基础化工行业周报：本周液氯、维生素A价格涨幅居前，重视具备业绩韧性子行业

Investment Rating - The report rates the basic chemical industry as "Overweight" [3][5]. Core Viewpoints - The report emphasizes the resilience of performance in certain sub-industries, highlighting those with significant cost advantages and the ability to expand against the trend [5][6]. - It notes that while the overall market is experiencing a downturn, specific segments such as MDI, coal chemicals, spandex, and titanium dioxide are expected to perform well [6][47]. - The report suggests that the refrigerant industry has a high degree of certainty in its prosperity, with price trends remaining stable and supply constraints being a key factor [6][47]. Market Performance Summary - The Shanghai Composite Index experienced a decline of 3.07%, while the ChiNext Index fell by 3.82% during the week of July 22-26 [6][42]. - The basic chemical index (CI005006) also saw a decrease of 3.72%, ranking 23rd among 30 sectors [6][42]. - The top five price increases for the week included liquid chlorine (+18.18%) and sulfur (+5.88%) [6][42]. Investment Recommendations - The report recommends several companies for investment, including Wanhua Chemical, Hualu Hengsheng, and Jiangsu Yangnong Chemical, among others [6][48]. - It highlights the potential for growth in the new materials sector, particularly in sub-industries with high technological or channel barriers [5][61]. Sub-Industry Tracking - In the new materials sector, the report identifies growth potential in companies specializing in adsorption resins, silicon micropowder, and nano-silica [61]. - The agricultural chemicals sector shows signs of recovery, particularly in glyphosate demand, with expectations for price stabilization as supply improves [62][63].