基础化工行业周报：2025年一季度国内经济平稳起步，部分农药旺季备货持续下景气上行

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - In the first quarter of 2025, China's economy started steadily, with a GDP of 31.88 trillion yuan, growing by 5.4% year-on-year, which is higher than the 5% growth rate for the entire year of 2024 [5][24] - The manufacturing purchasing managers' index (PMI) for March 2025 was 50.5%, indicating a recovery in market confidence [25][27] - There is a continuous increase in domestic demand, with retail sales of consumer goods reaching 12.47 trillion yuan in the first quarter, up 4.6% year-on-year [5][31] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 0.28% this week [19] - The CCPI (China Chemical Product Price Index) reported 4043 points, down 1.25% from the previous week [22] Agricultural Chemicals - The agricultural chemical market is experiencing a seasonal stocking up, with the raw material price index for agricultural chemicals at 73.28 points, down 5.5% year-on-year but up 1.31% month-on-month [6][32] - The market is entering a traditional peak season, with increased inquiries and trading activity [6][32] Key Product Tracking - The price of polyester filament has decreased, while phosphate rock and monoammonium phosphate prices have remained stable [42] - The operating rate of weaving machines in Jiangsu and Zhejiang has decreased to 64.26% [42][44] Recommended and Beneficiary Stocks - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [7] - Beneficiary stocks include companies in the chemical and fiber sectors, such as Xin Fengming and Tongkun Co [7][47]