亨斯迈宣布对所有MDI产品涨价，巴西对华丙烯酸丁酯发起反倾销调查：基础化工行业周报-20251207

Investment Rating - The report maintains an "Outperform" rating for the chemical industry [7]. Core Views - The report highlights the strong competitiveness of domestic tire companies and suggests focusing on scarce growth targets within the tire sector [4]. - It anticipates a gradual recovery in consumer electronics, recommending attention to upstream material companies [4]. - The report emphasizes the resilience of certain cyclical industries and the potential for inventory destocking to lead to a bottom reversal [5]. - It notes the positive outlook for leading chemical companies as the economy improves and demand recovers, suggesting that these companies will benefit significantly [9]. - The report also points out supply disruptions in vitamin products, particularly due to BASF's announcement regarding vitamin A and E supply issues [9]. Summary by Sections Market Overview - The Shanghai Composite Index rose by 0.37%, while the ChiNext Index increased by 1.86%. The CSI 300 Index saw a rise of 1.28%. The CITIC Basic Chemical Index fell by 0.47%, and the Shenwan Chemical Index increased by 0.13% [15]. - The top five performing sub-industries in the chemical sector included tires (6.31%), soda ash (3.33%), rubber additives (3.28%), potassium fertilizer (2.2%), and modified plastics (1.68%). The bottom five were organic silicon (-4.55%), nylon (-2.3%), other chemical raw materials (-1.71%), other chemical products III (-1.37%), and viscose (-1.34%) [18]. Key Industry Dynamics - Hunstman announced a price increase of €350/ton for all MDI products in Europe, Africa, and the Middle East, effective immediately due to ongoing pressures from raw material, energy, and logistics costs [3]. - Brazil initiated an anti-dumping investigation against Chinese butyl acrylate, which may impact trade dynamics in the chemical sector [3]. Investment Themes - Tires: Domestic tire companies are noted for their strong competitive position, with specific companies like Sailun, Senqcia, General Tire, and Linglong Tire recommended for attention [4]. - Consumer Electronics: A recovery in demand is expected, with upstream material companies in the panel supply chain highlighted for potential benefits [4]. - Cyclical Industries: The report suggests focusing on industries with strong resilience and potential for inventory destocking, particularly in phosphate and fluorine chemicals [5]. - Leading Chemical Companies: As the economy improves, leading companies like Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy are expected to benefit from demand recovery and price stabilization [9]. - Vitamins: Supply disruptions in vitamin A and E due to BASF's announcement are noted, with companies like Zhejiang Medicine and New Hope Liuhe recommended for monitoring [9].