基础化工行业周报：行业周报（20250207-0214）春耕推动化肥涨价，关注尿素与钾肥市场

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the basic chemical industry [1] Core Viewpoints - The basic chemical industry is experiencing a price increase in fertilizers driven by the spring farming season, with a notable rise in urea and potassium chloride prices. This is attributed to the increasing demand for fertilizers as domestic temperatures rise [4][10] - The manufacturing purchasing managers' index (PMI) in China for January 2025 is reported at 49.1, a decrease of 1 percentage point month-on-month, indicating a slight contraction in manufacturing activity [4][10] - The overall industrial producer price index (PPI) has decreased by 2.2% year-on-year as of December 2024, while the industrial added value for large enterprises has increased by 5.8% year-on-year [4][10] Summary by Sections Chemical Market - The report highlights that the demand for fertilizers is increasing due to the spring farming season, leading to significant price increases in urea and potassium chloride. The market for urea is particularly active due to low operating rates and improved domestic procurement [4][10] - The supply of potassium fertilizer remains tight despite an increase in domestic production, with insufficient importable stocks leading to a reluctance among traders to sell [4][10] Investment Recommendations - The report suggests focusing on the urea and potassium fertilizer markets, recommending key companies such as Lu Xi Chemical, Hualu Hengsheng, Sinochem Fertilizer, and Hubei Yihua for investment [6][27] Industry Data and Company Tracking - The report provides insights into the performance of various segments within the basic chemical industry, noting that chlor-alkali, membrane materials, and inorganic salts have seen significant price increases, while viscose and ammonium explosives have experienced declines [14][15] - The report also tracks the performance of key companies, with notable increases in stock prices for companies like Lingpai Technology and Hangjin Technology, while others like Zhongyan Technology and Jiaao Environmental Protection have seen declines [18][19][20]