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基础化工行业周报：春潮涌动！关注脂肪醇投资机会
Tebon Securities·2025-04-13 08:23

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has underperformed the market recently, with a decline of 5.1% compared to the Shanghai Composite Index's decline of 3.1% during the week of April 3 to April 11, 2025 [6][17] - The price of fatty alcohol has seen a significant increase, with an average market price of 24,500 RMB/ton as of April 11, 2025, reflecting a month-on-month increase of 13.4% and a year-on-year increase of 81.5% [27][28] - Supply-side issues are prevalent in the fatty alcohol sector, with several production facilities undergoing maintenance, leading to a tightening supply situation [29] Summary by Sections 1. Core Viewpoints - The report highlights that the basic chemical industry is entering a new long-term growth cycle, driven by policy support and improving supply-demand dynamics [14] - The report suggests focusing on investment opportunities in the fatty alcohol supply chain, particularly due to rising prices and demand stability in downstream applications [29] 2. Overall Performance of the Chemical Sector - The basic chemical industry index has decreased by 5.1% in the recent week, ranking 17th among 31 industry sectors [6][17] - Year-to-date, the basic chemical industry index has outperformed both the Shanghai Composite Index and the ChiNext Index [17] 3. Individual Stock Performance in the Chemical Sector - Among 426 stocks in the basic chemical sector, 72 stocks increased while 354 stocks decreased in value during the recent week [25] - The top-performing stocks included Runpu Food (+47%) and Quartz Co. (+42%) [26] 4. Key News and Company Announcements - The report notes that the supply of fatty alcohol is expected to tighten further, with significant production capacity scheduled for maintenance [27] - Companies like Juhua Co. and Tongyi Zhong are projected to report substantial profit increases in Q1 2025, driven by strong market demand and price increases in their core products [30][31]