Core Viewpoint - Dongyue Group's stock price has shown a positive trend, reflecting strong market conditions for HFCs and related products due to favorable supply-demand dynamics and policy support [1][5]. Group 1: Company Performance - Dongyue Group's stock price increased by 3.13%, reaching HKD 10.55, with a trading volume of HKD 56.77 million [1][5]. Group 2: Industry Outlook - The 2026 HCFCs/HFCs enterprise quota has been released, indicating strong continuity in HFCs quota policies, which are expected to maintain robust supply constraints [1][5]. - The high industry concentration and favorable competitive landscape, along with strong demand from household and automotive air conditioning, suggest that HFCs will continue to experience high prosperity [1][5]. - Fluorochemical companies, including those producing PVDF and fluorinated liquids, are likely to benefit from increased demand in downstream sectors such as new energy and AI [1][5]. Group 3: Regulatory and Market Trends - According to Ping An Securities, the quota for second-generation refrigerants will be further reduced by 2025, while the increase in third-generation refrigerant quotas will be limited year-on-year, indicating constrained supply [1][5]. - The demand side is expected to improve, driven by national subsidies, with sustained growth in downstream household appliances and automotive sectors, leading to an improved supply-demand balance for refrigerants [1][5]. - It is recommended to focus on leading companies in third-generation refrigerant production capacity [1][5].

（原标题：港股异动 | 东岳集团(00189)盘中涨近4% 26年配额发布 有望支撑HFCs供需偏紧） 消息面上，2026年HCFCs/HFCs企业配额发布。华泰证券表示，HFCs配额政策延续性较强，主流产品继 续保持强供给约束，叠加行业集中度高、竞争格局良好以及家用/汽车空调内外需支撑较好等因素， HFCs有望延续高景气。同时，氟化工企业PVDF、氟化液等业务亦有望受益于下游新能源、AI等需求增 长。 智通财经APP获悉，东岳集团(00189)盘中涨近4%，截至发稿，涨3.42%，报10.58港元，成交额5622.38 万港元。 平安证券发布研报称，2025年二代制冷剂配额进一步削减，三代制冷剂配额同比增量有限，供应端确定 性受限，需求端则在国补驱动下增势向好，下游家电与汽车需求维持增长，制冷剂供需格局改善，建议 关注三代制冷剂产能领先企业。 ...

Core Viewpoint - Dongyue Group (00189) experienced a nearly 4% increase in stock price, closing at HKD 10.58 with a trading volume of HKD 56.22 million, driven by the announcement of 2026 HCFCs/HFCs enterprise quotas [1] Group 1: Market Dynamics - The HFCs quota policy shows strong continuity, with mainstream products maintaining robust supply constraints [1] - High industry concentration and favorable competitive landscape, along with solid demand from household and automotive air conditioning, are expected to sustain high prosperity in HFCs [1] Group 2: Future Projections - According to Ping An Securities, the quota for second-generation refrigerants will be further reduced by 2025, while the increase in third-generation refrigerant quotas will be limited year-on-year [1] - Supply-side constraints are expected to be definitive, while demand is projected to improve driven by national subsidies, with continued growth in downstream appliances and automotive sectors [1] - The supply-demand balance for refrigerants is improving, suggesting a focus on leading enterprises in third-generation refrigerant production capacity [1]

Core Viewpoint - The company has received a total HFCs quota of approximately 55,900 tons for 2024, with specific allocations for different types of HFCs detailed [2]. Quota Allocation - The total HFCs quota for 2024 is approximately 55,900 tons, with the following allocations: - HFC-143a: 14,400 tons - HFC-152a: 10,600 tons - HFC-134a: 10,900 tons - HFC-227ea: 7,200 tons - HFC-32: 5,800 tons - HFC-125: 6,400 tons [2]. Future Projections - For 2025, the company is projected to receive a total HFCs quota of approximately 58,200 tons [2]. Quota Utilization Strategy - The company adheres to relevant policy requirements and develops production plans based on annual quota size and market dynamics, aiming to maximize benefits for the company and its shareholders [2].

Group 1 - Dongyue Group (00189) saw its stock price increase by over 8% during trading, currently up 6.31% at HKD 11.12, with a trading volume of HKD 425 million [1] - According to Steel Union data, the prices of refrigerants R32 remained stable at high levels, while R134a continued to rise. As of October 31, prices for R32, R125, R410a, and R134a have increased by 46.51%, 8.33%, 27.83%, and 27.06% respectively since the beginning of the year [1] - CITIC Construction Investment released a report indicating that chemical product prices in China have been declining for four consecutive years, with policies aimed at reducing internal competition and self-regulation emerging, suggesting a potential turning point in the cycle. The report highlights the importance of supply and demand improvements, focusing on cyclical sectors related to supply structure and domestic demand, particularly in fluorochemicals like Dongyue Group [1] Group 2 - Kaiyuan Securities noted that with the ongoing implementation of carbon peak and carbon neutrality strategies, the second-generation refrigerant R22 is set to be significantly reduced, which is expected to benefit HFCs as national policies promote rapid penetration [1]

Core Viewpoint - The company released its Q3 2025 report, showing a revenue of 3.786 billion yuan, a year-on-year increase of 12.04%, and a net profit attributable to shareholders of 469 million yuan, a year-on-year increase of 220.39% [1] Financial Performance - In Q3 2025, the company achieved a revenue of 1.34 billion yuan, a year-on-year increase of 11.42% and a quarter-on-quarter increase of 2.46%. The net profit attributable to shareholders was 198 million yuan, a year-on-year increase of 485.77% and a quarter-on-quarter increase of 13.74% [1] - The company's gross profit margin and net profit margin for Q3 2025 were 27.38% and 14.78%, respectively, representing year-on-year increases of 12.65 and 11.98 percentage points, and quarter-on-quarter increases of 0.48 and 1.44 percentage points [2] Segment Performance - In Q3 2025, the sales volume of various segments showed mixed results: fluorocarbon chemicals decreased by 14.59%, fluoropolymer materials increased by 7.46%, chemical raw materials increased by 7.03%, and fluorine fine chemicals surged by 480.64% year-on-year. Quarter-on-quarter changes were 10.84%, 0.63%, -2.77%, and 26.17%, respectively [2] - The average selling prices varied, with fluorocarbon chemicals increasing by 23.97% year-on-year, while fluorine fine chemicals decreased by 26.59% [2] Market Outlook - The consumption of annual quotas continues, leading to an upward shift in the prices of mainstream refrigerants. Near the end of the year, the limited availability of quotas and recent price agreements for R32 and R410a have strengthened the manufacturers' and traders' pricing strategies [3] - The industry is expected to maintain a strong price trend due to low inventory levels and warm demand, with a tight supply-demand structure anticipated for the medium to long term [3] Long-term Growth Potential - The company is advancing high-value projects, including the development of fourth-generation environmentally friendly refrigerants and the construction of new production facilities for HFOs. Additionally, the company is accelerating the industrialization of emerging products such as electronic immersion cooling liquids [3] - The fluorochemical product matrix is gradually improving, which is expected to provide sufficient momentum for the company's long-term growth [3] Investment Recommendation - Given the strong price trends for HFCs and the expansion of the company's fluoropolymer production and sales, the profit forecast for the company has been raised. Expected net profits for 2025-2027 are 652 million, 820 million, and 951 million yuan, representing year-on-year growth of 159.56%, 25.74%, and 15.99%, respectively [4]

Core Viewpoint - The Ministry of Ecology and Environment released a draft plan for the total allocation of ozone-depleting substances for 2026, indicating a reduction in production and internal use quotas for HCFCs and HFCs, which may sustain high industry prosperity due to supply constraints and strong demand in air conditioning markets [1] Group 1: Quota Adjustments - For HCFCs, the production and internal use quotas for 2026 are set at 151,400 tons and 79,700 tons, respectively, representing a decrease of 12,200 tons and 6,300 tons compared to 2025 [1] - Specifically, the R22 production and internal use quotas for 2026 are 146,100 tons and 78,000 tons, reflecting a reduction of 3,000 tons and 2,900 tons from 2025 [1] Group 2: HFCs Quota Changes - In the case of HFCs, the production quota for R245fa is increased by 3,000 tons for 2026 compared to 2025, while the R41 production quota is raised by 50 tons, with other varieties remaining unchanged [1] Group 3: Industry Outlook - The quota system for refrigerants HCFCs and HFCs maintains supply constraints, combined with high product concentration, a favorable competitive landscape, and robust demand from household and automotive air conditioning, suggesting that the industry's high prosperity may continue [1]

Core Viewpoint - The Ministry of Ecology and Environment has proposed a draft to ban the production of household refrigerators and freezers using hydrofluorocarbons (HFCs) as refrigerants starting from January 1, 2026, marking a significant step towards environmental protection and compliance with international agreements [1][2]. Group 1: Regulatory Changes - The draft aims to phase out HFCs, which are potent greenhouse gases and significant contributors to ozone layer depletion, by promoting the use of more environmentally friendly refrigerants like R600a, which has a low global warming potential [1]. - The Kigali Amendment to the Montreal Protocol, accepted by China in 2021, sets a target to reduce global HFCs by at least 80% over the coming decades, with the formal implementation in China starting in September 2021 [2]. Group 2: Industry Impact - The 2025 plan outlines a 10% reduction in the production and usage of HFCs compared to baseline values, with a specific quota reduction of 51,241 tons for 2025 compared to 2024 [3]. - The Chinese home appliance industry has seen significant growth, with total revenue reaching 1.84 trillion yuan and total profits of 156.5 billion yuan in 2023, while also achieving over 50% of global production share in major home appliance products [3]. Group 3: Compliance and Enforcement - The draft mandates that relevant departments ensure companies comply with the regulations regarding the elimination of HFCs in household refrigeration, with penalties for violations enforced by local environmental authorities [4].