基础化工行业周报：财政部积极定调财政政策、BASF发函调涨TDI价格，继续关注化工核心资产及新材料成长

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The Ministry of Finance has set a "very positive" fiscal policy direction for 2025, and BASF has announced a price increase for TDI, indicating potential recovery opportunities for leading companies in the chemical sector [2] - The chemical industry is currently facing widespread losses, but with the upcoming traditional peak season after the Spring Festival and supportive fiscal policies, product profitability and company valuations are expected to gradually recover [2] - The rapid development of the AI industry is creating investment opportunities in the chemical sector, particularly for companies involved in advanced materials [2] - The first quarter of 2025 is seeing an increase in long-term contract prices for refrigerants, and external sales of air conditioning units are experiencing significant year-on-year growth [2] - International oil prices are rising due to cold weather and geopolitical tensions, which may lead to seasonal fluctuations [2][3] Summary by Sections Industry Overview - The chemical industry is under pressure, but fiscal policy support and price adjustments from major companies like BASF are expected to improve profitability [2] - The AI industry's growth is driving demand for chemical materials, presenting opportunities for companies like Juhua Group and New Zhoubang [2] Price Trends - The price of hydrogen peroxide has increased by 19.6% to 610 RMB/ton, while caustic soda prices have risen by 7.4% to 870 RMB/ton due to supply constraints [10] - The price of acrylic acid has increased by 1.3% to 8000 RMB/ton, reflecting tight supply conditions [12] Recommendations - Focus on leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy for their strong market positions and potential for recovery [2][4] - Growth-oriented new material companies like New Zhoubang and Ruifeng New Materials are recommended due to their significant growth potential in the context of domestic substitution [4]