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]

本周（9月22日—9月26日），A股小幅震荡，科技成长股表现较优，创业板指、科创50均稳步攀升，并 连创多年新高，上证指数、上证50则呈现横盘整理走势。受假日效应影响，周成交小幅萎缩至11.57万 亿元，创近6周新低。 电子行业获资金青睐 融资客继续加仓，全周融资净买入逾458亿元，连续14周净买入超百亿元，融资余额达2.43万亿元，再 创历史新高。电子行业一枝独秀，获得205.82亿元融资净买入，电力设备行业获得72.68亿元净买入，通 信行业获得逾55亿元净买入，计算机行业获得逾22亿元净买入，机械设备、家用电器行业也获得超10亿 元净买入。有色金属行业、非银金融行业均遭融资净卖出逾14亿元，医药生物、国防军工、石油石化等 行业也被净卖出超亿元。 另据Wind数据统计，电子行业全周获得逾412亿元主力资金净流入，近20个交易日获得逾1018亿元净流 入，近60个交易日获得3966亿元净流入，均位居申万一级行业首位；电力设备行业本周也获得逾317亿 元净流入，计算机行业获得逾221亿元净流入，汽车行业获得逾170亿元净流入。通信行业遭主力资金净 流出逾55亿元，社会服务行业净流出逾31亿元，医药生物、食品饮 ...

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 basic chemical industry [6] Core Views - The agricultural chemical sector is experiencing a recovery in market conditions, with prices for glyphosate and paraquat increasing. Glyphosate prices reached 25,501 CNY/ton, up 200 CNY/ton from the previous week, with a gross profit of 2,772.4 CNY/ton, an increase of 132.2 CNY/ton [5][20] - The demand for agricultural chemicals is expected to remain strong, particularly if major players like Monsanto exit the market, which could lead to supply shocks for glyphosate and related products [5] - The fluorochemical sector is seeing price increases for R32 refrigerant due to seasonal demand and supply constraints, with R32 priced at 53,500 CNY/ton, up 500 CNY/ton from the previous week [4][31] Summary by Sections (1) Key Chemical Product Price Tracking - Prices for key monitored products such as vitamin B1 (up 12.82%) and vitamin D3 (up 7.14%) saw significant weekly increases, while hydrochloric acid (-8.29%) and isobutylene (-7.98%) experienced notable declines [15] (2) Polyurethane: MDI Prices Down, TDI Prices Up - MDI prices decreased due to weak domestic demand and external market conditions, with average prices for polymer MDI at 14,850 CNY/ton (down 0.67%) and pure MDI at 16,450 CNY/ton (down 0.9%). In contrast, TDI prices increased to 12,650 CNY/ton (up 2.85%) [18] (3) Agricultural Chemicals: Glyphosate, Urea, and Potassium Chloride Prices Up - Glyphosate prices increased to 25,501 CNY/ton, with a weekly production of 11,000 tons and a decrease in inventory to 34,100 tons. Urea and potassium chloride also saw price increases, with urea priced at 1,816 CNY/ton (up 0.94%) and potassium chloride at 3,339 CNY/ton (up 3.53%) [20][27] (4) Fluorochemicals: R32 Refrigerant Price Increase - The price of R32 refrigerant rose to 53,500 CNY/ton due to increased demand from the air conditioning sector and supply constraints. The prices of upstream materials like fluorspar and hydrofluoric acid remained stable [31]

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].