基础化工行业双周报（2026、1、2-2026、1、15）：山东发布《山东省石化化工行业稳增长工作方案-20260116

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 rose by 6.5% in the past two weeks, outperforming the CSI 300 index by 3.9 percentage points, ranking 9th among 31 industries [12][28]. - All sub-sectors of the basic chemical index experienced gains, with the agricultural chemicals sector up 9.4%, chemical raw materials up 8.1%, and rubber up 7.2% [13][28]. - Among the 408 listed companies in the basic chemical index, 340 saw their stock prices increase, with notable gains from Qicai Chemical (59.3%), Bofei Electric (56.7%), and Chenghe Technology (44.1%) [15][28]. - Key industry news includes the launch of BASF's ethylene joint unit in Zhanjiang, which is the world's first to use 100% renewable energy for its main compressor [20][28]. Summary by Sections Market Review - As of January 15, the basic chemical index has increased by 6.5% year-to-date, maintaining its position as the 9th best-performing sector [12][28]. - The sub-sectors have shown consistent growth, with agricultural chemicals leading the way [13][28]. Important Company Announcements - Recent announcements include various companies' plans for capital increases and asset acquisitions, indicating active corporate strategies within the sector [21][28]. Key Industry News - The Shandong Provincial Government has released a plan aiming for a 5% increase in the value added of the petrochemical industry by 2026, emphasizing stability and high-end chemical production [28]. - The introduction of production quotas for third-generation refrigerants starting in 2024 is expected to improve supply-demand dynamics in the refrigerant market [28]. Industry Weekly Perspective - The report highlights the importance of innovation and structural optimization in the basic chemical sector, particularly in Shandong, a major chemical province [28]. - The profitability of refrigerant companies has significantly increased due to rising prices, with notable performance from companies like Sanmei Co. and Juhua Co. [28][29].