国信证券发布研报称，展望2026年一季度，伴随一季度长协价格确定，终端空调企业长协订单执行稳 定。根据百川盈孚、卓创咨询，26年1月份R22、R125、R152a报价均上涨。排产方面，2026年前两月排 产出现分化，1月受元旦假期以及部分企业前置2月春节排产影响，内销排产推高。此外，关注成本支 撑、供需改善背景下含氟聚合物价格上涨，建议关注PVDF、PTFE等含氟高分子价格修复。 国信证券主要观点如下： 一季度主流制冷剂长协价格持续上涨 展望一季度，伴随一季度长协价格确定，终端空调企业长协订单执行稳定：据卓创资讯（301299）， R32长协价格将在6.12万元/吨，环比2025年四季度价格上涨1000元/吨，涨幅1.66%；R410A长协价格在 5.51万元/吨，环比2025年四季度上涨1900元/吨，涨幅3.57%。预计往后一周R32价格区间约6.2-6.3万元/ 吨，R410a往后一周价格区间约5.5-5.6万元/吨，R134a往后一周价格区间约5.6-5.7万元/吨。 R22、R125、R152a报价上涨 根据百川盈孚、卓创咨询，本月R22报价提升至1.7万元/吨，较上月+1000元/吨；R134a报 ...

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][10]. Core Insights - The fluorochemical industry is experiencing rapid growth, with prices of fluorinated polymers continuing to rise. The performance of fluorochemical companies is strong, supported by stable demand and supply dynamics [1][4]. - The long-term outlook for mainstream refrigerants such as R32, R134a, and R125 remains positive due to tightening quota constraints, which are expected to sustain price increases [5][9]. Summary by Sections 1. Industry Performance - As of January 30, 2026, the fluorochemical index stood at 2155.24 points, up 6.77% from the end of December 2025. The index underperformed the Shenwan Chemical Index by 5.95 percentage points but outperformed the CSI 300 and Shanghai Composite indices by 5.12 and 3.01 percentage points, respectively [1][17]. 2. Refrigerant Market Review - In the first quarter of 2026, long-term contract prices for mainstream refrigerants are on the rise. R32 is expected to be priced at 61,200 CNY/ton, a 1.66% increase from the previous quarter, while R410A is projected at 55,100 CNY/ton, up 3.57% [2][22]. - The domestic prices for R22, R134a, R125, and R32 have shown increases, with R22 reaching 17,000 CNY/ton, R125 at 48,500 CNY/ton, and R134a maintaining at 58,000 CNY/ton [24][23]. 3. Supply and Demand Dynamics - The supply side of the fluorochemical industry is characterized by tight overall supply and low inventory levels among companies, which supports price increases. The demand side shows continued interest in stockpiling ahead of the holiday season [4][9]. - The production quotas for refrigerants in 2026 indicate a slight increase in the production capacity for R32, R125, and R134a, while R143a and R152a quotas have been reduced [4][79]. 4. Liquid Cooling Demand - The rapid growth of data centers is driving the demand for fluorinated liquids and refrigerants, as traditional air cooling methods are becoming insufficient. The market for liquid cooling solutions is expected to grow significantly, with projections indicating a market size exceeding 100 billion CNY by 2027 [64][70]. - Companies involved in the production of fluorinated liquids, such as Juhua Co., Dongyue Group, and others, are well-positioned to benefit from this trend [73][74]. 5. Key Company Profit Forecasts - Juhua Co. is expected to achieve a net profit of 3.54-3.94 billion CNY in 2025, representing a year-on-year growth of 80%-101%. Dongyue Group and Sanmei Co. are also projected to see significant profit increases [4][10].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][10]. Core Insights - The fluorochemical industry is experiencing rapid growth, with prices of fluoropolymers continuing to rise. The industry index has shown a performance that outpaces the Shanghai Composite Index and the CSI 300 Index [1][5]. - The first quarter of 2026 is expected to see stable execution of long-term contracts for refrigerants, with significant price increases noted for R32 and R410A [2][5]. - The demand for fluorinated liquids and refrigerants is anticipated to increase due to the growth of liquid cooling technologies in data centers, driven by the need for efficient cooling solutions [3][9]. Summary by Sections 1. Industry Performance - As of January 30, 2026, the fluorochemical index reached 2155.24 points, up 6.77% from the end of December 2025, while the chemical index rose by 12.72% [1][17]. - The Guosen Chemical Fluorochemical Price Index reported a 2.95% increase, indicating a positive trend in pricing for fluorochemical products [1][18]. 2. Refrigerant Market Review - Long-term contract prices for refrigerants are on the rise, with R32 priced at 61,200 CNY/ton and R410A at 55,100 CNY/ton, reflecting increases of 1.66% and 3.57% respectively from the previous quarter [2][22]. - The domestic prices for R22, R125, and R134a have also seen upward adjustments, with R22 now at 17,000 CNY/ton, up 1,000 CNY/ton from the previous month [2][24]. 3. Liquid Cooling Demand - The report highlights the urgent need for efficient cooling technologies in data centers, with liquid cooling solutions becoming increasingly favored over traditional air cooling due to their superior efficiency [3][64]. - The market for liquid cooling in data centers is projected to grow significantly, with a compound annual growth rate of 51.4% expected from 2019 to 2027 [3][70]. 4. Refrigerant Quota Announcements - The Ministry of Ecology and Environment has announced the refrigerant quotas for 2026, indicating a slight increase in production quotas for R32, R125, and R134a, while R141b's quota has been eliminated [4][79]. - The report suggests that the tightening of refrigerant quotas will support long-term price stability and growth in the industry [4][74]. 5. Company Profit Forecasts - Major companies in the fluorochemical sector, such as Juhua Co., Dongyue Group, and Sanmei Co., are expected to see significant profit growth in 2025, with Juhua's net profit projected to increase by 80%-101% [4][10].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [5][10]. Core Insights - The fluorochemical industry is experiencing rapid growth, with prices of fluorinated polymers continuing to rise. The industry index has shown a performance that outpaces the Shanghai Composite Index and the CSI 300 Index [1][5]. - The first quarter of 2026 is expected to see sustained price increases for mainstream refrigerants due to stable execution of long-term contracts by terminal air conditioning companies [2][5]. - The demand for fluorinated liquids and refrigerants is anticipated to increase due to the growth of liquid cooling technologies in data centers, driven by the need for efficient cooling solutions [3][9]. Summary by Sections 1. Industry Performance - As of January 30, 2026, the fluorochemical index was at 2155.24 points, up 6.77% from the end of December 2025, indicating a strong performance relative to other indices [1][17]. 2. Refrigerant Market Review - Long-term contract prices for refrigerants such as R32 and R410A have increased, with R32 priced at 61,200 CNY/ton and R410A at 55,100 CNY/ton, reflecting increases of 1.66% and 3.57% respectively from the previous quarter [2][22]. - The domestic prices for R22, R125, and R134a have also seen increases, with R22 at 17,000 CNY/ton and R125 at 48,500 CNY/ton [24]. 3. Liquid Cooling Demand - The report highlights the urgent need for efficient cooling technologies in data centers, with liquid cooling solutions becoming a preferred choice due to their superior performance compared to traditional air cooling [3][64]. - The market for liquid cooling in data centers is projected to grow significantly, with a compound annual growth rate of 51.4% expected from 2019 to 2027 [70]. 4. Refrigerant Quota Announcements - The Ministry of Ecology and Environment has announced the 2026 refrigerant quotas, indicating a slight increase in production quotas for R32, R125, and R134a, while R141b's quota has been eliminated [4][79]. - The report anticipates that the stringent quota policies will continue to support the long-term growth of refrigerant products [4][74]. 5. Key Company Profit Forecasts - Key companies in the fluorochemical sector, such as Juhua Co., Dongyue Group, and Sanmei Co., are projected to achieve significant profit growth in 2025, with expected net profits increasing by 80%-176% year-on-year [4][10].

重要内容提示： ● 交易简要内容 上海璞泰来新能源科技集团股份有限公司（以下简称"公司"）拟以现金方式收购宁波梅山保税港区昭如 企业管理合伙企业(有限合伙)（以下简称"宁波昭如"）持有的乳源东阳光氟树脂有限公司（以下简称"乳 源氟树脂"、"标的公司"）5%股权，交易对价为人民币24,000.00万元。本次交易完成后，公司持有乳源 氟树脂的股权比例将由55%上升至60%。 ● 本次交易构成关联交易、不构成重大资产重组 宁波昭如的执行事务合伙人为公司副总经理刘勇标先生，有限合伙人包含公司董事、总经理陈卫先生， 本次交易构成关联交易，但不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 ● 交易实施尚需履行的审批及其他相关程序 证券代码：603659 证券简称：璞泰来 公告编号：2026-004 上海璞泰来新能源科技集团股份有限公司关于收购控股子公司少数股权暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本次交易已经公司独立董事专门会议审核，并经公司第四届董事会第十二次会议审议通过，关联董事陈 卫先生已回避 ...

（记者 王晓波） 每经AI快讯，璞泰来1月27日晚间发布公告称，公司控股子公司乳源氟树脂所处行业发展迅速，下游市 场客户对其PVDF 产品的需求增量明显，基于标的公司持续向好的发展态势，为进一步提高对其持股比 例，增强公司整体盈利规模与经营管理效率，同时充分肯定标的公司核心管理与技术团队既往的经营贡 献，公司拟以现金方式收购宁波昭如持有的乳源东阳光氟树脂有限公司（简称"乳源氟树脂"）5%股 权，交易对价人民币2.4亿元。本次交易完成后，公司持有乳源氟树脂的股权比例将由55%上升至60%。 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 ...

制冷剂含氟聚合物近况更新 20260121 摘要 R32 价格年初异常波动，从 2024 年不足 2 万元涨至约 6 万元，涨幅显 著，主要受下游空调需求增长驱动，尤其是在以旧换新政策和家电企业 排产计划增加的背景下，预计未来价格仍有上涨空间。 高级制冷剂如 R125、R404、R507 等自 2023 年配额政策执行以来价 格上涨，但受光伏行业需求回调影响有所回落。企业通过削减配额主动 提价，叠加海外市场需求增加，推动小品种制冷剂价格上涨，预计旺季 需求带动下仍有涨价空间。 国内 32 空调与 410A 空调生产比例已达 8:2，导致 410A 产业链需求缩 减，售价逐渐低于 32。美国和欧洲法规对高级导流 P 产品的约束和淘汰 加速了这一转变。 134A 库存处于历史低位，中化与车企签订长期订单价格已超 6.2 万元/ 吨，散水市场价格也在上涨，预计年底可能达到 7 万元/吨甚至更高，主 要受益于售后市场需求。 125 制冷剂市场前景乐观，企业主动削减配额并成功提价至 5.1 万元/吨， 预计未来价格可能追赶 32 制冷剂水平，达到 6 万元/吨，无需过多担忧 内贸转向的影响。 Q&A 2026 年制冷剂 ...

Core Viewpoint - Shanghai Putailai New Energy Technology Group Co., Ltd. expects a significant increase in net profit for 2025, projecting a range of 2.3 billion to 2.4 billion yuan, representing a year-on-year growth of 93.18% to 101.58% [1][2] Group 1 - The primary reasons for the profit increase include the ongoing trend of electrification and intelligence in the global automotive market, strong growth in the energy storage market, and a recovery in the consumer electronics market [1] - The end of the inventory destocking cycle for new energy batteries and materials has contributed to an improved operating environment [1] - The company has implemented measures to enhance quality and efficiency, closely collaborating with core customers to meet R&D needs and effectively capturing incremental demand from high-end clients and the energy storage market [1] Group 2 - The wet diaphragm and coating processing business of Putailai has seen substantial growth, with an increase in the self-sufficiency rate of base films [2] - The introduction of new base film products and coating processes has effectively matched customer product upgrade demands [2] - The company has focused on cost-reduction measures in graphite anode materials, addressing mainstream customer needs for fast charging, long cycle life, and high capacity products, leading to a recovery in business performance [2] - Sales of functional materials such as PVDF, PAA, and ceramic coating materials have rapidly increased, contributing significantly to performance growth [2]

1、璞泰来发布2025年业绩预告，2025年实现归母净利润23.0-24.0亿元，扣非净利润21.7-22.7亿元，可以反推 2025Q4归母净利润6.0-7.0亿元，扣非净利润5.8-6.8亿元。 公司激励目标为2025年不低于23亿元，大概率实现全额完成。 2、拆分来看，预计2025Q4负极出货3.5-4万吨，环比开启提升趋势，后续四川基地和新品将在26Q1、Q2加速放 量，带动量利进一步上行；涂覆全年出货100亿平出头，预计2025Q4接近30亿平，预计盈利能力保持稳定；基膜 预计出货5亿平左右，2026年随产能投放有望达到25-30亿平；锂电设备订单高增，将在2026年确收体现，2025Q4 预计维稳；PVDF预计出货0.7-0.8万吨，2026年计划扩产至4.5万吨，将加速放量。 【长江电新】璞泰来2025年业绩预告分析：平台型白马稳健兑现，增量业务弹性可期 1、璞泰来发布2025年业绩预告，2025年实现归母净利润23.0-24.0亿元，扣非净利润21.7-22.7亿元，可以反推 2025Q4归母净利润6.0-7.0亿元，扣非净利润5.8-6.8亿元。 公司激励目标为2025年不低于23亿元，大概 ...

Core Viewpoint - The company Puxin (603659.SH) anticipates a significant increase in net profit for the year 2025, projecting a range of 2.3 billion to 2.4 billion yuan, representing a year-on-year growth of 93.18% to 101.58% [2] Group 1: Market Trends - The global automotive market continues to trend towards intelligence and electrification, with strong growth in the energy storage market and a recovery in the consumer electronics market [2] - The phase of destocking in the new energy battery and materials sector is coming to an end, leading to an improving operational environment for the industry [2] Group 2: Business Performance - The company is actively promoting quality improvement and efficiency measures across its business divisions, closely aligning with core customers' R&D needs [2] - New products, processes, and production capacities are being continuously introduced, effectively capturing the incremental demand from high-end customers and the energy storage market [2] Group 3: Product and Operational Developments - The wet diaphragm and coating processing business has seen a significant increase in volume, with an improved self-sufficiency rate for base films, reinforcing the synergy of "materials + equipment + processes" [2] - The introduction of new base film products and coating processes effectively meets customer product upgrade demands [2] - The graphite anode material business has strengthened cost-reduction measures, focusing on mainstream customer demands for fast charging, long cycle life, and high capacity products [2] - The mass production of silicon-carbon anodes has led to a recovery in business performance [2] - Sales of functional materials such as PVDF, PAA, and ceramic coating materials have rapidly increased, contributing significantly to performance growth [2] - The company has achieved notable improvements in profitability through a diversified product portfolio and industry chain collaboration [2]