基础化工行业周报：开展“正风治卷”三年行动，农药行业景气有望修复-20250728

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - Supply-side policies are expected to accelerate, focusing on sectors with supply elasticity in the basic chemical industry. The domestic policy emphasizes supply-side reforms, while international raw material costs are rising, leading to capacity exits in European and American chemical companies. In the long term, China's chemical industry has a competitive advantage due to cost and technological advancements, which may reshape the global chemical industry landscape [6][17]. Summary by Sections 1. Industry News and Event Commentary - The "Three-Year Action Plan for Rectifying the Pesticide Industry" was launched, aiming to improve market order and product quality by addressing issues like illegal production and unfair competition. The goal is to enhance compliance awareness among enterprises and optimize the supply structure in the pesticide industry by the end of 2027 [14]. 2. Chemical Sector Weekly Performance - The CSI 300 index rose by 1.69%, while the Shenwan Basic Chemical Index increased by 4.03%, outperforming the market by 2.34 percentage points. The Shenwan Oil and Petrochemical Index rose by 2.58%, also outperforming the market [19][22]. 3. Key Sub-industry Investment Recommendations - Focus on sectors with structural supply optimization, such as organic silicon, membrane materials, chlorine-alkali, and dyes. Key companies to watch include Hesheng Silicon Industry, Xingfa Group, Dongcai Technology, Zhejiang Longsheng, and Runtu Co. Additionally, for sectors with relatively weak supply-demand dynamics, attention should be on leading companies like Baofeng Energy, Juhua Co., Yangnong Chemical, Guangxin Co., and Runfeng Co. [6][18]. 4. Price Data Tracking - Notable price increases for the week included TDI (East China) at 15.58%, organic silicon DMC at 8.45%, and vitamin E at 6.06%. Conversely, hydrochloric acid saw a significant drop of 56.52% [29][30]. 5. Market Trends and Consumer Demand - New consumer trends are driving demand for health additives and sugar substitutes, with regulatory policies promoting the expansion of the food additive industry. Companies focusing on technology and product differentiation, such as Bailong Chuangyuan and Jinhai Technology, are expected to benefit [7][18]. 6. Industry Data Tracking - The report highlights that the overall self-sufficiency rate of new chemical materials in China is approximately 56%, indicating a significant opportunity for domestic substitution and development in various sectors, including semiconductor materials and high-end engineering plastics [7][18].