基础化工行业：涤纶长丝持续挺价，VD3市场价格上涨

Investment Rating - The industry investment rating is "Buy" [1]. Core Viewpoints - The SW basic chemical sector experienced a decline of 2.11% from June 17 to June 21, underperforming the Wind All A Index by 0.81 percentage points. The rubber additives, polyurethane, and carbon black sectors performed poorly, while viscose showed better performance [7]. - Supply constraints are evident due to the "dual carbon" initiative, leading to reduced capital expenditure in upstream energy and high global oil prices. Resource-based industries like titanium and phosphate are facing supply-demand mismatches due to expansion cycles and demand release [7]. - New technologies in synthetic biology, overseas pesticide formulations, and electronic materials are expected to achieve breakthroughs, indicating potential growth areas [7]. - The chemical industry is at a historical low in price spreads, and any marginal improvement in fundamentals could significantly boost product volume and price [7]. Summary by Sections 1. Overall Industry View - The basic chemical sector's performance is lagging behind the broader market, with specific sub-sectors showing significant declines [7]. - Supply constraints are impacting various sectors, with a focus on resource products and manufacturing [7]. 2. Key Sub-industry Information Tracking - MDI: Demand remains weak, with significant price drops observed. The production cost of pure MDI is 14,651 CNY/ton, down 0.39% week-on-week [10][9]. - TDI: The market is experiencing weak demand, with a market average price of 14,275 CNY/ton, down 1.45% from the previous week [10]. - Polyester filament: Prices are stabilizing, with POY, DTY, and FDY prices at 8,900, 9,135, and 7,850 CNY/ton respectively, showing slight increases [11]. 3. Data Tracking (1) Industry Trends - The basic chemical sector's decline of 2.11% indicates underperformance compared to the broader market [14]. (2) Macro Data - Various macroeconomic indicators are being monitored, including industrial value-added growth and price indices [21]. (3) Downstream Data - Downstream demand trends are being analyzed, particularly in relation to inventory levels and production rates [21]. (4) Price and Price Spread Volatility - A total of 336 tracked chemical products showed 24% price increases, 44% stable prices, and 32% declines, indicating a general downward trend in chemical prices [26].