DONGYUE GROUP (00189) saw its stock price surge more than 10%. As of writing, the share price has risen 10.48% to HKD 13.07, with a trading volume of HKD 233 million. The catalyst for the move is a report indicating former U.S. President Donald Trump plans to delay the phase-out requirements for refrigerants, specifically postponing the elimination process for hydrofluorocarbons (HFCs). A recent research note from First Shanghai pointed out that by April 2026, the core varieties of third-generation refrigerants had all exceeded CNY 60,000 per ton. Meanwhile, the price of the second-generation refrigerant R22 has shown a warming and upward trend with the arrival of the traditional peak season and the clearance of non-compliant production capacity. Regarding production capacity, upon completion and full operation of the company's under-construction 49,000-ton R32 project, DONGYUE GROUP's total R32 capacity will reach 120,000 tons. This is expected to completely resolve the previous issue of insufficient quota utilization due to equipment adaptation periods and fully secure the industry's quota premium. Although short-term export shipping has been slightly disrupted by geopolitical factors, the refrigerant sector's prosperity still maintains strong certainty under the medium-to-long-term logic of tight quota constraints.