基础化工行业周报（2025.7.26-2025.8.1）：中央政治局会议再提“反内卷”，7月制冷剂价格延续高位-20250805

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1][10]. Core Insights - The basic chemical index experienced a decline of 1.46% over the past week, outperforming the CSI 300 index, which fell by 1.75%, resulting in a relative outperformance of 0.29 percentage points [14]. - Key sub-industries that performed well include synthetic resin (4.60%), food and feed additives (2.99%), adhesives and tapes (2.95%), carbon black (2.03%), and non-metallic materials III (0.69%) [15]. - The report highlights a significant price increase in several chemical products, with liquid chlorine rising by 28.57%, epoxy chloropropane by 9.81%, and TDI by 8.81% [22][23]. - Conversely, lithium carbonate (industrial grade) and lithium carbonate (battery grade) saw declines of 10.53% and 10.39%, respectively [22][23]. Market Trends - The basic chemical sector is currently benefiting from a favorable market environment, with the "anti-involution" policy being reiterated by the Central Political Bureau, aiming to optimize market competition and regulate disorderly competition among enterprises [6][7]. - The report notes that the air conditioning production data for August indicates a year-on-year decline of 2.8% in household air conditioning production, with domestic sales down by 11.9% [8][9]. Chemical Price Trends - The report provides a detailed analysis of chemical price movements, indicating that the top five products with the highest weekly price increases include liquid chlorine, epoxy chloropropane, soft foam polyether, TDI, and concentrated nitric acid [22][23]. - The report also highlights significant price drops in lithium carbonate and natural latex, indicating volatility in the chemical market [22][23]. Investment Recommendations - The report suggests focusing on several key sectors: 1. Refrigerant sector, with companies like Jinshi Resources and Juhua Co. recommended for their potential price increases [10]. 2. Chemical fiber sector, with recommendations for Huafeng Chemical and Xin Fengming [10]. 3. High-quality stocks such as Wanhua Chemical and Hualu Hengsheng are also highlighted [10]. 4. Tire sector recommendations include Sailun Tire and Linglong Tire [10]. 5. Agricultural chemicals sector with a focus on Yara International and Salt Lake Potash [10]. 6. Growth stocks like Bluestar Technology and Shengquan Group are also recommended [10].