基础化工行业月报：化工品价格跌势放缓，硫磺、磷肥等表现较好-20251211

Investment Rating - The report maintains an investment rating of "Market Perform" for the basic chemical industry [3][4]. Core Insights - The basic chemical industry index rose by 1.63% in November 2025, outperforming the Shanghai Composite Index by 3.31 percentage points and the CSI 300 Index by 4.09 percentage points, ranking 7th among 30 first-level industries [3][7]. - The decline in chemical product prices has significantly slowed, with sulfur and phosphate fertilizers performing well [3][8]. - Investment strategies for December 2025 focus on polyester filament, organic silicon, spandex, and biofuels [3][8]. Market Review - In November 2025, 15 out of 33 sub-industries within the basic chemical sector saw price increases, with organic silicon, nitrogen fertilizer, and membrane materials leading the gains at 11.65%, 8.85%, and 7.92% respectively [8][11]. - A total of 213 stocks out of 527 in the basic chemical sector increased in value, with the top five gainers being Huasheng Lithium Battery, Haike New Source, Qing Shui Yuan, Fusheng Technology, and Tianhua New Energy, showing increases of 132.48%, 122.40%, 104.64%, 76.89%, and 70.74% respectively [8][11]. Product Price Tracking - In November 2025, international oil prices continued to decline, with WTI crude oil down 3.98% to $58.55 per barrel and Brent crude down 2.87% to $63.20 per barrel [3][8]. - Among 321 tracked products, 119 saw price increases, with the largest gains in sulfuric acid, argon, organic silicon intermediates, sulfur, and dimethyl carbonate, which rose by 28.24%, 21.57%, 21.10%, 20.69%, and 18.52% respectively [3][8]. Industry and Company News - The chemical raw materials and chemical products manufacturing industry achieved a total profit of 311.77 billion yuan from January to October 2025, reflecting a year-on-year decline of 5.4% [15][16]. - The expansion project of the Xiaogaozhai phosphate mine by Batian Co., Ltd. has been approved, increasing its design capacity from 2 million tons per year to 2.9 million tons per year [29][30].