基础化工行业周报：安全事故频发有望加速供给侧改革，关注农药产业链

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1][9]. Core Viewpoints - The basic chemical index outperformed the CSI 300 index by 0.42 percentage points, with a weekly change of -0.66% compared to -1.08% for the CSI 300 [4][14]. - Structural contradictions in the chemical industry are becoming increasingly prominent, leading to a new round of supply-side reforms [6][7]. - The report emphasizes the need for structural optimization and innovation-driven development to achieve high-quality growth in the chemical industry [7]. Market Trends - The basic chemical sector showed a weekly performance of -0.66%, ranking 23rd among all sectors [4][14]. - The top-performing sub-industries included pesticides (5.19%), polyester (4.05%), and adhesives (2.79%) [15][19]. Chemical Product Price Trends - The top five products with the highest weekly price increases were hydrochloric acid (93.64%), cryolite (9.27%), and international potassium chloride (7.95%) [5][22]. - The top five products with the largest weekly price declines included methyl acrylate (-12.40%) and acrylic acid (-9.74%) [5][22]. Industry Dynamics - The report highlights that the chemical industry is facing unprecedented structural challenges, with a decline in profits of 4.4% in the first four months of 2025 [6]. - A list of 24 warning products indicates that several traditional bulk chemicals are facing overcapacity issues [6]. Investment Recommendations - The report suggests focusing on several key areas: refrigerants, chemical fibers, tire sector, and agricultural chemicals, recommending specific companies within these sectors [9][39].