基础化工行业周报（20240617-20240623）：制冷剂生产配额中期调整，看好行业景气上行

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [5][33]. Core Insights - The report highlights a positive outlook for the refrigerant sector, anticipating a rebalancing of supply and demand in the three generations of refrigerants, which is expected to lead to a sustained increase in price levels [5][33]. - The report identifies several key sectors for investment, including refrigerants, chemical fibers, coal chemicals, tires, and agricultural chemicals, recommending specific companies within these sectors [5][33]. Market Trends - Over the past week, the basic chemical index decreased by 1.87%, underperforming the CSI 300 index by 0.57 percentage points, ranking 16th among all sectors [3][12]. - The top-performing sub-industries included viscose (9.24%), compound fertilizer (2.38%), and non-metallic materials (2.00%), while the worst performers were rubber additives (-4.71%), membrane materials (-4.70%), and other chemical fibers (-3.95%) [3][12]. Chemical Price Trends - The top five products with the highest weekly price increases were PVC (7.05%), sulfuric acid (6.13%), cotton short staple (5.80%), international urea (5.13%), and international butadiene (5.00%) [17][18]. - Conversely, the top five products with the largest weekly price declines included liquid nitrogen (-25.80%), diethanolamine (-6.25%), light soda ash (-5.81%), maleic anhydride (-5.63%), and hydrochloric acid (-5.52%) [19][17]. Key Company Dynamics - The report notes that the Ministry of Ecology and Environment announced adjustments to the production quotas for hydrochlorofluorocarbons and hydrofluorocarbons, which may optimize industry costs and improve production efficiency [4]. - Companies such as Wanhua Chemical and Hualu Hengsheng are highlighted for their recent expansions and investments, which are expected to enhance their competitive positions in the market [30][31]. Investment Recommendations - The report suggests focusing on the refrigerant sector, with specific attention to companies like Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [5][33]. - Other recommended sectors include chemical fibers (Huafeng Chemical, Xin Fengming, Taihe New Materials), coal chemicals (Hualu Hengsheng, Luxi Chemical, Baofeng Energy), tire manufacturers (Sailun Tire, Senqilin, Linglong Tire), and agricultural chemicals (Yayi International, Salt Lake Industry, Xingfa Group) [5][33].