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].