DONGYUE GROUP (00189) rose nearly 4% intraday, with a gain of 3.42% at the time of writing, trading at HK$10.58 and recording a turnover of HK$56.22 million. The catalyst behind the movement was the release of HCFCs/HFCs enterprise quotas for 2026. Huatai Securities noted that the HFCs quota policy demonstrates strong continuity, with mainstream products remaining under tight supply constraints. Coupled with high industry concentration, favorable competitive dynamics, and robust demand from household/automotive air conditioning sectors, HFCs are expected to maintain high growth momentum. Additionally, fluorochemical companies' PVDF and fluorinated fluid businesses may benefit from rising downstream demand in new energy and AI sectors. Ping An Securities highlighted that second-generation refrigerant quotas will be further reduced in 2025, while third-generation refrigerant quotas will see limited year-on-year growth. With supply-side constraints and steady demand driven by subsidies, along with sustained growth in home appliances and automotive sectors, the refrigerant supply-demand balance is improving. The firm recommends focusing on leading third-generation refrigerant producers.