基础化工行业周报：全球最大蓝氨工厂开建，万华15万吨改性功能塑料验收完成

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the basic chemical industry [4] Core Views - The global tire industry has vast potential, and domestic tire companies are rapidly developing, with key players like Sailun Tire, Sentury Tire, General Tire, and Linglong Tire being highlighted [1] - The consumer electronics sector is expected to recover, benefiting upstream material companies, particularly those in the panel industry chain such as Dongcai Technology, Sike, Lightechem, and Ruilian New Materials [2] - Industries with strong resilience and those experiencing inventory depletion leading to a bottom reversal are worth attention, including phosphorus chemicals, fluorine chemicals, and polyester filament [3] - As the economy improves and demand recovers, leading companies with scale and cost advantages, such as Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy, are expected to benefit significantly [6] - Supply disruptions in the vitamin market, particularly for vitamins A and E, are creating investment opportunities, with companies like Zhejiang Medicine and NHU being recommended [6] Market Performance - The chemical sector outperformed the broader market, with the CITIC Basic Chemical Index rising 1.89% and the Shenwan Chemical Index increasing 1.49% [1] - Top-performing sub-sectors included nylon (6.01%), coatings and pigments (5.06%), and other plastic products (4.95%), while underperformers included potash fertilizer (-1.71%) and titanium dioxide (-1.68%) [1] Key Industry Developments - The construction of the world's largest blue ammonia plant in Qatar, with an investment of 8.8 billion RMB, is set to produce 1.2 million tons of ammonia annually and capture 1.5 million tons of CO2, expected to start operations in Q2 2026 [1] - Wanhua Chemical completed the environmental protection acceptance for its 150,000-ton modified functional plastics project, with 94,000 tons of production capacity already operational, including modified PP, PC, and PA [1] Investment Themes - Tire Industry: Domestic companies are gaining competitiveness globally, with growth potential in key players like Sailun Tire and Linglong Tire [1] - Consumer Electronics Recovery: Upstream material companies in the panel industry chain are poised to benefit from the recovery in consumer electronics demand [2] - Resilient and Rebounding Industries: Phosphorus and fluorine chemicals, along with polyester filament, are highlighted for their strong market positions and recovery potential [3] - Economic Recovery and Leading Companies: Large-scale chemical companies with cost advantages are expected to benefit from the economic recovery and rising demand [6] - Vitamin Supply Disruptions: Supply constraints in vitamins A and E are creating investment opportunities in companies like Zhejiang Medicine and NHU [6]