$COSCO SHIP ENGY(01138.HK) has risen nearly 20%, and $DONGYUE GROUP(00189.HK) has gained nine percentage points. Both are cyclical stocks ignited by price prosperity, but the ignition sources are different.

$COSCO SHIP ENGY(01138.HK) is following the oil shipping supercycle—VLCC freight rates have been running high this year, with geopolitical risk premiums in the Middle East occasionally adding fuel, directly impacting the stock prices of these pure tanker plays through freight rate elasticity. However, there wasn't a new piece of data on soaring freight rates today; it seems more like another round of heating up due to the cycle combined with geopolitical sentiment. The sustainability of this magnitude still depends on whether the subsequent VLCC daily charter rates can hold.

$DONGYUE GROUP(00189.HK) is about refrigerants. The prices of third-generation refrigerants have been rising during the final window of quota tightening, with varieties like R32 hitting decade-highs for the same period. Low inventory during the peak season adds another boost, and expectations of gross margin improvement are being repriced. The commonality between the two is supply constraints coupled with rising prices, with the difference being that freight rates are a daily variable, while refrigerants move on a quarterly scale.