Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - The "Consumption Boost Action Plan" is expected to drive demand growth for related products, particularly in real estate, childcare, and daily consumer goods [1] - The refrigerant market is entering a demand peak, with prices for major refrigerants showing an upward trend due to supply concerns and increased domestic consumption [2][3] - The report suggests focusing on companies such as Juhua Co., Ltd., Sanmei Co., and Yonghe Co. in the refrigerant sector, and Tongyi Zhong in the ultra-high molecular weight polyethylene (UHMWPE) sector [3] Summary by Sections 1. Key Industry and Product Tracking - The "Consumption Boost Action Plan" aims to enhance domestic demand across various sectors, including real estate-related products like refrigerants and coatings, childcare products like adhesive for diapers, and daily consumer goods such as textiles and food additives [1] - Refrigerant prices are rising, with R142b priced at 27,000 CNY/ton (up 2,000 CNY/ton), R22 at 35,750 CNY/ton (up 250 CNY/ton), and R134a at 45,500 CNY/ton (up 500 CNY/ton) as of March 16 [2][3] 2. Detailed Product Price Tracking - Among 58 monitored products, notable price increases include calcium carbide (up 3.05%), palm oil (up 2.54%), and Brent crude oil (up 2.38%), while significant declines were seen in acrylic acid (down 8.03%) and vitamin E (down 5.51%) [11] - The report highlights that MDI prices are declining due to weak demand, with the average price for polymer MDI at 17,000 CNY/ton (down 750 CNY/ton) and pure MDI at 18,200 CNY/ton (down 400 CNY/ton) [15] 3. Agricultural Chemicals - Phosphate fertilizer prices are rising, with diammonium phosphate at 3,358 CNY/ton (up 20 CNY/ton) and monoammonium phosphate at 3,316 CNY/ton [20] - Glyphosate prices remain stable at 22,909 CNY/ton, with a weekly production of 10,400 tons [17] 4. Fluorochemical Sector - R22 and R134a prices are increasing, driven by rising export orders and domestic consumption incentives, with R22 at 35,750 CNY/ton and R134a at 45,500 CNY/ton [27] - The supply concerns are exacerbated by quota reductions, leading to an improved supply-demand relationship [27]

2025 年 03 月 17 日 行业周报 看好/维持 医药 医药 太平洋医药日报（20250317）：Rytelo 在欧盟获批上市 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 医药 沪深300 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 报告摘要 市场表现： 2025 年 3 月 17 日，医药板块涨跌幅+0.02%，跑赢沪深 300 指数 0.26pct，涨跌幅居申万 31 个子行业第 20 名。各医药子行业中，其他生 物制品(+1.13%)、血液制品(+0.63%)、医疗耗材（+0.34%）表现居前，医 院（-1.28%)、线下药店(-1.04%)、医疗设备（-0.53%)表现居后。个股方 面，日涨幅榜前 3 位分别为金城医药(+11.53%)、荣昌生物(+11.09%)、东 方海洋(+10.17%)；跌幅榜前 3 位 ...

2025 年 03 月 18 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250317)：三星 SDI 计划建设全固态电池生产线 ◼ 推荐公司及评级 相关研究报告 报告摘要 今日市场行情速览：上证指数（+0.19%）；深证综指（+0.14%）；创业板综 （+0.05%）；科创 50（-0.45%）；沪深 300（-0.24%） << 太 平 洋 电 子 周 报 20250310- 20250314：台达将于 GTC 展出锂离子 超级电容方案>>--2025-03-16 <<太平洋电子日报(20250313)首款 搭载原生鸿蒙正式版手机预计于 3月 20 日发布>>--2025-03-14 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 今日 SW 电子板块行情：品牌消费电子（-0.59%）；被动元件（ ...

2025 年 03 月 17 日 投资策略 估值与盈利周观察——3 月第二期 ◼ 上证综合指数走势（近三年） 20% (20%) (12%) (4%) 4% 12% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 全 A ERP：ERP 小幅下降，处于一倍标准差附近。 指数 PEG & PB-ROE: 红利 PEG 值最小，科创 50 风格 PB-ROE 值最小。 大类行业估值：原材料、设备制造、工业服务、交通运输、消费、科 技历史估值皆处于 50%以下，金融地产估值高于 50%历史分位。 一级行业估值：各行业估值处于近一年高位，非银、煤炭、石化、公 用事业、农林牧渔估值处于近一年低位。 热门概念：科技板块热度较高，科技板块热度较高，先进封装、东数 西算、华为鸿蒙、云计算、机器人等概念处于估值三年历史较高分位。 盈利预期：各行业盈利预期普 ...

Investment Rating - The report maintains a positive outlook on the basic chemical industry, specifically highlighting electronic chemicals and UHMWPE fibers as key areas of focus [1]. Core Insights - The demand for electronic chemicals is driven by the AI boom, with a notable push for domestic high-end material localization in the semiconductor sector. Companies such as Lianrui New Materials, Tongcheng New Materials, Dinglong Co., and Jinhong Gas are recommended for attention [5]. - UHMWPE fibers are recognized for their superior mechanical properties and are increasingly used in military protection and emerging technologies like robotics. Companies such as Tongyi Zhong are suggested for further observation [5]. Summary by Sections 1. Key Industry and Product Tracking - Electronic Chemicals: The AI trend has reignited interest in domestic electronic chemical materials, with a focus on semiconductor materials and the urgent need for domestic high-end material substitution [3][5]. - UHMWPE Fibers: These fibers are utilized in lightweight materials and protective gear, with significant applications in military and robotics sectors. The technology for high-end UHMWPE fiber production in China has made notable progress [4][5]. 2. Price Tracking of Key Chemical New Materials - The report provides a detailed price tracking of various chemical products, indicating price increases in refrigerants and stability in EVA prices, with specific figures such as R134a at 45,500 yuan/ton, reflecting a 1.11% increase [12][13]. 3. Electronic Chemicals Industry Characteristics - The electronic chemicals sector is characterized by a wide variety of specialized products, high technical barriers, and rapid product updates, driven by advancements in downstream industries like 5G and AI [15][19][20]. 4. Market Size and Growth - The global semiconductor materials market grew from $46.5 billion in 2017 to $66.7 billion in 2023, with a CAGR of 6%. In China, the market expanded from 52.5 billion yuan to 95.1 billion yuan during the same period, achieving a CAGR of 10% [20][21][22]. 5. Emerging Technologies and Applications - The report highlights the growth of the humanoid robotics market, which reached 3.91 billion yuan in 2023, a year-on-year increase of 85.7%. PEEK materials are identified as crucial for humanoid robots due to their mechanical and thermal properties [32][33].

2025 年 03 月 17 日 (20%) (12%) (4%) 4% 12% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 相关研究报告 <<策略日报(2025.03.14)>>--2025- 03-14 <<策略日报(2025.03.13)>>--2025- 03-14 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 投资策略 策略日报（2025.03.17） ◼ 上证综合指数走势（近三年） 大类资产跟踪 债券市场：各期限利率债普跌，长端下跌大于长端。各期限利率债普 涨，长端涨幅大于短端。基本面上债市已完全计入降息预期，技术面 10 年期国债在触及半年线的技术支撑位后企稳，多头可在控制风险的同时可 尝试进行建仓。 股票市场：市场全天窄幅震荡，指数涨跌互现。从技术上来看，科技 板块的长线牛市并未结束，但短期内交易较为拥挤，容易呈现出暴涨暴跌 的走势，投资者可适当获利了结，关注红利、消费、医疗等低位股。 美 股：美政府关门危机解除，三大股市大幅反弹，纳指与标普 500 涨超 2%。 ...

2025 年 03 月 17 日 投资策略 流动性与仓位周观察——3 月第二期 ◼ 上证综合指数走势（近三年） (20%) (12%) (4%) 4% 12% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 流动性转强，交投活跃度下降。上周全 A 成交额 8.3 万亿，较前一周 下降，换手率 8.75%，较前一周下降，融资供给端中基金、两融、ETF 净 流入；资金需求端 IPO 规模为 21.75 亿元，再融资规模 134.37 亿元。市 场资金合计净流入 139.83 亿元，流动性转强。 国内流动性：上周公开市场操作净回笼资金 2517 亿元，DR007 上升， R007 同步上升，R007 与 DR007 利差扩大，金融机构间流动性未见明显分 层。利差来看，10 年期国债收益率上升 5bp，1 年期国债收益率上升 4bp， 国 ...

2025 年 03 月 17 日 行业周报 中性/首次 钢铁 钢铁 太平洋钢铁日报（20250317）煤钢焦产业链数字化持续升级 ◼ 走势比较 相关研究报告 <<钢铁行业日报（20250314）发改委 持续实施粗钢产量调控>>--2025- 03-15 证券分析师：张庚尧 电话： E-MAIL：zhanggy@tpyzq.com 分析师登记编号：S1190521010002 报告摘要 市场行情： 2025 年 3 月 17 日，今日钢铁行业相关板块涨跌幅度较小，上证指数 （+0.19%）；深证成指（+0.19%）；创业板指（-0.52%）；科创 50（-0.45%） 沪深 300（+0.24%）。 (30%) (20%) (10%) 0% 10% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 ◼ 子行业评级 | 普钢 | 无评级 | | --- | --- | | 其他钢铁 | 无评级 | | 特材 | 无评级 | ◼ 推荐公司及评级 个股表现： 钢铁行业个股涨幅前三名为：华达新材（+2.02%）；常宝股份（+1.88%）； 贵绳股份（+1.83%） ...

2025 年 03 月 17 日 行业点评报告 看好/维持 机械 机械 1+2 月非挖产品内销同比显著改善，出口整体继续向上 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liugq@tpyzq.com 分析师登记编号：S1190517040001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 [Table_Summary] 事件：近日，中国工程机械工业协会发布 2025 年 2 月工程机械行 业主要产品销售快报二。 前两月非挖出口整体来看，同比继续向上，其中，1）起重机械： 汽车起重机 1+2 月合计销售 1409 台，同比增长 4.84%；随车起重 机 1+2 月合计销售 625 台，同比下降 21.19%；履带起重机 1+ ...

(20%) (12%) (4%) 4% 12% 20% 24/3/18 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 相关研究报告 证券分析师：白竣天 E-MAIL：baijt@tpyzq.com 分析师登记编号：S1190522110001 证券分析师：王亮 2025 年 03 月 17 日 行业周报 看好/首次 石油石化 石化周报（3/10-3/17）：海外天然气价格明显增长 ◼ 走势比较 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 报告摘要 受拉尼娜及欧美天然气消费量增长影响，天然气价格反季节上 涨。2025 年以来欧盟天然气消费量同比增长 38.66%，欧盟天然气库存 同比下降 39.27%，并且 2025 年以来美国天然气表观消费量也同比增 长 18.5%，使得美国和欧洲天然气价格明显增长。本周国内 LNG 出厂 价格指数为 4557 元/吨，比上周下降 3.06%，比去年同期增长 8.68%。 本周 NYMEX 天然气期货价格为 4.09 美元/百万英热单位，比上周下降 1.82%，比去年同期大幅增长 133.26 ...