基础化工行业周报：叶酸价格大幅上涨，古雷炼化一体化工程二期项目开工

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [4] Core Views - The report highlights significant price increases in folic acid, with a weekly rise of approximately 60%, driven by supply constraints and low inventory levels among distributors [1] - The commencement of the second phase of the Gule Refining and Chemical Integration Project, with a total investment of 71.1 billion yuan, is expected to enhance the industrial chain and promote high-end, intelligent, and green development in the petrochemical sector [1] - The report identifies several investment themes, including the competitiveness of domestic tire manufacturers, the potential recovery in consumer electronics, and the resilience of certain cyclical industries [2][3][5] Summary by Sections 1. Chemical Sector Market Review - The Shanghai Composite Index fell by 1.91%, while the basic chemical index decreased by 0.47% this week [16] - The top-performing sub-industries included viscose (up 8.81%) and membrane materials (up 4.6%), while the worst performers included nylon (-3.42%) and coatings (-3.29%) [18] 2. Key Industry Dynamics - Folic acid prices surged, with current market quotes rising to 380-400 yuan/kg, compared to 200 yuan/kg the previous week [1] - The Gule Refining and Chemical Integration Project is set to provide 5 million tons of raw materials annually upon completion in 2030 [1] 3. Investment Themes - Investment Theme 1: Domestic tire manufacturers are becoming increasingly competitive, with companies like Sailun Tire and Linglong Tire recommended for attention [5] - Investment Theme 2: The consumer electronics sector is expected to gradually recover, with upstream material companies like Dongcai Technology and Stik highlighted as potential beneficiaries [2] - Investment Theme 3: The phosphorous chemical industry is tightening due to environmental policies, with companies like Yuntianhua and Chuanheng Co. recommended [3] - Investment Theme 4: Leading chemical companies are expected to benefit from economic recovery and demand resurgence, with firms like Wanhua Chemical and Hualu Hengsheng suggested for investment [5] - Investment Theme 5: Supply disruptions in vitamin products, particularly vitamins A and E, are creating investment opportunities in companies like Zhejiang Medicine [5]