基础化工行业双周报（2025/7/11-2025/7/24）：反内卷浪潮下可关注有机硅等细分板块-20250725

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - The report emphasizes the importance of addressing "involution" in the industry, suggesting that there are potential improvements in supply-demand dynamics, particularly in segments like organic silicon, polyester bottle flakes, and refrigerants [29][30] - The basic chemical industry has shown a recent upward trend, with a 5.01% increase over the past two weeks, outperforming the CSI 300 index by 1.54 percentage points [4][11] Summary by Sections Market Review - As of July 24, 2025, the basic chemical industry has increased by 15.16% year-to-date, ranking 12th among 30 sectors [11] - The industry has seen a monthly increase of 6.12% and a two-week increase of 5.01% [11] Chemical Product Price Trends - The top five chemical products with price increases in the past week include Vitamin D3 (+12.12%), organic silicon DMC (+11.61%), synthetic ammonia (+8.16%), TDI (+7.71%), and paraquat (+7.69%) [20][21] - The top five products with price declines include PVDF powder (-10.34%), dichloropropane-white (-7.32%), hydrochloric acid (-6.32%), DMF (-4.60%), and reactive dyes (-4.35%) [20][23] Industry News - The report highlights the government's focus on preventing "involution" and improving the exit channels for inefficient production capacity, which is expected to positively impact the basic chemical industry [29] - The organic silicon sector is expected to see a slowdown in supply growth, while demand is anticipated to remain strong due to emerging fields such as new energy vehicles and electronics [30] Company Announcements - Companies such as Hesheng Silicon Industry (603260) and Xingfa Group (600141) are recommended for investment in the organic silicon sector due to expected price recovery [30] - Wan Kai New Materials (301216) is highlighted for its potential in the polyester bottle flakes market, where prices have recently shown a slight increase [30] - Companies like Sanmei Co. (603379) and Juhua Co. (600160) are noted for their strong performance in the refrigerant market, benefiting from rising prices [30]