基础化工行业投资策略周报：中央经济工作会议定调积极，内需拐点向上

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The central economic work conference has set a positive tone, indicating an upward turning point for domestic demand [2][4] - From December 9 to December 13, the SW basic chemical sector fell by 0.09%, outperforming the Wind All A Index by 0.11 percentage points; sub-industries showed a downward trend, with better performance in civil explosives, food and feed additives, and chlor-alkali [3][24] - Chemical prices have seen significant declines; among 336 tracked products, 26% increased, 46% remained stable, and 28% decreased [3][66] - The outlook for 2025 suggests a potential upward turning point driven by global interest rate cuts and domestic growth policies focusing on real estate, consumption, and broad social financing [4][24] Summary by Sections Overall Industry View - The basic chemical sector is experiencing a downward trend, but certain sub-industries are performing better [24] - The outlook for 2025 is optimistic due to policy support and a potential recovery in domestic demand [24] Key Sub-Industry Information Tracking - MDI market is stabilizing with low demand and supply constraints; prices for pure MDI and polymer MDI are 18,600 and 18,100 CNY/ton respectively [25] - TDI market remains stable despite tight supply; the average price is 12,900 CNY/ton [26] - Polyester filament market is weak with limited orders; prices for POY, DTY, and FDY are 7,600, 8,125, and 6,750 CNY/ton respectively [28] Data Tracking - The basic chemical sector's performance from December 9 to December 13 shows a slight decline, but it outperformed the broader market index [32] - Chemical prices have generally decreased, with significant drops in various products [66]