Core Viewpoint - The fluorochemical industry index has shown a significant increase of 7.76% this week, outperforming the Shanghai Composite Index by 5.88% [1][2]. Market Performance - The fluorochemical index closed at 5206.63 points, experiencing a slight decline of 0.25% during the week from January 12 to January 16, while still outperforming the Shanghai Composite Index by 0.20% and the CSI 300 Index by 0.32% [1][2]. Fluorochemical Market Trends - Fluorspar prices have stabilized, with the market average for 97% wet powder at 3,309 RMB/ton as of January 16, remaining unchanged from the previous week but down 9.65% year-on-year [3]. - The average price for January 2026 is also 3,309 RMB/ton, reflecting a decrease of 4.95% compared to the average price in 2025 [3]. Refrigerant Pricing - As of January 16, various refrigerant prices remained stable, with notable increases for R404 and R507, which saw price rises of 6.52% and 12.90% respectively in the domestic and foreign markets [4]. - Specific prices include R32 at 63,000 RMB/ton (domestic) and 61,200 RMB/ton (foreign), R125 at 48,500 RMB/ton (domestic) and 45,000 RMB/ton (foreign), and R134a at 58,000 RMB/ton (domestic) and 56,000 RMB/ton (foreign) [4]. Market Dynamics - The price increases for R404A and R507 are primarily driven by demand from overseas markets, particularly as A5 countries approach the end of their quota baseline year, leading to a surge in import demand for high GWP refrigerants [5]. - The overall inventory in the industry is at a near two-year low, coupled with production constraints due to quota limitations and high industry concentration, which has led to a general sentiment of reluctance to sell among companies, further supporting price increases [5]. Company Performance Forecasts - Sanmei Co., Ltd. (三美股份) expects a net profit of 1.99 to 2.45 billion RMB for 2025, representing a year-on-year growth of 155.66% to 176.11% [6]. - Yonghe Co., Ltd. (永和股份) anticipates a net profit of 530 to 630 million RMB for 2025, indicating a year-on-year increase of 110.87% to 150.66% [7]. Recommended Stocks - Beneficiary stocks include Jinshi Resources (金石资源), Juhua Co., Ltd. (巨化股份), Sanmei Co., Ltd., and Haohua Technology (昊华科技) [9]. - Other beneficiary stocks mentioned are Dongyangguang (东阳光), Yonghe Co., Ltd., Dongyue Group, and Xinzhoubang (新宙邦) [9].

Group 1 - The core viewpoint of the news is that the prices of refrigerants R404A and R507 are increasing, driven by demand from overseas markets, particularly as A5 countries approach the end of their quota baseline year, leading to a surge in imports of high GWP refrigerants and boosting exports from China [1] - The external trade price of refrigerants has risen to approximately 35,000 yuan per ton, while domestic prices have increased to around 49,000 yuan per ton, indicating a growing market atmosphere as companies actively raise prices [1] - The overall inventory in the industry is at a near two-year low, combined with production constraints due to quota limitations and high industry concentration, resulting in widespread reluctance among companies to sell, which further supports price increases [1] Group 2 - The CSI Sub-Industry Chemical Theme Index (000813) has seen a strong increase of 1.86%, with constituent stocks such as Haohua Technology rising by 5.27%, Yara International by 4.68%, and Boyuan Chemical by 4.26% [1] - The Chemical ETF (159870) has risen by 2.10%, with the latest price reported at 0.88 yuan [1] - As of December 31, 2025, the top ten weighted stocks in the CSI Sub-Industry Chemical Theme Index include Wanhua Chemical, Salt Lake Shares, and others, collectively accounting for 45.31% of the index [2]