基础化工行业周报：关注制冷剂、维生素等涨价品种

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [1] Core Viewpoints - The report highlights the price increases of refrigerants, vitamins, and food additives, indicating a positive demand outlook and quota implementation for refrigerants [1][4][34] - The basic chemical sector has underperformed the market, with the industry index down 7.1% year-to-date, lagging behind the Shanghai Composite Index by 17.2 percentage points [3][27] Summary by Sections 1. Industry Performance - The basic chemical industry index increased by 1.0% during the week of October 14-18, 2024, underperforming both the Shanghai Composite Index (+1.4%) and the ChiNext Index (+4.5%) [3][27] - Year-to-date, the basic chemical industry index has decreased by 7.1%, significantly trailing the broader market indices [3][27] 2. Key Events and Company Announcements - Price increases were noted for refrigerants and vitamins, with R32 prices rising by 1,000 CNY domestically and 3,000 CNY for exports, reaching over 40,000 CNY/ton [34] - Vitamin prices have shown a significant fluctuation, with Vitamin A and E prices experiencing a drop of 53.0% and 23.1% respectively from their peaks [5][34] 3. Demand and Supply Dynamics - Strong external demand and improving internal demand for refrigerants are expected to sustain industry growth, with global air conditioning shipments projected to reach 196 million units in 2024, a year-on-year increase of 10.75% [4][34] - The report anticipates that the new quota for R32 will mitigate sudden risks associated with temporary quotas, supporting a stable supply environment [4][34] 4. Investment Opportunities - The report suggests focusing on companies such as Sanmei Co., Juhua Co., Dongyue Group, and others in the refrigerant sector due to favorable market conditions [4][34] - For vitamins, companies like Zhejiang Medicine, New Hope Liuhe, and Nengte Technology are highlighted as potential beneficiaries of the expected price rebound [5][34] 5. Price Movements - The report lists the top price increases in chemical products, including liquid nitrogen (+9.5%) and epoxy resin (+6.1%), while noting significant declines in liquid chlorine (-54.5%) and Vitamin A (-27.9%) [6][34]