基础化工行业周报：国内政策超预期改善需求，海外油价修复化工品价差有望扩大

Investment Rating - The industry investment rating is "Overweight" [1]. Core Views - The chemical industry is expected to continue a trend of differentiated performance in 2024, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1][3]. - The arrival of a pivotal moment in synthetic biology is anticipated, driven by the adjustment of energy structures, which may disrupt fossil-based materials and favor low-energy products [1][3]. - The implementation of quota policies for refrigerants is expected to lead to a high-growth cycle for third-generation refrigerants, with a stable increase in demand due to market expansion [1][4]. - The electronic specialty gases market is characterized by high technical barriers and high added value, presenting significant domestic substitution opportunities [3][6]. - The trend of light hydrocarbon chemicals is becoming global, with a shift towards lighter raw materials in the olefin industry, which is expected to lead to a revaluation of leading companies in this sector [3][6]. - The industrialization process of COC polymers is accelerating, with domestic companies likely to break through supply bottlenecks and expand market space [3][6]. Summary by Sections Industry Review - The chemical sector's overall performance ranked 15th this week, with a gain of +9.13%, while the Shanghai Composite Index rose by +8.06% [1][13]. - The top-performing sub-sectors included coatings and inks (+12.67%), other plastic products (+12.40%), and synthetic resins (+12.00%) [15]. Supply Side Tracking - A total of 107 companies in the chemical industry had their production capacities affected this week, with 2 new maintenance cases and 7 restarts reported [7]. Key Companies to Watch - Recommended companies in synthetic biology include Kasei Bio and Huaheng Bio [1][3]. - In the refrigerant sector, companies like Juhua Co., Sanmei Co., and Haohua Technology are highlighted for their high quota shares [1][4]. - For electronic specialty gases, companies such as Jinhong Gas and Huate Gas are suggested for their potential in the domestic market [3][6]. - In the light hydrocarbon chemical sector, Satellite Chemical is recommended for its leading position [3][6]. - For COC polymer production, AkzoNobel is noted for its potential breakthroughs [3][6].