行业周报：万华化学TDI新装置投产，中国化学国内单套规模最大粗苯加氢项目中交-20250824

Investment Rating - The report maintains a "Buy" rating for the chemical industry, highlighting strong performance and recovery potential in various sub-sectors [4][8]. Core Insights - The chemical sector has shown resilience with significant price recoveries and demand upticks across multiple segments, particularly in polyurethane and tire manufacturing [4][5]. - The report emphasizes the competitive strength of domestic tire manufacturers and suggests that rare growth stocks in this sector are worth attention [3][4]. - The recovery in consumer electronics is expected to benefit upstream material companies, particularly in the display panel supply chain [4]. - The report identifies several key investment themes, including the tightening supply in phosphate chemicals and the recovery of fluorochemical profitability due to quota reductions [5][8]. Summary by Sections Market Overview - The Shanghai Composite Index rose by 3.49%, with the chemical sector indices also showing positive trends, particularly the CITIC Basic Chemical Index which increased by 3.09% [14][17]. - The top-performing sub-sectors included electronic chemicals (6.59%) and titanium dioxide (5.7%), while potassium fertilizers and organic silicon showed minimal growth [17][19]. Key Industry Developments - Wanhua Chemical's new TDI facility in Fujian has commenced production, increasing its total TDI capacity to 1.11 million tons per year [3][4]. - China National Chemical's benzene hydrogenation project, the largest single-unit in the country, has been completed, filling a regional supply gap [3][4]. Investment Themes - Tire Sector: Domestic tire companies are becoming increasingly competitive, with recommendations to focus on companies like Sailun, Shengtai, and Linglong [3][4]. - Consumer Electronics: A gradual recovery is anticipated, with upstream material companies expected to benefit from improved demand in the display panel industry [4]. - Phosphate Chemicals: Supply constraints due to environmental policies are tightening the market, with recommendations for companies like Yuntianhua and Chuanheng [5]. - Fluorochemicals: The reduction of production quotas for second-generation refrigerants is stabilizing profitability, with a focus on leading companies in this space [5][8]. - Polyester Filament: Inventory levels have decreased significantly, positioning companies like Tongkun and Xinfengming to benefit from recovering textile demand [5]. Sub-sector Performance - Polyurethane: MDI prices remained stable, while TDI prices saw a slight decline, indicating mixed demand dynamics [28][32]. - Tires: Full steel tire production rates increased to 64.54%, reflecting a recovery in the automotive sector [52]. - Fertilizers: Urea prices rose slightly, with production rates improving as demand stabilizes [66][71]. - Vitamins: Prices for Vitamin A and E remained stable, indicating a balanced supply-demand scenario [82][83]. - Fluorine Chemicals: Prices for fluorspar are expected to rise due to increased demand and limited supply [86][88].