Dongyue Group (00189) has surged nearly 9% again, with a cumulative year-to-date increase exceeding 50%. As of the time of writing, the stock rose 8.38% to HK$16.43, with a turnover of HK$1.183 billion.

On the news front, the European Union and the United States are considering slowing the phase-down schedule for HFCs refrigerants. The UK's largest refrigeration and air conditioning wholesaler announced a 60% price increase for R410A refrigerant; the UK's Department for Environment, Food and Rural Affairs has postponed its proposed steps for phasing down fluorinated gases; and the U.S. Environmental Protection Agency has finalized revisions to the "2023 Technology Transition Rule," extending the compliance period for third-generation refrigerants and relaxing related usage restrictions.

Kaiyuan Securities points out that the previously overly stringent and aggressive HFCs phase-down plans in Europe and the U.S., slower-than-expected progress in HFO alternatives, tight international supply and local inventories, combined with the arrival of peak season demand, have triggered significant price hikes for refrigerants overseas and prompted the relaxation of HFCs compliance deadlines. This effectively extends the lifecycle of HFCs. The analysis suggests that the underlying reason is a supply shortage of high-GWP HFCs refrigerants in Europe and the U.S., necessitating policy adjustments to ensure domestic demand. This directly demonstrates the strong demand for HFCs refrigerants and the difficulty of rapidly replacing them. With robust demand, insufficient inventories, and rising prices, a global restocking trend for refrigerants may be in the making.