基础化工行业周报：巴斯夫推迟VE、VA复产时间，液化空气集团在华两套电气化空气分离装置投产

Investment Rating - The report maintains a positive outlook on the chemical industry, indicating that leading companies have significant elasticity and are expected to benefit from economic recovery and demand resurgence [5]. Core Insights - BASF has postponed the resumption of production for VE and VA, with vitamin A expected to restart in April 2025 and vitamin E in July 2025 [3]. - Air Liquide has launched two electrified air separation units in Tianjin, which will reduce CO2 emissions by 370,000 tons annually [3]. - The tire sector shows strong competitiveness among domestic companies, with recommended stocks including Sailun Tire, Senqcia, General Motors, and Linglong Tire [3]. - The consumer electronics sector is anticipated to gradually recover, benefiting upstream material companies, with key players suggested for investment [4]. - The phosphorous chemical sector is tightening due to environmental regulations and increasing demand from the new energy sector, with recommended stocks including Yuntianhua and Chuanheng [4]. - The fluorochemical sector is expected to stabilize due to reduced production quotas for second-generation refrigerants, with recommended stocks including Jingshi Resources and Juhua [4]. - The polyester filament sector is recovering as inventory levels decrease, with recommended stocks including Tongkun and Xin Fengming [4]. - Leading companies in the chemical industry are expected to benefit from economic recovery and price rebounds, with recommended stocks including Wanhua Chemical and Hualu Hengsheng [5]. Summary by Sections Chemical Sector Market Review - The Shanghai Composite Index rose by 1.36%, the ChiNext Index by 4.49%, and the CSI 300 by 0.98%, while the CITIC Basic Chemical Index increased by 1.78% [11]. - The top five performing sub-sectors included electronic chemicals (8.99%), coatings and inks (7.31%), rubber additives (7.28%), membrane materials (6.1%), and other chemical raw materials (4.93%) [13][11]. - The bottom five performing sub-sectors included tires (-2.37%), synthetic resins (-1.6%), organic silicon (-1.18%), nylon (-0.82%), and titanium dioxide (-0.77%) [13][11]. Key Sub-sector Market Review - In the tire sector, domestic companies are showing strong competitiveness, with a recommendation to focus on specific stocks [3]. - The consumer electronics sector is expected to recover, benefiting upstream material companies, with specific stocks highlighted for investment [4]. - The phosphorous chemical sector is tightening due to supply constraints and increasing demand, with recommended stocks [4]. - The fluorochemical sector is stabilizing, with recommended stocks due to high demand for fluorinated products [4]. - The polyester filament sector is recovering as inventory levels decrease, with specific stocks recommended [4]. Important Company Announcements - BASF announced delays in the production of certain vitamins due to unforeseen circumstances, impacting current market supply [3]. - Air Liquide's new project in Tianjin represents a significant step towards modernization and carbon footprint reduction in air separation technology [3]. - Companies like Yuntianhua and Chuanheng are highlighted for their strong positions in the phosphorous chemical sector [4].