绿色低碳技术示范项目清单发布，硫酸铵、DMF价格上涨

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Views - The National Development and Reform Commission has released a list of 101 green low-carbon technology demonstration projects, which include advanced technology projects in the chemical and new energy sectors aimed at carbon reduction [1][13] - The ammonium sulfate market has seen a significant increase due to rising international urea prices and domestic supply constraints, with prices rising by 9.3% this week [2][3] - DMF prices have increased by 2.2%, but the market is experiencing a slowdown in price momentum due to balanced supply and demand dynamics [2][3] Summary by Sections Key News Tracking - The release of the second batch of green low-carbon technology demonstration projects includes 50 projects for source carbon reduction, 44 for process carbon reduction, and 7 for end carbon capture [1][13] Product Price Tracking - This week, WTI oil prices fell by 0.8% to $61.5 per barrel, while DMF prices rose by 2.2%. Other chemical products such as MDI, rubber, and caustic soda saw price declines ranging from 0.7% to 6.4% [2][3] - The top five chemical products with price increases this week include IPDI (+20.8%), ammonium sulfate (+9.3%), and liquefied gas (+6.7%) [2][30] Industry Performance - The basic chemical sector fell by 1.08% this week, outperforming the CSI 300 index, which dropped by 2.87%. The basic chemical sector ranked 19th among all sectors in terms of performance [4][16] - Sub-sectors with notable weekly gains include coatings and inks (+1.77%) and adhesives (+1.08%) [4][17] Key Sub-industry Insights - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants, phosphates, and amino acids, while also highlighting sectors with dual marginal improvements like organic silicon [5] - Recommended companies include Juhua Co., Yuntianhua, and Wanhu Chemical, among others [5] Market Valuation - As of April 11, the basic chemical sector's PB ratio is 1.91, compared to the overall A-share market's PB of 1.42. The PE ratio for the basic chemical sector stands at 23.04, while the overall A-share market's PE is 14.49 [25][26]