基础化工行业周报：轮胎板块或迎估值修复，静待SAF国内政策落地

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Insights - The basic chemical sector has shown resilience, outperforming the broader market indices, with a year-to-date performance of -0.5%, compared to -3.3% for the Shanghai Composite Index [7][22] - The report highlights a positive outlook for the tire sector, driven by stable overseas orders and a recovery in demand, alongside a potential valuation correction [33] - The SAF (Sustainable Aviation Fuel) industry is expected to see accelerated growth due to supportive policies and increasing demand, with significant market potential projected by 2050 [8][18] Summary by Sections 1. Core Insights - Policy initiatives are expected to improve supply-demand dynamics in the chemical sector, with a new long-term growth cycle anticipated [18] - The report identifies four main investment themes: core asset valuation recovery, supply constraints leading to price elasticity, demand certainty in specific sectors, and high dividend resource stocks [19][20] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 4.9% in the week of January 10-17, outperforming both the Shanghai Composite and ChiNext indices [22][23] - All 26 sub-sectors within the basic chemical industry experienced gains, with notable increases in other chemical raw materials and polyester [25] 3. Individual Stock Performance - Among 426 stocks in the basic chemical sector, 392 saw price increases, with significant gains for companies like Jin Aobo and Liu Hua [28][31] 4. Key News and Company Announcements - The tire sector is poised for valuation recovery, with ongoing investments in overseas production facilities by major manufacturers [32][33] - The report discusses the potential for SAF to become a significant contributor to the aviation industry's carbon reduction efforts, with a projected market space of $752 billion by 2050 [8][18]