As refrigerant enters the quota supervision stage, the effective supply of the industry shifts from capacity to quota, the oversupply state of the industry is significantly improved, and the supply and demand pattern changes substantially. Since the fourth quarter of 2023, the price of third-generation refrigerants has recovered significantly. From the perspective of supply and demand, the official implementation of the quota of the third generation refrigerant in 2024 limits the production of the third generation refrigerant, while the downstream of the refrigerant is mainly household air conditioners, automobiles, etc. The demand is rigid and stable growth, and the supply and demand are in a tight balance.

  Under the background of strong supply constraints and rigid demand, the supply and demand pattern of refrigerant continues to optimize and enter the boom upward cycle.