Investment Rating - The industry investment rating is maintained at "Overweight" [7] Core Viewpoints - The report highlights that the chemical industry supply structure is expected to improve due to the comprehensive rectification of "involution" competition, which has led to resource waste and inefficiency [6][7] - The report suggests that as the "involution" competition is gradually addressed, the profitability of the chemical industry will be restored [6] Market Trends - In the past week (December 9-15), the basic chemical index had a change of 0.00%, while the CSI 300 index decreased by 1.01%, indicating that the basic chemical sector outperformed the CSI 300 index by 1.01 percentage points [26] - The sub-industries with notable performance included organic silicon (3.19%), synthetic resin (2.79%), fluorochemicals (2.54%), food and feed additives (2.54%), and civil explosives (2.14%) [26][30] Chemical Price Trends - The top five products with the highest weekly price increases were: butadiene (7.14%), NYMEX natural gas (5.22%), methanol (4.47%), international naphtha (3.86%), and MTBE (3.51%) [35] - The top five products with the largest weekly price decreases were: titanium concentrate (-6.25%), niacinamide (-5.32%), industrial naphthalene (-5.04%), octanol (-4.60%), and DMF (-4.57%) [35] Investment Recommendations - The report recommends focusing on the following sectors: 1. Refrigerants sector, with a positive outlook for price increases [7] 2. Chemical fiber sector, with suggested companies including Huafeng Chemical and Xin Fengming [7] 3. High-quality stocks such as Wanhua Chemical and Hualu Hengsheng [7] 4. Tire sector, with recommendations for Sailun Tire and Linglong Tire [7] 5. Agricultural chemicals sector, with suggested companies including Yara International and Salt Lake Potash [7] 6. High-growth stocks such as Blue Sky Technology and Shengquan Group [7]
基础化工行业周报：综合整治内卷式竞争，化工行业供给格局将得到改善
Shanghai Securities·2024-12-19 10:23