基础化工行业周报（20241202-20241208）：国内半导体产业再遇美国制裁，国产化进程有望进一步加快

Industry Investment Rating - The report maintains an "Overweight" rating on the basic chemicals industry [6] Core Views - The US Department of Commerce has added 140 Chinese companies to the Entity List, including semiconductor equipment and material companies, which is expected to accelerate the domestic substitution process in China's semiconductor industry [2] - Global semiconductor sales rebounded in 2024, with a 19.9% YoY increase in the first nine months, driven by AI and automotive chips, and the industry is expected to exceed $1 trillion by 2030 [3] - The domestic semiconductor industry is expected to see accelerated localization in materials, equipment, and processes, which will enhance the investment value of leading companies in the sector [2] Market Performance - Over the past five trading days, the Shanghai Composite Index rose by 2.33%, while the Shenzhen Component Index and the ChiNext Index increased by 1.69% and 1.94%, respectively [4] - The CITIC Basic Chemicals sector rose by 1.3%, ranking 26th among all sectors, with top-performing sub-sectors including viscose (+7.4%) and chlor-alkali (+6.1%) [4] - Notable stock performers in the basic chemicals sector included Guanghua Technology (+30.18%) and Hongchang Electronics (+25.98%) [17] Key Product Price Trends - Prices of key chemical products such as dichloromethane (+5.72%) and fluorinated aluminum (+5.54%) saw significant increases over the past week [21] - Products with notable price declines included high-temperature coal tar (-5.33%) and octanol (-3.41%) [22] Sub-Sector Dynamics - The polyester filament market experienced price fluctuations due to rising international oil prices and weakening downstream demand [25] - The domestic MDI market saw a slight decline due to reduced demand during the traditional off-season and a decrease in export orders [25] - The titanium dioxide market entered a seasonal downturn, with inventory accumulation and price adjustments in the supply chain [25] Investment Recommendations - Focus on upstream oil and gas companies such as PetroChina, Sinopec, and CNOOC [5] - Pay attention to undervalued chemical industry leaders like Wanhua Chemical, Hualu Hengsheng, and Yangnong Chemical [5] - Monitor the semiconductor materials, OLED industry chain, and new energy materials sectors, including carbon fiber, lithium battery materials, and photovoltaic materials [5]