Huaan Securities·2025-06-30 03:47Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 16th with a fluctuation of 3.11% during the week of June 23-27, 2025, outperforming the Shanghai Composite Index by 1.19 percentage points but underperforming the ChiNext Index by 2.59 percentage points [4][22] - The chemical industry is expected to continue its trend of differentiated performance in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Review - The chemical sector's performance during the week was characterized by a 3.11% increase, with the top three performing sectors being computer (7.70%), defense industry (6.90%), and non-bank financials (6.66%) [22][23] - The top three gaining stocks in the chemical sector were Dazhongnan (50.00%), Taihe Technology (48.09%), and Tiensheng New Materials (31.41%) [29] Key Industry Dynamics - The ethane export situation has improved, transitioning from a "complete suspension" to "transportable, but not unloading" [1][37] - The upcoming quota policy for refrigerants is expected to lead to a high prosperity cycle for third-generation refrigerants, with companies holding a high quota share likely to benefit significantly [5] - The electronic specialty gases market is characterized by high technical barriers and high added value, presenting significant domestic substitution opportunities [6][8] - The light hydrocarbon chemical trend is becoming global, with a shift towards lighter raw materials for olefin production, which is expected to lead to a revaluation of leading companies in this sector [8] - The COC polymer industry is accelerating its domestic industrialization process, with significant potential for domestic companies to break through and capture market space [9] - The potassium fertilizer market is anticipated to bottom out and recover due to supply-side adjustments and increased demand from farmers [10] - The MDI market is expected to improve due to oligopolistic supply dynamics and stable demand from polyurethane applications [12]