Group 1 - Industry Investment Rating: Overweight [1] - Core Viewpoint: The chemical sector's overall performance ranked 16th with a fluctuation of 0.80%, underperforming the Shanghai Composite Index by 0.60 percentage points [4][22] - Key Recommendations: Focus on synthetic biology, pesticides, chromatography media, sugar substitutes, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Group 2 - Synthetic Biology: A pivotal moment is approaching, with low-energy products expected to gain a longer growth window due to the energy structure adjustment [4] - Refrigerants: The third-generation refrigerants are entering a high prosperity cycle, with supply constraints and stable demand growth anticipated [5] - Electronic Specialty Gases: The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [6][8] - Light Hydrocarbon Chemicals: A global trend towards lighter raw materials in the olefin industry is noted, with a shift from heavy naphtha to lighter ethane and propane [8] - COC Polymers: The domestic industrialization process is accelerating, driven by breakthroughs in local enterprises and a shift in downstream industries to domestic production [9] - Potash Fertilizer: Prices are expected to bottom out and rebound due to supply reductions and increased demand from farmers [10] - MDI Market: The oligopoly structure is expected to improve, with demand steadily increasing and a favorable supply outlook anticipated [12]

行业周报 [Table_IndNameRptType] 基础化工 地缘政治风险暴露提振油价，美国生物燃料总产量创新高 [Table_IndRank] 行业评级：增持 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 主要观点： ⚫[Table_Summary] 行业周观点 本周（2025/6/9-2025/6/13）化工板块整体涨跌幅表现排名第 14 位，涨跌幅为-0.01% ，走势处于市场整体中游。上证综指涨跌幅为 -0.25%，创业板指涨跌幅为 0.22%，申万化工板块跑赢上证综指 0.24 个百分点，跑输创业板指 0.21 个百分点。 ⚫ 2025 年化工行业景气度将延续分化趋势，推荐关注合成生物学、农 药、层析介质、代糖、维生素、轻烃化工、COC 聚合物、MDI 等行 业: （1）合成生物学奇点时刻到来。能源结构调整大背景下，化石基材料 或在局部面临颠覆性冲击，低耗能的产品或产业有望获得更长成长窗 口。对于传统化工企业而言，未来的竞争在于能耗和碳税的成本，优 秀的传统化工企业会利用绿色能源代替方案、一体化和规模化优势来 降低能耗成本，亦或新增 ...