[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 ...

智通财经APP获悉，天风证券发布研报称，白酒五一宴席场景表现积极，25年磨底阶段酒企普遍 求"稳"，建议关注后续消费刺激政策出台为板块带来的估值修复机会，淡季核心高端酒批价表现或为板 块趋势变化催化剂。啤酒与饮料方面，五一出行数据超预期，统一Q1高增，带动板块行情。保健品涨 幅居前，看好潜在顺周期下三大投资主体机会。 港股食饮建议关注：统一(00220)、康师傅(00322)、青啤H(00168)、华润啤酒(00291)、百威(01876)、蒙 牛乳业(02319)、卫龙美味(09985)、悠然牧业等。 白酒板块推荐α相对强&享受一定价位β红利的白酒龙头酒企：①强α主线：山西汾酒(600809.SH)/今世缘 (603369.SH)/贵州茅台(600519.SH)等；②顺周期β主线：泸州老窖(000568.SZ)/酒鬼酒(000799.SZ)/水井坊 (600779.SH)/舍得酒业(600702.SH)等。 大众品方面重点推荐零食/休闲食品板块。25年大众品或将成为具有强弹性赛道，建议关注：①"休闲食 品"条线：西麦食品(002956.SZ)/五芳斋(603237.SH)/卫龙美味/三只松鼠(300783. ...

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].