基础化工行业研究周报：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][27] - DMF prices have increased by 2.2%, although the market shows signs of stabilization with limited demand growth [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 - WTI oil price decreased by 0.8% to $61.5 per barrel - Key chemical products with price increases include IPDI (+20.8%), ammonium sulfate (+9.3%), and liquefied gas (+6.7%) [2][30] - A total of 41 chemical products saw price increases, while 125 products experienced price declines [27] Industry Performance - The basic chemical sector decreased by 1.08%, outperforming the CSI 300 index by 1.79 percentage points, ranking 19th among all sectors [4][16] - Sub-sectors with notable weekly gains include coatings and inks (+1.77%) and adhesives and tapes (+1.08%) [17] Key Sub-industry Insights - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants and phosphates, while also highlighting sectors with dual marginal improvements like organic silicon [5] - Recommended companies include Juhua Co., Yuntianhua, and Wanhu Chemical [5] Market Valuation - As of April 11, the basic chemical sector's PB ratio is 1.91, while the overall A-share market's PB is 1.42; the PE ratio for the basic chemical sector is 23.04 compared to 14.49 for the overall A-share market [25][26]