基础化工行业双周报（2025/10/3-2025/10/16）：国家发改委发布《节能降碳中央预算内投资专项管理办法》-20251017

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, expecting the industry index to outperform the market index by over 10% in the next six months [33]. Core Insights - The basic chemical index fell by 2.0% in the last two weeks, underperforming the CSI 300 index by 1.5 percentage points, ranking 23rd among 31 Shenwan industries. Year-to-date, the index has risen by 22.9%, outperforming the CSI 300 index by 5.5 percentage points, ranking 9th [6][13]. - Among the sub-sectors, non-metallic materials and agricultural chemical products saw increases of 2.3% and 0.7%, respectively, while plastic and rubber sectors experienced declines of 5.3% and 4.6% [15][16]. - The report highlights significant price increases in refrigerants, with HFCs prices rising by 15.29% to 22.09% from the beginning of the year, benefiting companies like Sanmei Co. and Juhua Co. [28][29]. Summary by Sections Market Review - As of October 16, the basic chemical index has seen a year-to-date increase of 22.9%, with notable sub-sector performances including a 52.2% rise in the plastic sector [13][15]. - A total of 151 out of 402 listed companies in the index saw stock price increases, with New Agricultural Co., Power Diamond, and Chengxing Co. leading with gains of 41.6%, 38.9%, and 37.8% respectively [16] Key Industry News - The National Development and Reform Commission released a management method for energy conservation and carbon reduction investments, supporting key industries including chemical and mechanical sectors [27][28]. - The Hebei Provincial Ecological Environment Department announced plans to establish carbon emission benchmarks for the chemical industry by 2025 [26]. Industry Weekly Perspective - The report emphasizes the importance of green chemistry and notes that the refrigerant market is expected to maintain high prices due to supply constraints [28]. - Companies like Sanmei Co. and Juhua Co. are recommended for attention due to their significant profit growth driven by rising refrigerant prices [29].