The Dongguan Securities Research Report pointed out that the third-generation refrigerant market is highly concentrated and the competitive pattern is good. The popularity of third-generation refrigerants has increased markedly since this year. On the one hand, due to the industry entering a quota freeze period this year, production of third-generation refrigerants is limited under the quota system, and the concentration level is high after the price war optimization in previous years; on the other hand, demand for downstream air conditioners and refrigerators is improving, driving the demand for refrigerants to rise. From the cost side, safety inspections in upstream fluorite mines are getting stricter, supply is tight, and a strong cost side is expected to continue to support the refrigerant boom. Optimistic about profit opportunities brought about by limited supply and high industry concentration after third-generation refrigerants enter the freeze period. It is recommended to pay attention to: Sanmei Co., Ltd., Juhua Co., Ltd.