Dongguan Securities Research Report pointed out that recently, the Ministry of Ecology and Environment of China has issued the "Quota Setting and Allocation Plan for Consumption of Ozone Depleting Substances in 2025 (Draft for Comments)" and the "Quota Setting and Allocation Plan for Hydrofluorocarbons in 2025 (Draft for Comments)". The draft for comments on the quota setting and allocation plan for the third generation refrigerants in 2025 not only maintains the continuity and stability of the policies, but also considers the industry's development needs and the security of the industry chain and supply chain, and increases the quota for varieties with increasing demand. The quota for the production of second generation refrigerants in 2025 will be acceleratedly reduced, with a reduction of 18% in the production quota for R22, but the short-term demand for air conditioner after-sales is expected to remain stable, which is conducive to the increase in R22 prices. Stocks to watch: Zhejiang Juhua, Zhejiang Sanmei Chemical Industry.