2025 年 05 月 18 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报（20250512-20250518）： 制冷剂价格稳中有升，显影液、蚀刻液价格下滑 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 基础化工 沪深300 相关研究报告 << 化 工 新 材 料 周 报 （ 20250505- 20250511）：制冷剂价格维持高位，维 生素价格走弱>>--2025-05-11 <<云南能投（002053.SZ）：2024 年营 收规模创新高，持续优化业务结 构>>--2025-05-11 <<金发科技 2024 年报及 2025 年一季 报点评：业绩持续改善，新材料国产 替代打开成长空间>>--2025-04-30 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点子行业及产品情况 ...

2025 年 05 月 18 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报（20250512-20250518）： 制冷剂价格稳中有升，显影液、蚀刻液价格下滑 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 基础化工 沪深300 相关研究报告 << 化 工 新 材 料 周 报 （ 20250505- 20250511）：制冷剂价格维持高位，维 生素价格走弱>>--2025-05-11 <<云南能投（002053.SZ）：2024 年营 收规模创新高，持续优化业务结 构>>--2025-05-11 <<金发科技 2024 年报及 2025 年一季 报点评：业绩持续改善，新材料国产 替代打开成长空间>>--2025-04-30 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点子行业及产品情况 ...

Investment Rating - The report maintains an "Overweight" rating for the organic silicon industry [5]. Core Viewpoints - The peak production period for organic silicon has passed, and companies are collaborating to reduce output, leading to a potential price recovery from the bottom [1]. - Domestic organic silicon DMC capacity increased from 1.515 million tons/year in 2019 to 3.44 million tons/year by 2024, with limited new capacity expected in the future [1]. - As of March 19, 2025, the average market price for organic silicon was 14,500 CNY/ton, reflecting an 11.5% increase since the beginning of the year, although profit margins remain negative [1]. - The demand for organic silicon is steadily growing, with a CAGR of approximately 10.7% from 2020 to 2024, driven primarily by the construction and electronics sectors [3]. - The report suggests that the limited new supply and increasing demand will likely stabilize and improve the pricing and profitability of organic silicon products [1][3]. Summary by Sections Section 1: Industry Overview - The organic silicon industry is experiencing a supply reduction due to increased maintenance and repairs among producers, with 182,000 tons of capacity under maintenance as of February 19, 2025 [2]. - The inventory levels of organic silicon DMC are stable, with a slight increase since September 2024, but still within the median range of the past three years [2]. Section 2: Demand and Applications - The apparent consumption of organic silicon DMC in China rose from 1.21 million tons in 2020 to 1.82 million tons in 2024, with significant growth in exports at a CAGR of 22.5% during the same period [3]. - Key application areas for organic silicon include construction and electronics, which account for 25% and 23% of consumption, respectively [3]. - The report highlights the potential for growth in high-end construction sealants and materials for photovoltaic and electric vehicle sectors, driven by policy support and technological advancements [3]. Section 3: Investment Recommendations - The report recommends focusing on companies in the organic silicon production sector such as Hoshine Silicon Industry, Xingfa Group, and New安股份, as well as application companies like Ruifeng New Materials and Silica宝科技 [3].