基础化工行业周报：维A、维E价格回暖，聚合MDI价格上涨

Industry Investment Rating - The report maintains a positive outlook on the basic chemical industry, with a "Buy" or "Maintain" rating [1] Core Views - Vitamin Market: The vitamin market is heating up, with prices for Vitamin A and Vitamin E showing a recovery trend due to production cuts, equipment maintenance, and the nearing end of overseas inventory cycles [1] - MDI Market: The MDI market is expected to see price increases due to frequent shutdowns of overseas facilities and stable domestic demand with low inventory levels [1] Key Product Price Trends - Vitamins: Vitamin A prices rose to 84 RMB/kg, up by 3.5 RMB/kg, while Vitamin E prices increased to 67.5 RMB/kg, up by 1.5 RMB/kg [1] - MDI: The average price of polymer MDI in the South China market reached 16,316.67 RMB/ton, up by 236.67 RMB/ton, while pure MDI prices remained stable at 19,000 RMB/ton [1] - Fluorochemicals: Fluorite and hydrofluoric acid prices increased, with fluorite 97 wet powder priced at 3,567 RMB/ton, up by 57 RMB/ton, and hydrofluoric acid at 10,916 RMB/ton, up by 349 RMB/ton [11] - Refrigerants: R22 prices rose to 25,500 RMB/ton, up by 1,000 RMB/ton, while R32 prices increased to 31,500 RMB/ton, up by 1,000 RMB/ton [13] Industry Performance - The basic chemical sector rose by 2.76%, ranking 4th among 30 CITIC primary industries, with the food and feed additives sub-sector leading the gains at +6.28% [36] - Top-performing stocks in the sector included Zhengdan Co. (+37.24%), Baichuan Co. (+18.44%), and Anji Technology (+17.96%) [40] Key Company Updates - Kaishi Biotech: Reported a 13.39% YoY decline in 2023 revenue to 2.114 billion RMB, with net profit down 33.75% to 367 million RMB [44] - Kingfa Sci. & Tech.: Achieved a 18.63% YoY revenue growth in 2023 to 47.941 billion RMB, but net profit fell 84.1% to 317 million RMB [44] - Sanmei Chemical: Reported a 30.12% YoY revenue decline in 2023 to 3.334 billion RMB, with net profit down 42.41% to 280 million RMB [44] Industry News - A-share Market Reforms: The Shanghai Stock Exchange released new rules on stock issuance and listing, including the "Stock Issuance and Listing Review Rules" and other supporting regulations [47] - Fed Rate Decision: The Federal Reserve maintained interest rates at 5.25%-5.50% for the sixth consecutive meeting, signaling a cautious approach to monetary policy [48] - SAF Tax Incentives: The U.S. government introduced new tax credits to promote sustainable aviation fuel (SAF) production, aiming to reduce emissions from commercial aviation [49]