Donghai Securities·2025-06-16 15:14Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the price increase of Bacillus thuringiensis (百菌清) and the potential benefits for related companies due to rising production costs and environmental policy upgrades [3][12] - The report indicates a positive outlook for the adipic acid (己二酸) market, with a price increase and strong demand from downstream nylon production [4][13][14] - The report suggests focusing on integrated leading companies in the adipic acid sector, as well as other segments like petrochemicals and agrochemicals, due to favorable supply conditions and rising prices [5][17] Summary by Sections 1. Industry News and Events - Bacillus thuringiensis price increased to 30,000 CNY/ton, with a 68.57% year-on-year rise, benefiting companies like Limin Co., Sulih Co., and Taihe Co. [3][12] - Adipic acid market price rose to 7,233 CNY/ton, a 6.63% increase, driven by strong demand from nylon production [4][13][14] 2. Chemical Sector Performance - The report notes that the Shanghai Composite Index fell by 0.25%, while the Shenwan Petrochemical Index rose by 3.50%, outperforming the market [5][18] - The top-performing sub-sectors included oil and gas engineering, with a 9.33% increase, while viscose saw a decline of 3.40% [20][24] 3. Key Product Price Trends - Key products with notable price increases included WTI crude oil (7.17%), Brent crude oil (6.22%), and adipic acid (3.77%) [28][29] - Products experiencing price declines included Vitamin E (-14.67%) and dichloromethane (-8.47%) [28][29] 4. Investment Recommendations - Recommendations include focusing on integrated players in the refining-PX-PTA chain, such as Hengli Petrochemical and Rongsheng Petrochemical [5][17] - Attention is also drawn to leading companies in the refrigerant sector and those involved in agricultural chemicals due to favorable market conditions [5][17]