基础化工行业周报：春耕有望提振化肥景气，新政赋能生物柴油破局

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Insights - The arrival of spring plowing is expected to boost the fertilizer sector, with specific attention on potassium fertilizers due to rising international demand and tariffs imposed by the U.S. on imports from Canada [5]. - The phosphate fertilizer market is supported by declining domestic mining grades and increasing demand from downstream sectors, particularly lithium iron phosphate [5]. - The compound fertilizer sector is witnessing a rise in market concentration, benefiting from price increases in raw materials [5]. Summary by Sections 1. Core Insights - Spring plowing is anticipated to enhance fertilizer market conditions, particularly for potassium fertilizers, with U.S. tariffs likely driving prices up [5]. - Phosphate prices are supported by a tight supply-demand balance, with domestic mining challenges and rising demand from new applications [5]. - The compound fertilizer market is seeing increased concentration, with a growing share of usage and price support from raw material costs [5]. 2. Market Performance - The basic chemical industry index rose by 1.6% during the week, aligning with the Shanghai Composite Index, while underperforming the ChiNext Index by 3.8 percentage points [21]. - Year-to-date, the basic chemical industry index has increased by 1.0%, outperforming the Shanghai Composite Index by 2.5 percentage points [21]. 3. Individual Stock Performance - Among 426 stocks in the basic chemical sector, 345 stocks rose, with notable gainers including航锦科技 (+33.1%) and 东方材料 (+33.1%) [29]. - Conversely, stocks like 兴业股份 (-14.9%) and 金奥博 (-9.1%) experienced significant declines [29]. 4. Key News and Company Announcements - The State Council issued guidelines to promote high-quality development in refined oil circulation, which is expected to benefit the biodiesel sector [7]. - The report highlights the potential for biodiesel and sustainable aviation fuel (SAF) to achieve commercial breakthroughs due to supportive policies [7]. 5. Product Price and Spread Analysis - As of February 8, prices for potassium chloride, monoammonium phosphate, and compound fertilizers were reported at 2664, 2988, and 2320 CNY per ton, respectively, with varying weekly and monthly changes [6]. - The report notes that the price of potassium fertilizers is likely to rise due to tariff impacts and supply constraints [5].