金吾财讯 | 东岳集团(00189)股价向好，截至发稿，报8.38港元，涨幅3.84%，成交额1.71亿港元。德邦证券发布研报称，受年末生产配额余量不足等因素影响，2024年12月国内制冷剂企业开工低位，大规模停产检修情况普遍，主流生产企业配额库存低位，对制冷剂价格上涨形成支撑。同时近期印度GFL装置突发事故引发装置停车，或对R32外贸市场价格带来进一步利好支撑。
该行认为，本轮R32配额的增发系考虑到2025年HCFCs配额削减缺口及下游空调等消费强劲所致，同时新增配额也能在一定程度上降低环保部临时配额的突发性风险。在供给侧强约束的背景下，看好制冷剂长周期景气延续。
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