化工行业周报：制冷剂R22、R32价格持续上涨，军民两用刺激UHMWPE需求增加

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Views - The prices of refrigerants R22 and R32 continue to rise, driven by increasing demand in both military and civilian applications for UHMWPE [1][5] - The upcoming demand season is expected to further boost the prices and margins of major refrigerant varieties [5] - The report suggests focusing on companies such as Juhua Co., Sanmei Co., and Yonghe Co. in the refrigerant sector, and Tongyi Zhong in the UHMWPE sector [5] Summary by Sections (1) Key Chemical Product Price Tracking - The price of phosphoric acid diammonium has increased due to the spring farming season, with a current price of 3,316 CNY/ton, up 37 CNY/ton from last week [3][22] - The price of sulfur has risen to 2,050 CNY/ton, up 305 CNY/ton from last week, contributing to the cost increase of phosphoric acid diammonium [3][22] (2) Refrigerants - The prices of refrigerants R22 and R32 have increased, with R22 priced at 35,500 CNY/ton, up 1,500 CNY/ton from last week [4][29] - The margins for R22 have increased to 23,056.78 CNY/ton, up 838 CNY/ton from last week [29] (3) UHMWPE - The demand for UHMWPE fibers in military applications is steadily growing, with potential for increased demand in humanoid robotics and other technological fields [5] (4) Agricultural Chemicals - The prices of urea and potassium chloride have decreased, with urea priced at 1,832 CNY/ton, down 1.29% from last week [23] - The price of potassium chloride is currently 3,228 CNY/ton, down 1.77% from last week [23] (5) Fluorochemicals - The prices and margins of R22 and R32 are on the rise, supported by increasing air conditioning export orders and domestic consumption policies [27][29] - The price of R125 is 44,500 CNY/ton, up 500 CNY/ton from last week, while R134a remains stable at 45,000 CNY/ton [29]