基础化工行业月报：化工品价格整体回落，关注景气回升的钾肥和供需格局好转的有机硅行业

Investment Rating - The report maintains an investment rating of "Market Perform" for the basic chemical industry [5][7]. Core Insights - The basic chemical industry index rose by 5.23% in February 2025, outperforming the Shanghai Composite Index by 3.07 percentage points and the CSI 300 Index by 3.32 percentage points, ranking 11th among 30 major industries [7][10]. - The report suggests focusing on potassium fertilizer and organic silicon sectors due to tightening supply and improving demand dynamics [5][7]. Market Review - The basic chemical industry index increased by 13.49% over the past year, ranking 15th among 30 major industries [10]. - In January 2025, 26 out of 33 sub-industries saw price increases, with carbon fiber, modified plastics, and inorganic salts leading the gains at 42.31%, 21.02%, and 17.47% respectively [11]. - In February 2025, 394 out of 514 stocks in the basic chemical sector rose, with the top gainers including Dawi Technology (111.71%) and Hangjin Technology (87.31%) [11][15]. Product Price Tracking - In February 2025, international oil prices fell, and among 318 tracked products, 133 saw price increases while 134 experienced declines, indicating an overall price drop in basic chemical products [7][10]. Industry and Company News - The potassium fertilizer sector is expected to see a tightening supply situation, which has been driving prices upward since 2024, influenced by trade tensions between the U.S. and Canada [7][10]. - The organic silicon industry is experiencing a shift in production capacity to China, which is now the world's largest producer, with supply pressures expected to ease as new projects come online [7][10].