On January 3, the Research Report from HTSC pointed out that Haohua Chemical Science& Technology Corp. (600378.SH), as a New Materials platform company under China National Chemical Corporation, is expected to highlight its long-term investment value against the backdrop of deepening State-owned Enterprise Reform. Benefiting from the upward trend in refrigerants, the company's performance is expected to improve on a quarter-on-quarter basis, raising performance expectations. It is believed that the current industry's expansion is nearing its end, and along with the recovery of downstream domestic and international terminal demand such as lithium batteries and electronics after 2025, prices are expected to steadily rise. Considering the contribution of blue sky refrigerant prosperity and the successive implementation of the company's key projects in the future, performance is still expected to have growth potential in 2025-2026. The rating is maintained as 'Buy'.