基础化工行业月报：行业反内卷整治继续深入，关注相关受益-20251117

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the basic chemical industry [4][6]. Core Viewpoints - In October 2025, the CITIC Basic Chemical Industry Index rose by 0.75%, ranking 18th among 30 CITIC first-level industries. The potassium fertilizer, inorganic salt, and tire industries performed well, while chemical product prices continued to decline [2][4]. - The investment strategy for November 2025 suggests focusing on two dimensions, particularly in the polyester filament, organic silicon, spandex, phosphate fertilizer, and potassium fertilizer sectors [4][6]. Summary by Sections Market Review - The CITIC Basic Chemical Industry Index increased by 0.75% in October 2025, underperforming the Shanghai Composite Index by 1.10 percentage points but outperforming the CSI 300 Index by 0.75 percentage points. Over the past year, the index has risen by 28.58%, outperforming both the Shanghai Composite and CSI 300 indices by 8.00 and 9.31 percentage points, respectively [8][9]. Sub-industry and Stock Performance - In October 2025, among 33 CITIC third-level sub-industries, 15 saw gains while 18 experienced declines. The potassium fertilizer, inorganic salt, and tire industries led with increases of 11.27%, 7.83%, and 6.51%, respectively. Conversely, carbon fiber, nylon, and rubber additives saw declines of 10.69%, 6.39%, and 5.87% [9][12]. - Out of 526 stocks in the basic chemical sector, 291 rose while 230 fell. The top gainers included Litong Technology, Haike New Source, and Huide Technology, with increases of 76.03%, 71.56%, and 59.91%, respectively. The largest declines were seen in Aggregated Materials, Blue Feng Biochemical, and United Chemical, with decreases of 27.32%, 24.90%, and 24.71% [9][13]. Product Price Tracking - In October 2025, international oil prices continued to decline, with WTI crude oil down 2.23% to $60.98 per barrel and Brent crude down 2.91% to $65.07 per barrel. Among 321 tracked products, 67 saw price increases, while 216 experienced declines, indicating an overall downward trend in basic chemical product prices [4][12]. Industry Investment Recommendations - The report suggests maintaining the "Synchronize with the market" investment rating. With the ongoing deepening of anti-involution measures in the chemical industry, overall supply and demand are expected to improve, leading to further quality upgrades in the industry. The investment strategy for November 2025 emphasizes focusing on polyester filament, organic silicon, spandex, phosphate fertilizer, and potassium fertilizer sectors [4][6].