英伟达Rubin或改用碳化硅基板，万华烟台与PIC完成合资

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector's overall performance ranked 20th this week, with a decline of 1.36%, underperforming the Shanghai Composite Index by 0.18 percentage points and the ChiNext Index by 3.71 percentage points [4][23] - 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] Summary by Sections Industry Performance - The chemical sector's performance this week was -1.36%, ranking it 20th among all sectors [4][23] - The top three performing sectors were electric equipment (7.39%), comprehensive (5.38%), and non-ferrous metals (2.12%) [23] Key Industry Dynamics - Synthetic biology is anticipated to reach a pivotal moment, with fossil-based materials facing disruptive challenges, leading to a demand surge for low-energy products [4] - The upcoming quota policy for refrigerants is expected to enter a high prosperity cycle, with a stable demand growth driven by the development of heat pumps and cold chain markets [5] - The electronic specialty gases market is characterized by high technical barriers and value, with domestic companies poised for significant growth opportunities [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 [8] - The COC polymer industry is accelerating its domestic industrialization process, driven by supply chain security concerns and the shift of downstream industries to domestic production [9] - Potash fertilizer prices are expected to rebound as major producers reduce output, leading to a supply-demand imbalance [10] - The MDI market is characterized by oligopoly, with a favorable supply structure anticipated as demand gradually recovers [12]