天然气价格涨幅居前，PVC价差有所改善

Investment Rating - The industry investment rating is "Positive" [1][68] Core Insights - Leading chemical companies possess not only cost and technical advantages but also comprehensive accumulation and enhancement in the chemical system over years, maintaining a positive outlook on their profitability and investment value. Recommended companies include Wanhua Chemical, Hualu Hengsheng, Baofeng Energy, Satellite Chemical, Longbai Group, and Yuanxing Energy [4] - Long-term global tire demand is steadily increasing, with domestic tire companies gaining market share due to cost-performance advantages. In the short term, domestic and international demand recovery, along with falling raw material and shipping costs, is expected to restore profitability. Recommended companies include Sailun Tire and Senqilin, which are rapidly expanding overseas [4] - High grain prices and steady growth in global arable land area indicate rigid demand for agricultural chemical products. The rigid demand for phosphate fertilizers combined with new energy needs suggests focusing on companies rich in phosphate resources such as Chuanheng Co., Yuntianhua, and Xingfa Group, as well as low-valuation leading pesticide companies like Yangnong Chemical [4] - After the implementation of quota-based production and sales of third-generation refrigerants in 2024, quotas will concentrate on leading companies, indicating a long-term upward cycle in the refrigerant industry amid growing global demand. Recommended companies include Juhua Co., Yonghe Co., Sanmei Co., and Jinshi Resources [4] Market Performance Summary - During the week of February 10-14, 2025, the Shanghai Composite Index closed at 3346.72, with a weekly increase of 1.30%. The Shenzhen Component Index closed at 10749.46, with a weekly increase of 1.64%. The Small and Medium-sized Board 100 Index closed at 6686.15, with a weekly increase of 1.45%. The basic chemical sector (Shenwan) closed at 3362.32, with a weekly increase of 1.45%, outperforming the Shanghai Composite Index by 0.15 percentage points [6][7] - In the chemical sector, all seven secondary sub-industries showed positive growth, with 17 out of 23 tertiary sub-industries also showing positive growth [7] Chemical Price Review - Notable price increases for chemicals included NYMEX natural gas (+9.64%), acetone (+9.53%), and urea (+8.97%). The largest declines were seen in liquid chlorine (-14.02%) and biotin (-10.61%) [16][20] - The PVC price spread increased significantly by 34.75%, followed by DMC (+24.66%) and propylene oxide (+18.22%). The largest declines in price spreads were seen in bisphenol A (-42.45%) and adipic acid (-9.44%) [17][21]