基础化工行业研究周报：中央经济工作会议12月11-12日在京举行，甲醇、丙烯酸价格上涨

Investment Rating - The industry investment rating is Neutral, maintained since the last rating [1]. Core Insights - The Central Economic Work Conference held on December 11-12, 2024, emphasized the need for a more proactive fiscal policy and moderately loose monetary policy to boost domestic demand and enhance the internal driving force for development [1][11]. - The report highlights the recent price increases in methanol and acrylic acid, with methanol prices rising by 4.9% and acrylic acid prices increasing by 4.18% [1][26]. - The basic chemical sector saw a decline of 0.43% last week, outperforming the CSI 300 index, which fell by 1.01% [1][16]. Summary by Sections 1. Key News Tracking - The Central Economic Work Conference focused on high-quality economic development and proposed measures to enhance domestic demand and technological innovation [1][11]. - Recent operational adjustments in the chemical industry include the indefinite shutdown of certain petrochemical facilities by South Korea's Lotte Chemical due to financial pressures [1][12]. 1.1 Sector Performance - The basic chemical sector's performance was relatively stable, with a slight decline compared to the broader market [1][16]. - Notable sub-sectors with significant weekly gains include chlor-alkali (+2.03%) and adhesives (+2.01%) [1][17]. 1.2 Individual Stock Performance - Top-performing stocks in the basic chemical sector included Zhongyan Co. (+42.08%) and Xinhang New Materials (+31.68%) [1][19]. - Conversely, stocks like Nongxin Technology (-13.28%) and Chuanfa Longmang (-8.89%) experienced significant declines [1][21]. 1.3 Sector Valuation - As of December 13, 2024, the basic chemical sector's price-to-book (PB) ratio was 2.08, while the overall A-share market's PB was 1.5 [1][23]. - The basic chemical sector's price-to-earnings (PE) ratio stood at 24.24, compared to the overall A-share market's PE of 15.27 [1][23]. 2. Key Chemical Product Price Monitoring - Among the 345 tracked chemical products, 69 saw price increases, while 82 experienced declines [1][25]. - The top price increases included butadiene (+7.14%) and WTI crude oil (+6.09%) [1][26]. 2.1 Price Changes - Methanol prices reached 2,653 yuan/ton, reflecting a 4.86% increase [1][26]. - Acrylic acid prices were reported at 6,850 yuan/ton, marking a 4.18% rise [1][26]. 2.2 Price Spread Monitoring - The report also details price spreads for various products, indicating fluctuations in market dynamics [1][28].