太平洋证券表示，制冷剂价格维持高位，盈利能力明显增强，建议关注：巨化股份、三美股份等。 粮价持续上涨 上周五，A股午后全线跳水，创业板指、北证50指数等跌超1%；港股亦回落，恒生科技指数翻绿。具 体来看，两市股指盘中震荡回落，尾盘加速下探，创业板指等跌逾1%。截至收盘，沪指跌0.94%报 3348.37点，深证成指跌0.85%报10132.41点，创业板指跌1.18%，科创50、北证50指数均跌超1%，沪深 北三市合计成交11828亿元，较此前一日增加429亿元。 中信证券表示，A股市场风格转向核心资产的趋势已经初见端倪。目前A股市场缺少一股外力来重塑定 价体系，类似于2017年外资通过陆股通持续流入A股。当前最大的催化可能是外资对核心资产在港股实 现定价，并成为A股核心资产新的定价锚，吸引国内机构投资者重新重视对核心资产的定价。这个因 素，配合公募新规落地、保险资金持续增配以及外资的回流，可能共同推动A股的风格逐步从小票和题 材轮动转向核心资产。 今日投资机会解析 煤炭供需格局有望改善 上周，煤炭港口价格跌至611元，环比跌幅逐渐缩小，主要系供需相对宽松且库存较高。在此背景下， 新疆等地的4月原煤产量环比存 ...

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [8][9]. Core Insights - The fluorochemical industry is expected to benefit from the upcoming peak season for refrigerants driven by summer heat, with active trading in a low inventory context [2][8]. - The report highlights a significant increase in refrigerant prices, with R32 reaching 48,000 yuan/ton, reflecting a month-on-month increase of 1,000 yuan/ton [2][24]. - The implementation of the Montreal Protocol's national plan is expected to tighten supply and enhance the long-term outlook for refrigerant prices, particularly for R22 and R32 [4][56]. Summary by Sections 1. April Fluorochemical Industry Performance - As of April 28, 2025, the fluorochemical index stood at 1,232.89 points, down 2.60% from March, outperforming the Shenwan Chemical Index by 0.63 percentage points [1][16]. 2. April Refrigerant Market Review 2.1 Refrigerant Price and Spread Performance - Prices for refrigerants have shown an upward trend, with R32 and R410a experiencing significant month-on-month increases of 14% and 9% respectively in March [22][24]. - The report notes that R22 prices are stable at 36,000 yuan/ton, while R134a remains at 47,000 yuan/ton [24]. 2.2 Refrigerant Export Data Tracking - In Q1 2025, R32 exports increased by 5.3% year-on-year, while R22 exports decreased by 38.4% [31]. - March saw a significant rebound in export volumes, with R22 and R32 experiencing month-on-month growth of 165% and 150% respectively [31][32]. 2.3 Major Refrigerant Operating Rates and Production Data Tracking - The report indicates that production quotas for R22 have been reduced by 28% compared to 2024, reflecting tighter supply constraints [58]. 3. Implementation of the Montreal Protocol National Plan - The national plan aims to reduce HCFCs production and usage by 67.5% and 73.2% respectively by 2025, with a complete phase-out by 2030 [4][56]. - The report emphasizes the ongoing commitment to reducing HFCs, with a target of a 10% reduction by 2029 [4][56]. 4. Air Conditioning/Automobile/Refrigerator Production and Export Data Tracking 4.1 Air Conditioning - The report notes a continuous year-on-year increase in air conditioning production for Q2 2025, with domestic production expected to rise significantly [5][65]. 5. Key Company Profit Forecasts and Investment Ratings - Key companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted as having strong profit growth prospects, with Juhua Co. expected to achieve a net profit of 1.52 yuan per share in 2025 [9].