化工及新能源材料行业周报：氨纶中报披露完毕，华峰化学成本优势明显

Investment Rating - The industry investment rating is "Recommended" [2][11] Core Insights - The report highlights that the chemical product price index in China decreased by 0.68% last week, indicating a weak demand season with more price declines than increases. The performance of vitamins is mixed, with VA prices declining, VE stabilizing, and VK3 prices continuing to rise [2][5] - The mid-year reports for spandex have been disclosed, showing that Huafeng Chemical has a significant cost advantage. The spandex industry is currently experiencing low profitability, with the price of 40D spandex at 25,500 CNY/ton, down 16% year-on-year and 13% since the beginning of 2024. Huafeng Chemical, the largest listed company in the industry, has a production capacity of 325,000 tons and a gross margin of 14.97%, which is better than its competitors [2][5] - The report recommends focusing on three areas: leading companies with absolute cost advantages, sectors that have completed a round of capacity expansion with improved supply-demand dynamics (such as polyester filament and refrigerants), and niche industries with high technical barriers and recovering downstream demand (such as electronic chemicals) [2] Summary by Sections Industry Performance Analysis - From August 12 to August 16, 2024, the Shenwan Basic Chemical Index fell by 2.3%, while the Shanghai Composite Index rose by 0.60%, indicating that the industry index underperformed the broader market. The best-performing sectors included civil explosives, phosphate fertilizers, and compound fertilizers, while viscose, polyester, and polyurethane sectors performed poorly [4] - The civil explosives sector showed strong performance due to ongoing policy support for industry structure optimization and consolidation, with a reported revenue of 11.736 billion CNY from January to May 2024, a year-on-year increase of 0.75% [4] Price Trends and Market Dynamics - The report notes that the spandex industry is facing an influx of new capacity, with a total capacity of 1.35 million tons and an expected additional 400,000 tons by 2024-2025. Despite a 16% year-on-year increase in domestic consumption to 460,000 tons in the first half of 2024, the industry is currently at a low point in terms of profitability [5] - The report also tracks the price movements of various chemical products, indicating a general downward trend in prices during the demand off-season, with specific products like liquid chlorine and vitamin VA experiencing significant price changes [8][9]