韩国多套POE装置计划检修，国内首个SAF产业专项政策发布

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector's overall performance ranked 11th this week, with a change of +1.11%, outperforming the Shanghai Composite Index by 0.27 percentage points but underperforming the ChiNext Index by 6.63 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][5] Industry Highlights - Synthetic biology is at a pivotal moment, with low-energy products expected to gain a longer growth window due to the adjustment of energy structures. Traditional chemical companies will compete based on energy consumption and carbon tax costs [4] - The quota policy for third-generation refrigerants is about to be implemented, leading to a high prosperity cycle for this segment. The supply of refrigerants is expected to continue to shrink, while demand remains stable due to market expansion [5] - The electronic specialty gas market is characterized by high technical barriers and high added value, with domestic companies having significant opportunities for domestic substitution due to the rapid upgrade of downstream industries [6][8] - The trend of light hydrocarbon chemicals is becoming global, with a shift from heavy naphtha to lighter raw materials like ethane and propane, which are more cost-effective and environmentally friendly [8] - The COC polymer industry is accelerating its domestic industrialization process, driven by breakthroughs in local companies and the shift of downstream industries to domestic production [9] - Potash fertilizer prices are expected to bottom out and rebound due to supply reductions and increased demand from farmers [10] - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12]