[Table_Main] 证券研究报告 | 行业周报 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -22% -15% -7% 0% 7% 15% 22% 2024-06 2024-10 2025-02 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 基础化工 2025 年 06 月 22 日 关注钾肥板块投资机会 [Table_Summary] 投资要点： 核心观点： 请务必阅读正文之后的信息披露和法律声明 1.《染料行业更新：供给端趋紧态势 延续，重视 H 酸与活性染料弹性》， 2025.6.10 2.《涨价主线！关注氯虫苯甲酰胺、 SAF 等》，2025.6.8 3.《万华化学（600309.SH）：主营 业务保持稳健，减值&报废短期拖 累》，2025.6.4 4.《SAF 企业有望迎来量价齐升阶 段！》，2025.6.4 5.《新一轮化工供给侧改革或将开 启》，2025.6.3 本周基础化工板块表现好于大盘。根据 Wind，本周（6/13-6/20）上证综指涨跌幅 为-0.5%，创业板指 ...

[Table_Main] 证券研究报告 | 行业周报 基础化工 2025 年 06 月 16 日 基础化工 优于大市（维持） 证券分析师 王华炳 资格编号：S0120524100001 邮箱：wanghb3＠tebon.com.cn 市场表现 -22% -15% -7% 0% 7% 15% 22% 2024-06 2024-10 2025-02 基础化工 沪深300 资料来源：德邦研究所，聚源数据 相关研究 1.《染料行业更新：供给端趋紧态势 延续，重视 H 酸与活性染料弹性》， 2025.6.10 2.《涨价主线！关注氯虫苯甲酰胺、 SAF 等》，2025.6.8 3.《万华化学（600309.SH）：主营 业务保持稳健，减值&报废短期拖 累》，2025.6.4 4.《SAF 企业有望迎来量价齐升阶 段！》，2025.6.4 5.《新一轮化工供给侧改革或将开 启》，2025.6.3 涨价主线！关注活性染料、生物柴油等 [Table_Summary] 投资要点： 核心观点： 请务必阅读正文之后的信息披露和法律声明 本周基础化工板块表现好于大盘。根据 Wind，本周（6/6-6/13）上证综指涨跌幅为 -0.2 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The commercialization of humanoid robots is accelerating, with a focus on four major investment themes related to the chemical sector. In Q1 2025, over 35 companies launched new humanoid robot products, with more than 21 from China. The market for humanoid robots is expected to reach 8.239 billion yuan, accounting for about 50% of the global market by 2025 [5][28]. Summary by Sections Market Performance - The basic chemical industry index increased by 2.7% from April 18 to April 25, outperforming the Shanghai Composite Index by 2.1 percentage points and the ChiNext Index by 1.0 percentage points. Year-to-date, the basic chemical industry index has risen by 1.7%, surpassing the Shanghai Composite Index by 3.4 percentage points and the ChiNext Index by 10.8 percentage points [3][16]. Investment Themes 1. **Equity Investment Strategy**: The humanoid robot industry is projected to produce over 10,000 units by 2025, with significant market potential. Chemical companies can enhance their technological attributes through early-stage equity investments [5][28]. 2. **Polymer Materials**: Humanoid robots require various polymer materials, with modified plastics being a key solution for lightweight components. The demand for PEEK is expected to grow significantly, with a projected CAGR of 16.8% from 2022 to 2027 [5][29]. 3. **Tendon Materials**: Tendon systems are crucial for humanoid robots, with UHMWPE and carbon fiber being ideal materials due to their superior properties. Companies like Tongyi Zhong and Nanshan Zhishang are leading in UHMWPE production [6][29]. 4. **Electronic Skin Materials**: The electronic skin market is expected to grow from 6.3 billion USD in 2024 to 30 billion USD by 2034, with companies like Fulei New Materials and Hanwei Technology actively developing flexible sensor materials [5][29]. Product Price Changes - The report lists significant price changes for chemical products, with the top gainers including glyphosate (+16.3%) and liquid nitrogen (+13.7%). Conversely, coal tar saw a decline of 11.8% [5][6]. Investment Recommendations - Core assets in the chemical sector are entering a long-term value zone, with companies like Baofeng Energy and Wanhua Chemical recommended for investment. Additionally, sectors facing supply constraints, such as vitamins and refrigerants, are highlighted for their potential price elasticity [5][14].