基础化工行业周报：中长期资金入市工作实施方案发布、空调排产数据强劲，继续关注化工核心资产及新材料成长

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The report highlights that the recent joint issuance of a plan by six departments to promote long-term capital entering the market is expected to enhance the investment capacity of long-term funds, thereby improving the capital market's supply and structure [2][5] - The chemical industry is currently experiencing a recovery in prices for certain products like TDI, adipic acid, and DMF, indicating a potential for valuation recovery among leading chemical companies [2][5] - The report emphasizes the importance of monitoring the performance of leading chemical companies, which are expected to show strong resilience in earnings despite the overall industry facing losses [2][5] Summary by Sections Policy and Market Dynamics - The implementation of policies aimed at increasing long-term capital market participation is expected to stabilize and enhance the investment environment, particularly benefiting the chemical sector [2][5] - The report notes that the air conditioning production data is strong, which is likely to support the demand for refrigerants and lead to price increases [3][5] Product Price Trends - Prices for R134a and R143a have shown an upward trend due to market confidence and supportive policies, with R134a priced at 46,000 RMB/ton and R143a at 44,000 RMB/ton as of January 24, 2025 [8] - The price of caustic soda has increased to 1,000 RMB/ton, reflecting a 5.3% rise, driven by stable demand and production fluctuations [8] Recommendations for Investment - The report recommends focusing on leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and others, which are expected to benefit from policy support and market recovery [2][5] - It also highlights the growth potential in new materials, particularly in OLED and semiconductor materials, as domestic demand increases [5] Oil and Gas Sector Insights - The report indicates that international oil prices have recently declined, but seasonal factors and geopolitical issues may lead to fluctuations in the near term [4][5] - The performance of oil and gas companies is expected to remain strong, with a focus on maintaining shareholder returns amid fluctuating oil prices [5]