According to the CITIC Securities Research Report, supply-side restrictions on third-generation refrigerants will continue in 2026, and the supply of R32, R134a, and R125 may be further tightened. Driven by demand for new energy vehicles, air conditioning, and foreign trade, demand side stimulus is strong, and industry sentiment continues to rise. It is recommended to seize the dual opportunities of rising third-generation refrigerant prices and fourth-generation technology iteration under two-wheel drive of policies and technology. In this context, focusing on industry leaders, patents and production capacity layout are simultaneously leading; at the same time, third-generation refrigerant-related companies are expected to benefit significantly.

According to the CITIC Securities Research Report, supply-side restrictions on third-generation refrigerants will continue in 2026, and the supply of R32, R134a, and R125 may be further tightened. Driven by demand for new energy vehicles, air conditioning, and foreign trade, demand side stimulus is strong, and industry sentiment continues to rise. It is recommended to seize the dual opportunities of rising third-generation refrigerant prices and fourth-generation technology iteration under two-wheel drive of policies and technology. In this context, focusing on industry leaders, patents and production capacity layout are simultaneously leading; at the same time, third-generation refrigerant-related companies are expected to benefit significantly.