基础化工行业投资策略周报：香兰素反补贴税初裁落地，正丙醇、叶酸提价

Investment Rating - The industry rating for the basic chemical sector is "Buy" [2]. Core Insights - The basic chemical sector experienced a decline of 3.57% from November 11 to November 15, outperforming the Wind All A Index by 0.37 percentage points. Sub-sectors such as spandex, petrochemicals, and chlor-alkali showed better performance [18][30]. - The initial ruling on anti-subsidy duties for vanillin imports from China has been announced, with a preliminary tax rate of 27.33%. This is expected to benefit companies that have established overseas production facilities [2][18]. - The prices of certain chemicals, such as vitamin B9 (folic acid) and ferrous sulfate, have increased, while others like liquid chlorine and butadiene have seen significant price drops [2][18]. Summary by Sections 1. Overall Industry Perspective - The basic chemical sector is transitioning from supply constraints to supply optimization, influenced by high global oil prices and reduced capital expenditure in upstream energy [18]. - New policies regarding equipment updates and energy-saving measures are expected to create opportunities for supply-side optimization [18]. 2. Key Sub-sector Information Tracking - MDI market shows weak demand with manufacturers controlling supply. The overall operating rate is around 66.7% [21][24]. - TDI market remains weak with sufficient supply, and prices have decreased by 2.31% [24]. - Polyester filament market is under pressure with declining prices due to weak demand and high inventory levels [25]. 3. Data Tracking - The basic chemical sector's performance from November 11 to November 15 showed a decline of 3.57%, with spandex, petrochemicals, and chlor-alkali being the better-performing sub-sectors [30]. - Among 336 tracked chemical products, 20% saw price increases, 52% remained stable, and 28% experienced price declines [66]. 4. Price and Price Spread Fluctuations - Significant price increases were noted for vitamin B9 (folic acid), ferrous sulfate, and acrylonitrile, while products like liquid chlorine and butadiene saw substantial price decreases [66][82].