated to help civil explosive companies expand overseas demand [4] - In the pesticide sector, safety production accidents among key enterprises may disrupt supply [4]

Core Viewpoint - The prices of third-generation refrigerants have increased as of September 2025, while prices of PVDF and HFP have decreased [2] Group 1: Refrigerant Prices - As of September 30, 2025, the prices for third-generation refrigerants R32, R125, and R134a are 62,500 yuan/ton, 45,500 yuan/ton, and 52,000 yuan/ton, reflecting increases of 4.17%, 0.00%, and 0.97% respectively compared to the end of August [2][4] - The price of R22 has decreased by 4.23% month-on-month to 34,000 yuan/ton, but has increased by 13.33% year-on-year [2] Group 2: Fluorspar and Hydrofluoric Acid Prices - As of September 30, 2025, the prices for wet and dry fluorspar are 3,628 yuan/ton and 3,828 yuan/ton, showing month-on-month increases of 10.07% and 9.50% respectively [2][4] - The market price for anhydrous hydrofluoric acid is 11,704 yuan/ton, with a month-on-month increase of 11.83% [2][4] Group 3: Air Conditioning Production Trends - Domestic air conditioning production is expected to decline year-on-year in October, November, and December 2025, with production volumes of 11.53 million units, 12.96 million units, and 16.36 million units respectively, reflecting year-on-year decreases of 17.98%, 14.70%, and 8.60% [3] - Since June 2024, the export volume of R32 has shown an upward trend due to increased overseas demand and enhanced production capacity of domestic air conditioning companies [3] Group 4: Investment Recommendations - The reduction of second-generation refrigerant quotas and the maintenance of third-generation refrigerant production quotas at baseline levels indicate a tightening supply-demand relationship [4] - The prices of refrigerants have been steadily increasing since 2025, with significant year-on-year price increases for R32, R134a, and R125 of 64.47%, 55.22%, and 40.00% respectively [4] - Companies such as Juhua Co., Ltd., Sanmei Co., Ltd., and Jinshi Resources are recommended for investment due to their strong positions in the refrigerant industry and complete industrial chains [4]

Investment Rating - The report gives a bullish outlook on the refrigerant industry, indicating a potential increase in the Shanghai Composite Index by 20% or more within the next six months [72]. Core Viewpoints - The refrigerant prices have been steadily increasing since 2025, with significant price hikes noted in August and September. As of September 19, 2025, the prices for R32, R134a, and R125 have risen by 44.19%, 22.35%, and 8.33% respectively [7][66]. - The supply-demand relationship for second and third-generation refrigerants remains tight due to quota reductions and strong downstream demand, suggesting continued high profitability for related production companies [66]. - Major companies in the refrigerant sector, such as Juhua Co., Sanmei Co., and Yonghe Co., have reported substantial year-on-year profit growth, indicating a robust industry outlook [66]. Summary by Sections Refrigerant Prices and Production - As of August 29, 2025, the prices for R32, R125, and R134a are 60,000 CNY/ton, 45,500 CNY/ton, and 51,500 CNY/ton, reflecting increases of 9.09%, 0.00%, and 3.00% respectively compared to the end of July [7][15]. - Domestic production of R32, R134a, and R125 in August 2025 has increased by 63.05%, 66.77%, and 35.64% year-on-year [16]. - The total inventory of R32, R134a, and R125 has decreased by 6.31%, 5.34%, and 4.66% respectively, indicating a tightening supply [19]. Company Performance - Haohua Technology reported a revenue of 7.76 billion CNY for the first half of 2025, a year-on-year increase of 19.45%, with a net profit of 725 million CNY, up 29.68% [58][59]. - Sanmei Co. achieved a revenue of 2.83 billion CNY, a 38.58% increase, and a net profit of 995 million CNY, reflecting a 159.22% growth year-on-year [60][61]. Market Outlook - The report anticipates that the refrigerant industry will maintain high prosperity levels, with companies expected to continue improving their profitability due to favorable market conditions [66]. - The report suggests focusing on leading companies in the refrigerant sector and those with a well-established industrial chain, such as Juhua Co. and Sanmei Co. [66].

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].