基础化工行业投资策略周报：25年制冷剂配额公示，供给端强约束逻辑持续

Investment Rating - The industry investment rating is "Buy" [82][83]. Core Viewpoints - Chemical product prices have significantly decreased, with 336 tracked products showing 21% increased, 48% stable, and 31% decreased [86]. - The 2025 refrigerant quota has been announced, indicating a continued strong constraint on supply [86]. - The domestic demand for household air conditioners has shown substantial growth, with production increasing by 55.7% year-on-year in November [86]. Summary by Sections Overall Industry View - From December 16 to December 20, the SW basic chemical sector fell by 2.27%, underperforming the Wind All A Index by 1.19 percentage points, with most sub-industries showing a downward trend [35][50]. Key Sub-Industry Information Tracking - The supply side is undergoing restructuring, particularly in refrigerants and chromium chemicals, while domestic demand recovery is seen in civil explosives and modified plastics [36]. - The MDI market is experiencing low-level consolidation due to weak downstream demand [43]. Data Tracking - The average cost of polyester raw materials has increased, with the average polymerization cost rising to 5721.43 CNY/ton, up by 131.83 CNY/ton from the previous week [39]. - The average price of refrigerants R32, R125, R134a, and R410a as of December 20 is 40500, 38000, 40000, and 39000 CNY/ton respectively, with R410a showing a 2.63% increase [49].