基础化工行业周报：半导体竞争管控加剧、八部门联合发文稳汽车行业增长，继续看好化工新材料国产化空间-20250916

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The supply side is expected to undergo structural optimization, with a focus on selecting elastic and advantageous sectors. Domestic policies frequently emphasize supply-side requirements, while rising raw material costs and capacity exits in Europe and the US have led to uncertainty in overseas chemical supply. In the long term, China's chemical industry has a competitive advantage due to significant cost benefits and technological advancements, which are expected to reshape the global chemical industry landscape [6][16] - The automotive industry is a crucial downstream consumer demand pillar for chemicals, and the recent growth stabilization plan is expected to support steady growth in overall downstream demand, benefiting the automotive materials supply chain [15] Summary by Sections Industry News and Events - The US has intensified chip trade controls, which may benefit China's domestic semiconductor and AI chip industries through policy protection, technological breakthroughs, and domestic substitution [7][14] - Eight departments in China have jointly issued a plan to stabilize growth in the automotive industry, targeting approximately 32.3 million vehicle sales in 2025, with a 20% increase in new energy vehicle sales [15] Market Performance - For the week of September 8-12, 2025, the CSI 300 index rose by 1.38%, while the Shenwan Petrochemical Index fell by 0.41%. The Shenwan Basic Chemical Index increased by 2.36%, outperforming the market by 0.98% [18][19] - The top five performing sub-sectors included membrane materials (5.41%), phosphate fertilizers (5.02%), and fluorine chemicals (4.58%) [19] Price Trends - Key products with notable price increases included NYMEX natural gas (6.29%), bisphenol A (5.70%), and phenol (4.23%) [27][28] - Products with significant price declines included TDI (-5.04%) and dichloromethane (-4.56%) [27][28] Investment Recommendations - Focus on sectors with significant supply-side reform potential, such as organic silicon, membrane materials, and dyeing agents, with key companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][16] - For sectors with relatively weak supply-demand dynamics, attention should be given to leading companies in coal chemicals and fluorine chemicals, such as Baofeng Energy and Juhua [6][16]