基础化工行业周报：各级政府陆续发布低空经济刺激政策，碳纤维材料及设备将获提振

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [7]. Core Insights - The low-altitude economy is expected to stimulate demand for carbon fiber materials and equipment, driven by government policies [2][25]. - Carbon fiber prices have stabilized, with a current price of 85 RMB/kg, and the industry is seeing a gradual recovery in operating rates [3][30]. - Domestic carbon fiber production is projected to increase due to rising demand from the low-altitude economy and aerospace sectors [32][33]. Summary by Sections Government Policies - Various levels of government have released action plans to promote the low-altitude economy, which is anticipated to create new opportunities for carbon fiber [2][25]. - The "Action Plan" issued by the Central Committee and the State Council emphasizes the encouragement of logistics models integrating low-altitude economy technologies [25]. Carbon Fiber Market Dynamics - Carbon fiber prices have shown signs of stabilization after a period of decline, with the current price holding steady since August 2024 [3][30]. - The operating rate of the domestic carbon fiber industry reached 50.9% in November 2024, reflecting a year-on-year increase of 7.0 percentage points [32]. - The monthly production of carbon fiber in November 2024 was approximately 5,459 tons, marking a year-on-year growth of about 30.6% [32]. Investment Recommendations - The report suggests focusing on leading manufacturers in the carbon fiber sector, such as Jilin Chemical Fiber, Jilin Carbon Valley, and Zhongfu Shenying, which are expected to benefit from the recovery in demand [3][4]. - In the carbon fiber equipment segment, attention is drawn to Jinggong Technology, which has achieved significant market share in domestic carbon fiber production lines [4]. Market Performance - The basic chemical sector has shown positive performance, with a 1.9% increase in the CITIC basic chemical index over the past week [5][14]. - Notable sub-sectors that performed well include nylon and coatings, while carbon fiber experienced a decline of 6.6% [5][14].