As of 10:20 AM on February 24, the Petrochemical ETF (159731) rose 2.96%.
Fluorochemicals' high growth momentum is expected to persist amid supply quota constraints and policy-driven demand boosts. According to data, popular refrigerants R32 and R134a maintained stable prices at elevated levels. Pre-holiday production rates remained low, with some plants planning shutdowns during the Spring Festival. Despite subdued overall trading activity and procurement driven primarily by essential needs, manufacturers held firm on prices to support the upward trend.
The national subsidy policy for home appliances is expected to continue in 2026. The Central Economic Work Conference explicitly identified “optimizing the implementation of policies for new industries and new business models” as a key task for 2026, setting the direction for expanding domestic demand and promoting transformation in the opening year of the 15th Five-Year Plan. Ping An Securities notes that 2025 will see further reductions in second-generation refrigerant quotas, while third-generation quotas will only see limited year-on-year increases. Supply-side certainty remains constrained, but demand is expected to grow robustly driven by national subsidies. Downstream demand from home appliances and automobiles will maintain growth, improving the refrigerant supply-demand landscape.
With the recovery of domestic and international economies, prices and demand for major chemical products have entered a recovery phase. Leading chemical companies, having undergone years of competition and expansion, possess significant scale advantages. Through sustained R&D investments, they continue to strengthen their cost moats, demonstrating remarkable core competitiveness.
As an integrated internet platform providing benchmark prices, on February 25, the benchmark price of SunSirs R134a was 56,666.67 RMB/ton, an increase of 0.59% compared with the beginning of the month (56,333.33 RMB/ton).
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