基础化工行业周报：东曹计划扩产HDI，心连心聚甲醛项目投产

Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting that leading companies with scale and cost advantages will benefit significantly from demand recovery and price stabilization [4][5]. Core Insights - The chemical sector has shown resilience with the overall market indices rising, including a 2.33% increase in the Shanghai Composite Index and a 1.26% increase in the CITIC Basic Chemical Index [16][18]. - Key developments include Tosoh's plan to expand HDI production capacity by 50% and Xinjiang Xinlianxin's successful trial production of a 60,000-ton formaldehyde project, indicating growth in high-performance chemical materials [2][3]. - Investment themes highlight strong domestic competitiveness in the tire sector, potential recovery in consumer electronics, and opportunities in resilient cyclical industries like phosphate and fluorine chemicals [3][5]. Market Performance Overview - The chemical sector's performance this week saw notable gains in sub-industries such as viscose (7.38%) and chlor-alkali (6.14%), while phosphate and potassium fertilizers experienced declines [18][20]. - The top-performing stocks in the chemical sector included Qianjiang Biochemical (50%) and Guanghua Technology (30.18%), reflecting strong investor interest [20][24]. Sub-Industry Highlights - Tires: The domestic tire industry shows strong growth potential, with recommendations to focus on companies like Sailun Tire and Linglong Tire due to their competitive advantages [2]. - Phosphate Chemicals: The supply constraints due to environmental policies and increasing demand from the new energy sector are expected to tighten the supply-demand balance, making companies like Yuntianhua and Chuanheng Holdings attractive [3]. - Fluorine Chemicals: The reduction in production quotas for second-generation refrigerants is stabilizing profitability, with companies like Juhua and Jincheng Fluorine Material recommended for investment [3]. Key Announcements - Notable announcements include the suspension of trading for Guofeng New Materials due to asset acquisition plans and the investment progress of Lubao Chemical in titanium resources [25][27]. - The report also highlights the completion of a high-end personal care product project by Kesi Co., which has been delayed to December 2025 [28].