Hong Kong stock concept tracking | Refrigerant signals rebound again Leading companies perform well (with concept stocks)

According to Baichuan Yingfu, as of January 3, the prices of R22, R32, R125, and R134a are 33,000, 43,000, 42,000, and 42,500 yuan/ton, respectively, with month-on-month increases of 1.5%, 7.5%, 10.5%, and 9.0%. In addition, the mainstream air conditioner manufacturers' long-term orders for Q1 2025 have been finalized, with prices of R32 and R410a at 39,800 and 40,800 yuan/ton, respectively, showing an increase of 6.1% and 11.8% month-on-month. Donghai Securities research report stated that the quota for second-generation refrigerants in 2025 has been reduced, while the total production quota for third-generation refrigerants remains at the baseline value. Considering the strong demand in the air conditioning market, the quota for third-generation refrigerants has slightly increased compared to 2024, and the supply-demand relationship for third-generation refrigerants remains tight. In February 2025, downstream air conditioning industry production has significantly increased, with strong demand downstream. The finalized long-term orders from air conditioner manufacturers in 2025 provide support for refrigerant prices, and the refrigerant industry is expected to maintain a high level of prosperity, with the profitability of related refrigerant production enterprises expected to greatly improve. Debang Securities released a research report stating that due to factors such as insufficient remaining production quotas at the end of the year, domestic refrigerant enterprises in December 2024 had low operating rates and widespread shutdowns for maintenance. Mainstream production enterprises had low inventory quotas, providing support for the increase in refrigerant prices. At the same time, a recent unexpected incident at an Indian GFL plant has caused the plant to stop, which may further support the price of R32 in the foreign trade market. Refrigerant-related Hong Kong stocks: DONGYUE GROUP (00189): The 4th in domestic HFC quotas in 2025, and the 1st in domestic R22 quotas. DONGYUE GROUP is a leading player in the Chinese fluorosilicon industry, with integrated advantages in both the fluorine chemical (hydrofluoric acid + refrigerant + fluorine-containing polymer materials) and silicon chemical (monomers + intermediates + deep processing products) industries.