基础化工行业月报：油价持续上行，丙烯酸产业链整体表现靓丽

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [6][4][5] Core Viewpoints - The basic chemical industry index fell by 5.89% in December 2024, ranking 25th among 30 first-level industries, with a year-to-date decline of 3.92% [6][8] - The report highlights the strong performance of the acrylic acid industry chain, with significant price increases in products such as acrylic acid, petroleum coke, and butadiene [4][6] - Investment strategies for January 2025 suggest focusing on three main lines: resource products, polyester filament, and new chemical materials [4][6] Market Review - In December 2024, the basic chemical industry index underperformed the Shanghai Composite Index by 6.65 percentage points and the CSI 300 Index by 6.36 percentage points [6][8] - Among 33 sub-industries, rubber additives, fluorochemicals, and synthetic resins showed positive performance, while carbon fiber and lithium battery chemicals lagged behind [9][8] - A total of 514 stocks in the basic chemical sector saw 85 gainers and 426 losers, with the top gainers including Huifeng Diamond and Xinhang New Materials [9][13] Product Price Tracking - International oil prices showed an upward trend in December 2024, with WTI crude oil rising by 5.47% to $71.72 per barrel [6][8] - Among 318 tracked products, 104 saw price increases, with notable rises in refrigerants and acrylic acid products [6][8] - The report indicates a general decline in chemical product prices, with a significant drop in caustic soda and industrial naphthalene [6][8] Industry and Company News - The total profit of the chemical raw materials and chemical products manufacturing industry was 380.47 billion yuan from January to November 2024, reflecting a 9.3% year-on-year decline [14][15] - The report discusses the expansion plans of Guizhou Phosphate Group for wet-process phosphoric acid, aiming to increase annual capacity from 2 million tons to 2.7 million tons by mid-2025 [26][28] - The Shandong provincial government has launched an action plan for the high-quality development of the fine chemical industry, targeting an average annual revenue growth of 8% by 2027 [30][31]