基础化工行业研究周报：国家发改委，加快淘汰落后及低效产能，己内酰胺、丙烯酸价格上涨

Investment Rating - Industry Rating: Neutral (maintained rating) [6] Core Insights - The National Development and Reform Commission (NDRC) is accelerating the elimination of backward and inefficient production capacity, leading to price increases in caprolactam and acrylic acid [1][13] - The basic chemical sector has underperformed the CSI 300 index, with a decline of 0.99% compared to a 0.18% drop in the index, ranking 19th among all sectors [4][16] - Key chemical products have shown varied price movements, with notable increases in TDI, acetic acid, pure MDI, and others, while some products like VE and VA have seen declines [2][25] Summary by Sections 1. Key News Tracking - The NDRC's recent meeting emphasized innovation-driven industrial transformation, local constraints to eliminate protectionism, optimization of industrial layout, and strict market regulation to address low-quality market phenomena [1][13] 2. Product Price Tracking - WTI oil price decreased by 1.5% to $61.53 per barrel - Key chemical products with price increases include butadiene (+19.1%), liquid oxygen (+13.5%), and phosphorite (+11.6%) [2][28] - Caprolactam prices increased due to recovering supply and cautious purchasing behavior from downstream manufacturers [2][3] 3. Sector Performance - The basic chemical sector's PB ratio is 1.96, while the overall A-share market's PB is 1.45; the PE ratio for the basic chemical sector is 23.66 compared to 14.98 for the overall market [23][24] - The sector's performance is characterized by significant price fluctuations among various products, with 51 products increasing and 101 decreasing in price this week [25][30] 4. Focused Sub-industry Insights - The report suggests focusing on industries with stable demand and supply, such as refrigerants, phosphates, and amino acids, while also highlighting sectors with improving supply-demand dynamics like MDI and organic silicon [5][18]