基础化工行业周报：中央经济工作会议提出综合整治“内卷式”竞争，化工子行业供给端格局或迎来改善

Investment Rating - The investment rating for the basic chemical industry is "Positive" (maintained) [2] Core Viewpoints - The central economic work conference proposed comprehensive rectification of "involutionary" competition, which is expected to improve the supply-side structure of sub-industries in the chemical sector [5][25] - From 2021 to 2023, capital expenditure in the chemical industry grew rapidly, leading to pressure on corporate profits. The fixed asset investment growth rates for the chemical raw materials and chemical products manufacturing industry were 15.7%, 18.8%, and 13.4% respectively, with a cumulative growth of 11.2% in the first ten months of 2024 [5][25] - The total construction projects in the basic chemical industry reached 419.5 billion yuan by Q3 2024, with a year-on-year growth of 10.1% [5][25] - The net profit attributable to the parent company in the basic chemical industry showed a decline of -6.9%, -45.7%, and -7.9% for the years 2022, 2023, and the first three quarters of 2024 respectively [5][25] Summary by Sections Industry Trends and Events - The chemical industry index outperformed the CSI 300 index by 0.91% this week [21] - The CCPI (China Chemical Product Price Index) reported 4333 points, an increase of 0.44% from the previous week [23] Key Product Tracking - The polyester filament inventory continues to decrease, with the operating rate of weaving machines in Jiangsu and Zhejiang declining to 69.59% [32] - The average market price for polyester filament POY was 6717.86 yuan/ton, showing a slight increase from the previous week [35] Recommended and Benefiting Stocks - Recommended stocks include leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [7][27] - Benefiting stocks include satellite chemical and other companies in the fluorine chemical and agricultural chemical sectors [7][27]