基础化工行业周报：甲基丙烯酸甲酯、丁二醇价格上涨，万润股份、德邦科技、京东方拟设立合资公司

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Views - The global chemical industry is currently experiencing a bottoming out phase, with European chemical production costs being the highest globally. Due to rising costs and aging equipment, there are signs of accelerated capacity exit in Europe. Meanwhile, domestic capacity additions are reaching a peak, and future capital expenditures are expected to decline [2]. - Domestic demand is anticipated to continue recovering, supported by fiscal policies aimed at promoting high-quality economic development. Key measures include increasing debt limits to support local debt resolution, issuing special government bonds to bolster core capital for state-owned banks, and enhancing support for key groups [2]. - Chinese leading companies have solidified their cost and efficiency advantages and are in a phase of market share expansion, which is expected to drive performance positively. The report highlights four major investment opportunities in the chemical sector [2][4]. Summary by Sections 1. Core Tracking of Key Companies - The report emphasizes the importance of tracking leading companies in various sub-sectors, including low-cost expansion and sectors benefiting from rising demand [3][4]. 2. Market Observation - The report notes that the chemical industry is experiencing a long-term upward trend in demand, particularly in sectors such as tires, refrigerants, and polyester filament [3]. 3. Data Tracking - Recent price movements include an increase in the price of methyl methacrylate (MMA) to 12,250 CNY/ton (+5.15% week-on-week) and butanediol (BDO) to 7,500 CNY/ton (+4.17% week-on-week) [6][8]. 4. Key Stocks to Watch - The report lists several companies with strong performance indicators, including Wanhua Chemical, Linglong Tire, and others, highlighting their recent financial results and stock performance [9][12]. 5. Investment Discussion - The report suggests that the long-term growth potential of the chemical industry justifies a "Recommended" rating, with a focus on high-dividend state-owned enterprises as attractive investment opportunities [4][15].