基础化工行业周报：2025年河北省重点化工项目名单公布，TDI价格价差双增

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector showed a weekly performance ranking of 6th with a gain of 4.90%, outperforming the Shanghai Composite Index by 2.59 percentage points [3][26] - The report highlights a continued trend of divergence in the chemical industry for 2025, recommending focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Review - The chemical sector's overall performance for the week of January 13-17, 2025, was a gain of 4.90%, ranking 6th among sectors [26] - The top three performing sectors were social services (6.39%), media (6.16%), and computer (6.14%) [26] Key Industry Dynamics - The Hebei Provincial Development and Reform Commission announced a list of 703 key construction projects for 2025, with a total investment of 1.5 trillion yuan, covering various sectors including strategic emerging industries and traditional industry upgrades [40] - The National Bureau of Statistics reported a 5.8% increase in industrial value added for 2024, with the chemical raw materials and products manufacturing sector growing by 8.9% [40] Product Performance - The report tracks weekly price changes in the chemical sector, with notable increases in polyester filament (+8.55%) and butadiene rubber (+7.66%) [14] - The report also highlights significant price increases in methanol (+56.86%) and adipic acid (+40.29%) [14] Supply Side Tracking - A total of 138 chemical enterprises had their production capacities affected, with 6 new repairs and 4 restarts reported for the week [15] Recommendations - Focus on synthetic biology companies such as Kasei Biotech and Huaheng Biotech, which are expected to benefit from the demand surge in bio-based materials [4] - In the refrigerant market, companies like Juhua Co., Sanmei Co., and Haohua Technology are recommended due to their high quota shares [5] - For electronic specialty gases, companies like Jinhong Gas and Huate Gas are highlighted for their potential in the domestic market [8] - Light hydrocarbon chemicals are identified as a global trend, with a recommendation to focus on companies like Satellite Chemical [8] - The COC polymer sector is expected to see accelerated domestic breakthroughs, with AkzoNobel being a key player to watch [9] - In the potassium fertilizer market, companies like Yatai International and Salt Lake Co. are recommended as prices are expected to rebound [10] - MDI is noted for its oligopolistic market structure, with Wanhua Chemical being a key company to monitor [13]