基础化工行业：美联储开启降息周期，制冷剂供给端约束持续

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The basic chemical sector saw a slight increase of 0.21% from September 14 to September 20, underperforming the Wind All A Index by 0.27 percentage points. The worst-performing sub-industries included carbon black, compound fertilizers, food and feed additives, and potash, while titanium dioxide, oil and gas extraction, and polyurethane performed better [12][21]. - Chemical prices have generally declined, with 336 tracked products showing 54 rising, 187 stable, and 95 falling, indicating a significant drop in chemical prices overall. The top five products with price increases were liquid chlorine, isooctanol, n-butanol, Asian gasoline, and acetonitrile, while the largest declines were seen in aniline, vitamin H, PBS, CCFI index, and hexafluoropropylene [12][31][44]. - The Federal Reserve has initiated a rate-cutting cycle, reducing rates by 50 basis points in September, the first cut in over four years, which is expected to enhance market liquidity and support domestic demand assets and growth asset valuations [12]. - The 2025 refrigerant quota proposal has been released, indicating a significant reduction in production and usage quotas for HCFCs and HFCs, which will continue to constrain supply in the refrigerant market [12][20]. Summary by Sections Industry Overview - The basic chemical sector's performance was mixed, with notable declines in several sub-industries and better performance in others. The overall market dynamics are influenced by supply constraints and policy changes [12][21]. Key Sub-Industry Tracking - The sweetener market, particularly for sucralose and aspartame, is experiencing an upward trend in prices due to industry recovery and seasonal demand. Companies are taking measures to optimize supply and pricing strategies [2]. - The report suggests focusing on resource constraints and optimization opportunities in oil and gas, mining, and manufacturing sectors, as well as new technologies and materials that are emerging [2][12]. Data Tracking - The basic chemical sector's performance from September 14 to September 20 showed a 0.21% increase, underperforming the broader market index. The report highlights the significant price fluctuations across various chemical products, with a notable number experiencing price declines [21][31].