基础化工行业周报：关注生物柴油相关投资机会

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The cancellation of export tax rebates for UCO (Used Cooking Oil) is expected to weaken exports and disrupt the low-quality competition cycle within the industry. This change may lead domestic UCO companies to shift their focus towards domestic sales, breaking the reliance on export subsidies [6][9] - The domestic SAF (Sustainable Aviation Fuel) industry is accelerating, with several companies achieving significant milestones in product certification and production [9][32] Summary by Sections 1. Core Viewpoints - The cancellation of export tax rebates for UCO is anticipated to enhance raw material self-sufficiency and reduce costs for domestic producers, potentially improving the global competitiveness of China's biomass fuels [6][7] - The domestic SAF sector is witnessing rapid development, with multiple companies obtaining necessary certifications and producing compliant products [9][32] 2. Overall Performance of the Chemical Sector - The basic chemical industry index decreased by 0.6% during the week, outperforming the Shanghai Composite Index by 1.3 percentage points [4][37] - Year-to-date, the basic chemical industry index has declined by 2.5%, underperforming both the Shanghai Composite Index and the ChiNext Index [4][37] 3. Individual Stock Performance in the Chemical Sector - Among 426 stocks in the basic chemical sector, 195 stocks rose while 226 fell during the week. The top gainers included Zhuoyue New Energy (+61.5%) and Fospower Technology (+61.2%) [42] - The top decliners included Zhizheng Co., Ltd. (-16.1%) and Lingpai Technology (-15.0%) [42] 4. Key News and Company Announcements - The Ministry of Finance and the State Taxation Administration announced the cancellation of export tax rebates for certain chemical products, including UCO, effective December 1, 2024 [5] - The price of European SAF has increased significantly, indicating a rising demand for biofuels [5] 5. Product Price and Spread Analysis - The report highlights significant price fluctuations in various chemical products, with notable increases in vitamins and natural gas prices [10] 6. Investment Recommendations - The report suggests focusing on core assets that have entered a long-term value zone, as well as industries facing supply constraints that may see price elasticity [11][32]