基础化工行业周报：《西部地区鼓励类产业目录》发布，己二酸价格价差双增

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The chemical sector is expected to continue its differentiated trend in 2024, with a recommendation to focus on synthetic biology, pesticides, chromatography media, sugar substitutes, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [2][5] - The arrival of synthetic biology is seen as a pivotal moment, with traditional chemical companies needing to adapt to energy costs and carbon taxes, potentially benefiting from green energy alternatives and integrated production [2][5] - The upcoming quota policy for refrigerants is anticipated to lead to a high prosperity cycle for third-generation refrigerants, with a stable demand growth driven by market expansions in Southeast Asia [2][5] - The electronic specialty gases market is characterized by high technical barriers and a fragmented domestic market, presenting significant opportunities for domestic companies to capture high-end production [5][10] - The trend towards light hydrocarbon chemicals is recognized as a global shift, with a focus on low-carbon feedstocks and the potential for revaluation of leading companies in this space [5][6] - The COC polymer industry is accelerating its domestic production, driven by the need for supply chain security and the shift of downstream industries to domestic sources [6] - The potassium fertilizer market is expected to rebound as major suppliers reduce production, leading to a tightening supply and increased prices [7][10] - The MDI market is characterized by oligopoly, with a favorable supply structure anticipated as demand recovers, making it a resilient chemical product through economic cycles [10] Summary by Sections Industry Review - The chemical sector's overall performance ranked 20th with a change of +1.94% during the week of December 2-6, 2024, underperforming the Shanghai Composite Index by 0.40 percentage points [2][31] - The top-performing sub-sectors included viscose (+9.69%), carbon black (+8.27%), and chlor-alkali (+6.20%) [31][33] Supply Side Tracking - A total of 143 chemical enterprises had their production capacities affected, with 8 new entries this week, including 4 new maintenance and 4 restarts [11] Key Companies to Watch - Focus on leading companies in synthetic biology such as Kasei Bio and Huaheng Bio, as well as in the refrigerant sector like Juhua Co., Sanmei Co., and Haohua Technology [2][5] - In the electronic specialty gases market, companies like Jinhong Gas, Huat Gas, and China Shipbuilding Gas are recommended for their potential in domestic production [5] - For light hydrocarbon chemicals, attention is drawn to Satellite Chemical [5][6] - In the potassium fertilizer sector, companies such as Yaji International and Salt Lake Co. are highlighted for their market positions [7] - In the MDI market, Wanhua Chemical is noted for its significant capacity and market influence [10]