Group 1 - The chemical sector experienced a significant rise on August 15, with the chemical ETF (516020) increasing by 1.51% [1] - Key stocks in the sector included Lianhong Xinke, which surged over 7%, and Xinjubang and Jinfakeji, both rising over 6% [1] - The basic chemical sector attracted over 7 billion yuan in net inflows, ranking fifth among 30 major sectors [2][3] Group 2 - Recent retail prices for refrigerants like R32 and R227ea have been rising, with R32 expected to average 56,000 to 58,000 yuan per ton from August to October [3] - The chemical ETF (516020) is currently at a low valuation, with a price-to-book ratio of 2.07, indicating potential for long-term investment [3] - Analysts suggest that the "anti-involution" trend in the chemical industry may lead to the elimination of outdated production capacity, improving the competitive landscape and profitability [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and focusing on large-cap stocks [4] - Investors can also consider chemical ETF linked funds for exposure to the chemical sector [4]

Group 1 - The chemical sector experienced a significant rise on August 15, with the chemical ETF (516020) increasing by 1.51% [1][2] - Key stocks in the sector included Lianhong Xinke, which surged over 7%, and Xinjubang and Jinfakeji, both rising over 6% [1] - The basic chemical sector attracted over 7 billion yuan in net inflows, ranking fifth among 30 major sectors [2][3] Group 2 - Recent retail prices for mainstream refrigerant R32 have been rising, with expected average prices of 56,000, 57,000, and 58,000 yuan per ton for August to October [3] - The chemical ETF (516020) has a price-to-book ratio of 2.07, indicating a low valuation compared to the past decade [3] - Analysts suggest that the "anti-involution" trend will be a key policy focus, potentially leading to the elimination of excess capacity in the chemical industry [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and focusing on large-cap stocks [4] - The ETF's portfolio includes significant positions in leading companies like Wanhua Chemical and Yilong Co., allowing investors to capitalize on strong market leaders [4] - Investors can also access the chemical sector through the chemical ETF linked funds (A class 012537/C class 012538) [4]

东岳集团近期发布业绩盈喜公告，预计该集团截至2025年6月30日止年度的公司拥有人应占净溢利同比 可能大幅增长约150%。根据现有资料，董事会认为上述增长的主要原因为部分制冷剂产品价格较去年 同期大幅上涨所致。 来源：新浪港股 东岳集团（00189）早盘股价上涨2.66%，现报10.81港元，成交额5195.12万港元。 国信证券指出，据卓创资讯预计，主流制冷剂产品价格稳定增长：8-10月R32均价分别在5.6/5.7/5.8万 元；R134a分别在5.0/5.1/5.2万元。R227ea在消防打假补库，开工不足的影响下，报价上涨至7.3万元/ 吨。 国信证券认为，8月份为空调厂生产淡季，对应制冷剂需求有减少，但随着金九银十的到来，同时伴随 着新冷年的开启，对应冷媒需求多有增量预期，且年度有限供应情况下，挺价心态明显，未来三个月制 冷剂R32价格或延续高位偏强运行。随着R134a年度配额的持续消化，挺价心态持续增强，高价报盘陆 续落实，同时随着9-10月份出口需求的逐步增量，市场或有进一步冲高预期。 ...

Group 1 - Dongyue Group (00189) shares increased by over 3%, currently up 2.66% at HKD 10.81, with a trading volume of HKD 51.95 million [1] - The company recently announced a positive earnings forecast, expecting a significant year-on-year net profit increase of approximately 150% for the fiscal year ending June 30, 2025 [1] - The primary reason for this expected growth is attributed to a substantial rise in the prices of certain refrigerant products compared to the same period last year [1] Group 2 - According to Guosen Securities, mainstream refrigerant product prices are expected to show stable growth, with average prices for R32 in August to October projected at 56,000, 57,000, and 58,000 CNY respectively, and R134a at 50,000, 51,000, and 52,000 CNY [1] - The price of R227ea has increased to 73,000 CNY/ton due to impacts from fire-fighting stockpiling and insufficient production [1] - August is typically a low season for air conditioning production, leading to reduced refrigerant demand; however, with the arrival of the peak season in September and October, an increase in refrigerant demand is anticipated [1]

东岳集团(00189)涨超3%，截至发稿，涨2.66%，报10.81港元，成交额5195.12万港元。 国信证券认为，8月份为空调厂生产淡季，对应制冷剂需求有减少，但随着金九银十的到来，同时伴随 着新冷年的开启，对应冷媒需求多有增量预期，且年度有限供应情况下，挺价心态明显，未来三个月制 冷剂R32价格或延续高位偏强运行。随着R134a年度配额的持续消化，挺价心态持续增强，高价报盘陆 续落实，同时随着9-10月份出口需求的逐步增量，市场或有进一步冲高预期。 消息面上，东岳集团近期发布业绩盈喜公告，预计该集团截至2025年6月30日止年度的公司拥有人应占 净溢利同比可能大幅增长约150%。根据现有资料，董事会认为上述增长的主要原因为部分制冷剂产品 价格较去年同期大幅上涨所致。国信证券指出，据卓创资讯（301299）预计，主流制冷剂产品价格稳定 增长：8-10月R32均价分别在5.6/5.7/5.8万元；R134a分别在5.0/5.1/5.2万元。R227ea在消防打假补库，开 工不足的影响下，报价上涨至7.3万元/吨。 ...

Group 1: Market Performance - The fluorochemical sector showed steady performance in July, with the fluorochemical index rising by 6.29%, outperforming the CSI 300 index by 1.32 percentage points [1] - As of the end of July, the fluorochemical index was at 1471.59 points, which is an increase of 6.29% compared to the end of June [1] - The chemical price indices reported by Guosen Securities indicated a slight decrease in the fluorochemical price index by 2.76% and an increase in the refrigerant price index by 2.24% as of July 30, 2025 [1] Group 2: Refrigerant Prices - Retail prices for the main refrigerant R32 continued to rise, with R227ea prices increasing rapidly to 73,000 yuan/ton due to demand from the firefighting sector [2] - Price forecasts for R32 are expected to stabilize with average prices projected at 56,000 yuan in August, 57,000 yuan in September, and 58,000 yuan in October [2] - The market anticipates an increase in refrigerant demand with the approach of the "Golden September and Silver October" period and the new cooling year [2] Group 3: Air Conditioning Production - Air conditioning production has been adjusted upwards due to high summer temperatures, with the total production for August expected to be 6.735 million units, a year-on-year decrease of 11.9% [5] - The cumulative export of air conditioners from January to June reached 41.08 million units, reflecting a year-on-year increase of 6.9% [5] - The third batch of 69 billion yuan for the old-for-new program has been allocated, providing support for the industry [4] Group 4: Company Developments - Companies such as Dongyangguang, Wengfu Group, and others have reported profit growth in their mid-year financial announcements [6] - The fluorine polymer and supporting projects by Dongyangguang have completed acceptance public announcements, indicating ongoing expansion in the sector [6]

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [7][11]. Core Insights - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with expectations for air conditioning production to rise in August due to high summer temperatures [5][7]. - The supply-demand dynamics for refrigerants are tightening, particularly for R22 and R32, driven by government subsidy policies and increasing demand in emerging markets [7][60]. Summary by Sections 1. Industry Performance in July - As of July 30, the fluorochemical index was at 1471.59 points, up 6.29% from the end of June, underperforming the Shenwan Chemical Index by 1.76 percentage points but outperforming the CSI 300 Index by 1.32 percentage points [2][18]. 2. Refrigerant Market Review 2.1 Price Trends - Refrigerant prices have shown an upward trend, with R32 and R134a expected to average 56,000, 57,000, and 58,000 yuan per ton from August to October 2025 [3][25][26]. 2.2 Export Data - From January to June 2025, R32 exports increased by 14% year-on-year, while R22 exports decreased by 34% [34]. The export price for R32 was 44,449 yuan per ton as of June 2025 [4][34]. 2.3 Production and Operating Rates - Domestic air conditioning production in August 2025 was 6.735 million units, down 11.9% year-on-year, while export production was 4.708 million units, down 14.7% year-on-year [6][70]. 3. Compliance with the Montreal Protocol - The report outlines China's commitment to reducing HCFCs and HFCs in line with the Montreal Protocol, with significant reductions planned for 2025 and 2030 [60][61]. 4. Air Conditioning Production and Export Data - The air conditioning sector has seen strong production growth in the first half of 2025, with cumulative exports reaching 41.08 million units, a 6.9% increase year-on-year [5][70]. 5. Key Companies and Profit Forecasts - Key companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted, with profit growth expected due to favorable market conditions [11][10].

Investment Rating - The report maintains an "Outperform" rating for the fluorochemical industry [7][11]. Core Insights - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with expectations for air conditioning production to rise in August due to high summer temperatures [2][5]. - The report highlights a significant demand for refrigerants driven by national subsidy policies and growth in emerging markets, particularly in Southeast Asia [7][60]. - The supply constraints from regulatory policies are expected to maintain a favorable pricing environment for refrigerants like R22 and R32, with long-term price increases anticipated [7][60]. Summary by Sections 1. Industry Performance in July - As of July 30, the fluorochemical index stood at 1471.59 points, up 6.29% from the end of June, underperforming the Shenwan Chemical Index by 1.76 percentage points [18][20]. 2. Refrigerant Market Review 2.1 Price Trends - Refrigerant prices have shown an upward trend, with R32 and R410a experiencing significant increases in March, while R22 prices remained stable in the summer months [24][25]. - Future price forecasts for R32 are projected at 56,000, 57,000, and 58,000 yuan per ton for August to October, respectively [25][26]. 2.2 Export Data - From January to June 2025, R32 exports increased by 14%, while R22 exports decreased by 34% [34]. - The average export price for R32 was 44,449 yuan per ton as of June 2025 [34]. 2.3 Production and Operating Rates - Domestic air conditioning production in August 2025 is projected at 6.735 million units, a year-on-year decrease of 11.9% [6]. 3. Compliance with the Montreal Protocol - The report discusses China's commitment to reducing HCFCs and HFCs, with significant reductions planned for 2025 and 2030 [60][61]. 4. Air Conditioning Production and Export Data - The report notes a strong performance in air conditioning production in the first half of 2025, with a total of 41.08 million units exported, reflecting a year-on-year increase of 6.9% [5][6]. 5. Key Companies and Profit Forecasts - Key companies such as Juhua Co., Dongyue Group, and Sanmei Co. are highlighted, with profit growth expected due to favorable market conditions [11][10].