基础化工行业研究周报：继续关注价值方向，静待政策催化

Investment Rating - Buy (Maintain Rating) [1] Core Views - The chemical market is under pressure due to concerns over supply and demand, particularly with the recent drop in oil prices impacting related stocks [2][3] - The price of chlorinated sugar has increased from 150,000 CNY/ton to 170,000 CNY/ton, indicating potential for further price increases [2] - The glyphosate market is experiencing price hikes due to rising raw material costs and recovering demand in the global pesticide industry [3] - The report suggests focusing on companies with stable core business performance and a safety margin in valuation [2] Market Overview - The Shenwan Chemical Index fell by 2.62%, outperforming the CSI 300 Index by 0.99% [2] - Brent crude oil averaged 73.54 USD/barrel, down 7.69% from the previous week [7] - The chemical sector showed mixed performance, with the composite fertilizer sector gaining 0.52% while other chemical raw materials saw declines [8] Key Events - Apple and Huawei are set to hold significant product launch events on September 10, which may impact the domestic smartphone market [3] - The glyphosate market is seeing price increases of 5%-10% due to rising costs of raw materials [3] - The Shanghai government has announced incentives for consumers to replace old vehicles and appliances, which may boost demand in related sectors [3] Price Movements - The average price of DAP (Diammonium Phosphate) is 3,930 CNY/ton, with a historical percentile of 69.47% [13] - The price of titanium dioxide is 15,900 CNY/ton, with a historical percentile of 66.98% [13] - The market for MDI (Methylene Diphenyl Diisocyanate) has seen significant price increases, with current prices at 17,900 CNY/ton, up 3.47% from last week [22]