基础化工行业周报：壳牌关闭新加坡炼油厂，原油、制冷剂R22价格上涨

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector's overall performance ranked 13th this week, with a decline of 6.29%, underperforming the Shanghai Composite Index by 0.74 percentage points and outperforming the ChiNext Index by 2.28 percentage points [3][26] - The chemical industry is expected to continue its differentiated trend in 2024, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Industry Performance - The chemical sector's performance this week was ranked 13th, with a decline of 6.29%. The Shanghai Composite Index fell by 5.55%, while the ChiNext Index dropped by 8.57% [3][26] - The top three gaining sectors this week were coal (-1.61%), oil and petrochemicals (-2.43%), and banking (-2.75%), while the top three declining sectors were computer (-12.49%), defense and military industry (-10.48%), and communication (-9.95%) [26][29] Key Industry Dynamics - Shell has closed its refinery in Singapore, leading to an increase in crude oil and refrigerant R22 prices [1][41] - The chemical industry is experiencing a supply-side adjustment, with 136 companies affected this week, including 4 new repairs and 4 restarts [13] - The market for third-generation refrigerants is expected to enter a high prosperity cycle due to quota policies coming into effect in 2024, with a stable growth in demand driven by the development of heat pumps and cold chain markets [5] Recommendations - Focus on synthetic biology, particularly companies like Kasei Biotech and Huaheng Biotech, which are leading in the field [4] - In the refrigerant market, companies with high quota ratios such as Juhua Co., Sanmei Co., and Haohua Technology are expected to benefit [5] - For electronic specialty gases, companies like Jinhong Gas, Huate Gas, and China Shipbuilding Gas are recommended due to their potential in the domestic market [6] - Light hydrocarbon chemicals are becoming a global trend, with companies like Satellite Chemical recommended for their value re-evaluation [7] - COC polymers are expected to see accelerated domestic industrialization, with AkzoNobel suggested for attention [8] - The potassium fertilizer market is anticipated to rebound, with companies like Yaji International and Salt Lake Co. recommended [9] - MDI is expected to improve in supply dynamics, with Wanhu Chemical highlighted as a key player [11]