有机硅、MDI价格上行，光刻材料龙头上市

Market Performance - The basic chemical index decreased by 7.47% from November 15 to November 21, underperforming the CSI 300 index, which fell by 3.77%, by 3.70 percentage points, ranking 29th among all sectors [1][2] - The top-performing sub-industries included rubber additives (3.34%), while potassium fertilizer (-3.30%), carbon black (-3.97%), membrane materials (-4.30%), and synthetic resin (-5.60%) showed significant declines [1][2] Chemical Price Trends - The top five products with the highest weekly price increases were hydrochloric acid (Jiangsu) at 33.33%, international sulfur at 13.41%, battery-grade lithium carbonate at 7.59%, industrial-grade lithium carbonate at 7.47%, and dimethylcyclosiloxane (DMC) at 5.60% [3] - The products with the largest price drops included liquid chlorine (-98.00%), hydrochloric acid (Shandong) at -41.67%, concentrated nitric acid (Jinhe Industrial) at -9.09%, concentrated nitric acid (Hangzhou Longshan) at -6.67%, and acetic anhydride at -4.88% [3] Industry Dynamics - The price of organic silicon continued to rise, with DMC in East China reaching 13,200 yuan/ton, a 5.60% increase from the previous week and a 20.00% increase for the month [4] - MDI prices also increased, with pure MDI in East China priced at 19,700 yuan/ton, up 1.55% week-on-week and 7.07% for the month [4] - Supply constraints are expected due to maintenance shutdowns at major MDI production facilities, leading to a significant decrease in industry operating rates and tight market conditions [4] Company Developments - Xiamen Hengkang New Materials Technology Co., Ltd. went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 18, transitioning into the photolithography materials and precursor materials sector [5] - The company has achieved mass production of various photolithography materials and is in the customer validation process for additional products [5] Investment Recommendations - Current investment focus includes the refrigerant sector, with potential price increases expected as the supply-demand balance improves [6] - Other sectors of interest include chemical fibers, high-quality chemical companies, tire manufacturers, and agricultural chemicals, with specific companies highlighted for potential investment [6]