Huafu Securities·2025-11-15 09:24Investment Rating - The report maintains a positive outlook on the basic chemical industry, highlighting strong performance in specific sub-sectors such as tires and electronic materials [2][4]. Core Insights - The report emphasizes the successful launch of Sinopec's 250,000 tons/year thermoplastic elastomer project, marking a significant advancement in the supply capacity of environmentally friendly materials in the Yangtze River Delta region [3]. - The report also notes the public announcement of Kangpeng's fluorinated material monomer project, which aims to enhance competitiveness in the electronic materials sector [3]. - Investment opportunities are identified in the tire sector, where domestic companies are seen as having strong competitive advantages [4]. - The report suggests that the consumer electronics sector is expected to gradually recover, benefiting upstream material companies [4]. - The report highlights the resilience of certain cyclical industries, particularly phosphate chemicals, which are expected to see tightening supply-demand dynamics due to environmental regulations [5]. Summary by Sections Market Overview - The Shanghai Composite Index fell by 0.18%, while the CITIC Basic Chemical Index rose by 3.28% this week, indicating a positive trend in the basic chemical sector [2][10]. - The top-performing sub-sectors included organic silicon (5.03%), soda ash (4.96%), and polyester (4.88%) [2][13]. Key Industry Developments - Sinopec's thermoplastic elastomer project has been successfully launched, with a production capacity of 250,000 tons/year, including various types of SBC products [3]. - Kangpeng's fluorinated material project is set to produce 20 tons/year of 2-fluoro-4-amino benzamide, enhancing its competitive edge in the electronic materials market [3]. Investment Themes - Investment Theme 1: The tire sector is highlighted as having strong domestic competitiveness, with companies like Sailun, Senqcia, and Linglong Tire recommended for attention [4]. - Investment Theme 2: The consumer electronics sector is expected to recover, with upstream material companies poised to benefit from this trend [4]. - Investment Theme 3: Phosphate chemicals are noted for their resilience, with supply constraints expected to support prices [5]. - Investment Theme 4: The report suggests that leading chemical companies with scale advantages will benefit from economic recovery and demand resurgence [5].