基础化工行业周报：纵深推进全国统一大市场建设关注化工“反内卷”投资机会-20250922

Investment Rating - The report maintains an "Outperform" rating for the chemical industry [2] Core Viewpoints - The "anti-involution" policy is expected to accelerate, with measures aimed at addressing low-price disorderly competition in the chemical sector. This is part of a broader effort to enhance product quality and promote the orderly exit of outdated production capacity [4][26] - The chemical industry is anticipated to enter a new long-term prosperity cycle, driven by recent policy initiatives aimed at boosting domestic demand and stabilizing the economy [12][13] Summary by Sections Market Performance - The basic chemical sector underperformed the market this week, with the Shanghai Composite Index declining by 1.3% and the Shenzhen Component Index increasing by 2.3%. The Shenwan Basic Chemical Industry Index also fell by 1.3%, ranking 20th among 31 industry sectors [15][20] Key News and Company Announcements - A significant article by Xi Jinping emphasizes the need to address low-price competition and enhance industry self-regulation. The government aims to expand domestic demand and implement effective investment strategies [4][26] Product Price Changes - The report highlights significant price changes in chemical products, with phosphorite prices increasing by 17.5% and vitamin E prices decreasing by 11.4% during the week [5] Investment Recommendations - The report suggests focusing on core assets that have entered a long-term value zone, with potential for valuation and profit recovery. Key companies to watch include Baofeng Energy, Wanhua Chemical, and Hualu Hengsheng [12][13] - Industries facing supply constraints are expected to see price elasticity, with specific attention on vitamins and refrigerants due to recent market dynamics [13][14]