基础化工行业周报：维生素价格持续上涨，旺季涨价行情或再演绎

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, focusing on companies with resilient performance, significant cost advantages, and the ability to expand against the trend [4][43]. Core Viewpoints - The report highlights that the end of the Third Plenary Session is expected to boost confidence, with a positive outlook on resilient performance and cost advantages in specific leading sub-sectors of the industry. Despite pressures in the new materials sector in 2024, certain sub-industry leaders with high barriers to entry are still viewed positively [3][4]. Market Performance and Price Tracking - During the week of August 5-9, the Shanghai Composite Index rose by 1.48%, while the ChiNext Index fell by 2.60%. The basic chemical index decreased by 1.28%, ranking 15th among 30 sectors. Notable price increases included NYMEX natural gas (+53.59%) and Vitamin A (+27.27%) [4][37]. - The report notes that the explosion at BASF's Ludwigshafen facility in Germany has led to sustained price increases for Vitamin A and E, with potential for further price elasticity due to supply constraints [4][43]. Investment Recommendations - The report recommends several companies, including Wanhua Chemical, Hualu Hengsheng, and Jianghuai Chemical, among others, as beneficiaries of the current market dynamics. It emphasizes focusing on sectors like MDI, coal chemical, spandex, and titanium dioxide [4][43][44]. Key Company Tracking - Wanhua Chemical's MDI price gap has increased, with pure MDI prices at 16,478 RMB/ton, reflecting a weekly increase of 1.60% and a monthly increase of 5.56% [46]. - Hualu Hengsheng's first phase of the Jingzhou project has been successfully launched, with the second phase under construction [48]. - Juhua Co. has seen significant growth in Q2 2024, driven by rising prices of refrigerants, with a projected EPS of 0.95 RMB for 2024 [49][50]. Sub-Industry Insights - The new materials sector is expected to see growth in sub-industries with high technological or channel barriers, such as adsorption resins and nano-silica [55]. - The agrochemical sector is witnessing improved demand for glyphosate, with prices stabilizing after a period of decline, while the fertilizer sector is benefiting from increased export demand [56].