化工行业周报：海外维生素开工延期，制冷剂外贸景气上行，重点关注低估值高成长标的

Investment Rating - The report maintains a positive outlook on the chemical industry, highlighting undervalued high-growth targets [4][5]. Core Insights - The macroeconomic judgment for the chemical sector indicates a shift towards a looser supply-demand balance for crude oil, with expectations of prices around $70 per barrel in Q4 and $65 in 2025 [5][6]. - BASF's vitamin production has been delayed again, which is expected to tighten supply and positively impact the market in the short term [9]. - Export demand is recovering, leading to an increase in R32 foreign trade prices, suggesting a strong upward trend for refrigerant prices [10]. Summary by Sections Industry Dynamics - The report notes that crude oil supply is expected to increase, leading to a more relaxed supply-demand situation globally, with coal prices projected to decline in the medium to long term [5][6]. - The natural gas market is experiencing bottom fluctuations, while overall energy prices are expected to remain above the central level [5][6]. Vitamin Sector - BASF has announced further delays in the production of vitamins VA and VE, now expected to resume in April and July 2025, respectively, which may tighten supply in the industry [9]. Refrigerant Market - R32 foreign trade prices have risen by approximately 3000 RMB/ton, with prices now exceeding 40,000 RMB/ton, indicating a strong upward trend in refrigerant prices [10]. Chemical Sector Configuration - The report suggests focusing on traditional cyclical stocks and specific companies within the chemical sector, including Wanhua Chemical and Hualu Hengsheng, among others [5]. MDI Market - The MDI market is entering a peak demand season, with prices for both polymer and pure MDI showing slight increases, indicating a strong market outlook [5][10].