Group 1 - The core viewpoint of the news highlights the performance of the petrochemical ETF (159731), which has seen a decline of 1.88%, while its constituent stocks such as Guangdong Hongda, Sanmei Co., and Juhua Co. have shown positive growth [1] - The petrochemical ETF has recorded a total net inflow of 1.43 billion yuan over the past 20 trading days, with the latest share count reaching 1.692 billion and a total scale of 1.706 billion yuan [1] - The average price of the third-generation mainstream refrigerant R32 has stabilized at 63,000 yuan/ton since January 2026, reflecting a year-on-year increase of approximately 45%, while R134a has seen a 32% increase [1] Group 2 - The petrochemical ETF and its linked funds closely track the CSI Petrochemical Industry Index, with the basic chemical industry accounting for 60.02% and the oil and petrochemical industry for 32.43%, indicating potential profit recovery from downstream chemical products [2] - The overall industry narrative is improving due to optimization of industry structure and supply-demand adjustments, suggesting a positive long-term outlook [2]

【制冷剂行业景气持续】智通财经2月4日电，传统制冷剂淡季，制冷剂行情维持稳中偏强运行。据百川 盈孚市场监测，2026年1月以来，第三代主流制冷剂R32均价稳定在6.3万元/吨，同比增长约45%； R134a市场均价稳定在5.8万元/吨，同比增长32%；截至2月3日，R125、R410a分别同比增长16%和 29%，并且这两种制冷剂自2025年四季度以来均出现持续上涨趋势。申万宏源认为，2026年各企业 HFCs配额已下发，在全球供给严格约束下，行业格局优化叠加下游需求的增长，将带来制冷剂价格和 价差的长周期向上，制冷剂作为功能性制剂，"刚需消费品"属性与"特需经营"商业模式的"基因"正在逐 步形成。 转自：智通财经 ...

开源证券近日发布氟化工行业周报：本周氟化工指数下跌4.98%，跑输上证综指4.54%。本周（1月26 日-1月30日）氟化工指数收于5062.85点，下跌4.98%，跑输上证综指4.54%，跑输沪深300指数5.06%， 跑输基础化工指数4.08%，跑赢新材料指数0.31%。 以下为研究报告摘要： 本周（1月26日-1月30日）行情回顾 本周氟化工指数下跌4.98%，跑输上证综指4.54%。本周（1月26日-1月30日）氟化工指数收于5062.85 点，下跌4.98%，跑输上证综指4.54%，跑输沪深300指数5.06%，跑输基础化工指数4.08%，跑赢新材料 指数0.31%。 实现归属于上市公司股东的净利润为8.5~11亿元，同比增长45.78%~58.10%。【ST联创（300343）】 2025年预计实现归属于上市公司股东的净利润为3000~4000万元，同比增长37.22%~82.96%。【中欣氟 材（002915）】2025年预计实现归属于上市公司股东的净利润为1600~2000万元，同比扭亏为盈。 【金石资源】公司收购诺亚氟化工股权已交割完成，并派出董事。 受益标的 推荐标的：金石资源、巨化股份、 ...

Group 1 - The core theme for 2025 is the price increase narrative driven by structural price hikes in various industries due to supply-demand reconfiguration, industrial upgrades, and policy guidance [1] - The lithium battery industry is experiencing a significant price surge, with lithium hexafluorophosphate prices skyrocketing from under 50,000 yuan/ton to 170,000 yuan/ton within a few months, indicating a strong demand driven by energy storage needs [2] - The storage chip market is entering a super cycle, with DRAM prices rising sharply due to tight supply and increased demand from AI applications, leading to a projected revenue peak of 216.3 billion USD in Q3 2025 [3] Group 2 - The non-ferrous metals sector is witnessing a remarkable performance, with the sector index rising over 85% year-to-date, driven by strong demand across various metal categories, including precious and industrial metals [4] - The outlook for 2026 suggests that most metal varieties will maintain a tight supply-demand balance, with prices expected to continue rising, particularly for copper and aluminum due to robust downstream demand [5] - Multiple industries are adopting "anti-involution" strategies to reshape market dynamics, with firms engaging in price stabilization efforts through coordinated production cuts and price adjustments [6] Group 3 - The refrigerant industry is experiencing a positive trend, with companies raising prices due to seasonal demand recovery and low inventory levels, indicating a bullish outlook for Q1 2026 [7] - The coal and building materials sectors are also following the "anti-involution" theme, with coal prices rebounding due to production restrictions and increased demand from extreme weather conditions [8] - The consensus among various institutions is that the price increase chain driven by supply-demand improvements will continue, presenting structural investment opportunities across multiple sectors [8]

Group 1 - The core viewpoint of the article highlights the significant price increases for refrigerants, particularly R32 and R410a, which are expected to impact demand positively for companies like Dongyue Group [1] - Dongyue Group's stock rose nearly 5% in early trading, reflecting market optimism regarding its performance and the broader industry trends [1] - The company is a leader in the fluorosilicone industry, with divisions focused on high polymer materials, refrigerants, silicone products, and other chemical products [1] Group 2 - According to Zhuochuang Information, the long-term contract prices for refrigerants in 2026 have been set, with R32 priced at 61,200 yuan/ton (+1,000 yuan) and R410a at 55,100 yuan/ton (+1,900 yuan) [1] - The demand for R134a is projected to be several times higher for electric vehicles compared to traditional fuel vehicles, indicating a strong growth potential in the refrigerant market [1] - The final year of the quota baseline period in regions like India is expected to increase the demand for high GWP products such as R125, while the willingness to switch quotas for R134a and R125 is lower than for R32, suggesting a favorable pricing outlook for 2026 [1]

Core Viewpoint - Dongyue Group's stock price increased by 4.51%, currently at HKD 10.90, with a trading volume of HKD 103 million [1][5] Group 1: Price Trends and Market Outlook - According to Zhuochuang Information, the long-term contract prices for the third-generation refrigerants in Q1 2026 are set at RMB 61,200 per ton for R32 (up by RMB 1,000) and RMB 55,100 per ton for R410A (up by RMB 1,900) [1][5] - Shenwan Hongyuan forecasts that in 2026, the demand for R134A from electric vehicles will be several times that of fuel vehicles, with increasing penetration likely to continue driving R134A demand [1][5] - In 2026, regions like India will enter the final year of the quota baseline period, which may increase the import demand for high GWP varieties like R125, while the willingness to switch quotas for R134A and R125 is expected to be lower than for R32, making 2026 prices promising [1][5] Group 2: Company Overview - Dongyue Group is a leader in the fluorosilicone industry, with its polymer materials division engaged in the production and sales of polymer materials such as polytetrafluoroethylene (PTFE) [1][5] - The refrigerant division is involved in the production and sales of refrigerant products, while the silicone division produces and sells raw rubber, compounded rubber, and deep-processed silicone rubber products [1][5] - The dichloromethane, polyvinyl chloride (PVC), and caustic soda divisions are responsible for the production and sales of dichloromethane, PVC, and caustic soda products [1][5]

Core Viewpoint - Dongyue Group (00189) saw a nearly 5% increase in early trading, with a current rise of 4.31% to HKD 10.88, with a trading volume of HKD 84.61 million [1] Group 1: Price Trends and Market Outlook - According to Zhaochuang Information, the long-term contract prices for refrigerants in 2026 have been set at RMB 32,612 per ton for R326 (+RMB 1,000) and RMB 55,100 per ton for R410A (+RMB 1,900) [1] - Shenwan Hongyuan forecasts that the demand for R134A from new energy vehicles will be several times that of fuel vehicles, with an increase in penetration rate expected to continue driving R134A demand [1] - The year 2026 marks the final year of the quota baseline period in regions like India, which may increase the import demand for high GWP varieties such as R125, while the willingness to switch quotas for R134A and R125 is lower than for R32, making the price outlook for 2026 promising [1] Group 2: Company Overview - Dongyue Group is a leader in the fluorosilicone industry, with its polymer materials division engaged in the production and sales of polymer material products, such as polytetrafluoroethylene (PTFE) [1] - The refrigerant division is involved in the production and sales of refrigerant products, while the silicone division focuses on the production and sales of raw rubber, compounded rubber, and deep-processed silicone rubber products [1] - Other divisions include the production and sales of dichloromethane, polyvinyl chloride (PVC), and caustic soda [1]

Core Viewpoint - Dongyue Group (00189) has seen a nearly 5% increase in stock price, attributed to positive developments in the refrigerant market and strong demand forecasts for its products [1] Group 1: Stock Performance - Dongyue Group's stock rose by 4.31%, reaching HKD 10.88, with a trading volume of HKD 84.61 million [1] Group 2: Market Developments - According to Zhaochuang Information, the long-term contract prices for refrigerants in 2026 have been set at RMB 61,200 per ton for R32 (up by RMB 1,000) and RMB 55,100 per ton for R410A (up by RMB 1,900) [1] - Shenwan Hongyuan forecasts that the demand for R134A from new energy vehicles will be several times that of traditional fuel vehicles, which is expected to continue driving R134A demand as penetration rates increase [1] - The final year of the quota baseline period in 2026 for regions like India may increase the import demand for high GWP varieties such as R125, with a lower willingness to switch quotas for R134A and R125 compared to R32, making 2026 prices promising [1] Group 3: Company Overview - Dongyue Group is a leader in the fluorosilicone industry, with divisions producing and selling various products including high polymer materials (e.g., PTFE), refrigerants, silicone rubber, dichloromethane, PVC, and caustic soda [1]

Group 1 - The fluorochemical index increased by 7.76% this week, outperforming the Shanghai Composite Index by 5.88% [2] - The fluorochemical index closed at 5333.59 points, marking a 7.76% increase, and surpassed the performance of the CSI 300 Index by 5.81% and the basic chemical index by 3.18% [2] - The average price of fluorite 97 wet powder remained stable at 3,290 CNY/ton as of December 26, with a December average of 3,300 CNY/ton, reflecting a year-on-year decline of 10.13% [3] Group 2 - The prices of refrigerants as of December 26 are as follows: R32 at 63,000 CNY/ton, R125 at 47,500 CNY/ton, R134a at 58,000 CNY/ton, R410a at 54,000 CNY/ton, and R22 at 16,000 CNY/ton, with various price changes noted [4] - There is a recovery in confidence among refrigerant companies and distributors regarding seasonal demand, leading to price increases for several refrigerant products [5] - The company Jinshi Resources plans to acquire a 15.7147% stake in Noah Fluorochemical for 257 million CNY, becoming the second-largest shareholder [6] Group 3 - Recommended stocks benefiting from the fluorochemical sector include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [7]

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Insights - The fluorochemical index increased by 7.76% during the week of December 22-26, outperforming the Shanghai Composite Index by 5.88% [6][25] - The market for fluorinated refrigerants is expected to continue its upward trend, with stable prices for fluorite and a potential recovery in the market [4][19] - Jinshi Resources plans to acquire a 15.7147% stake in Noah Fluorochemical, entering the liquid cooling sector [10][19] Summary by Sections Fluorochemical Market Overview - The average market price for fluorite (97% wet powder) was 3,290 CNY/ton as of December 26, remaining stable compared to the previous week [19][33] - The average price for December was 3,300 CNY/ton, down 10.13% year-on-year, while the average price for 2025 is projected at 3,481 CNY/ton, a decrease of 1.80% from 2024 [19][33] Refrigerant Pricing Trends - As of December 26, refrigerant prices were as follows: R32 at 63,000 CNY/ton, R125 at 47,500 CNY/ton, R134a at 58,000 CNY/ton, R410a at 54,000 CNY/ton, and R22 at 16,000 CNY/ton [21][24] - The external trade prices for these refrigerants remained stable, with R32 at 61,000 CNY/ton and R134a at 50,000 CNY/ton [21][24] Market Dynamics - The confidence of refrigerant companies and distributors in seasonal demand has increased, leading to price hikes for various refrigerant products [22][23] - The current low inventory levels are expected to drive further transactions and gradual price increases as demand recovers [23] Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]