Huatai Securities pointed out that on September 24, the Ministry of Ecology and Environment announced the “2026 HFC Production Quota Adjustment Schedule”. The R134a quota was slightly increased, and the R32 and R125 quotas were slightly reduced. Overall, in 2026, the total domestic production quota for HFCs was slightly reduced by 1,141 tons, the domestic production quota increased slightly, and the overall quota of each enterprise did not change much. Since the implementation of the HFCs quota system in China in 2024, total supply has remained strongly constrained, and enterprise quota allocation policies have been highly sustainable, helping to maintain an orderly competitive landscape. Since 2026, the prices of mainstream HFCs products have remained strong under the influence of geographical conflicts suppressing export demand and weak domestic air conditioning production and sales. Huatai Securities believes that the advantages of orderly supply have gradually become apparent. The future is expected to pick up along with domestic demand in the automotive, air conditioning and other fields. Coupled with the support of the supply pattern, it is optimistic that the HFCs industry chain will maintain a high level of prosperity.

Zhitongcaijing · 1d ago
Huatai Securities pointed out that on September 24, the Ministry of Ecology and Environment announced the “2026 HFC Production Quota Adjustment Schedule”. The R134a quota was slightly increased, and the R32 and R125 quotas were slightly reduced. Overall, in 2026, the total domestic production quota for HFCs was slightly reduced by 1,141 tons, the domestic production quota increased slightly, and the overall quota of each enterprise did not change much. Since the implementation of the HFCs quota system in China in 2024, total supply has remained strongly constrained, and enterprise quota allocation policies have been highly sustainable, helping to maintain an orderly competitive landscape. Since 2026, the prices of mainstream HFCs products have remained strong under the influence of geographical conflicts suppressing export demand and weak domestic air conditioning production and sales. Huatai Securities believes that the advantages of orderly supply have gradually become apparent. The future is expected to pick up along with domestic demand in the automotive, air conditioning and other fields. Coupled with the support of the supply pattern, it is optimistic that the HFCs industry chain will maintain a high level of prosperity.