基础化工行业周报：2025年制冷剂配额核发公示，顺酐、丁二烯价格上行

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [4][71]. Core Viewpoints - The report highlights that the supply-demand balance in the refrigerant sector is expected to improve, leading to a potential upward trend in prices. It suggests focusing on companies such as Jinshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [55]. - The report also emphasizes the importance of the chemical fiber sector, recommending attention to Huafeng Chemical, New Fengming, and Taihe New Materials [55]. - Other sectors of interest include tire manufacturing and agricultural chemicals, with specific companies recommended for investment [55]. Summary by Sections Market Trends - In the past week (December 16-22), the basic chemical index decreased by 3.37%, underperforming the CSI 300 index by 3.23 percentage points, ranking 19th among all sectors [42][53]. - The top-performing sub-sectors included non-metallic materials (1.75%), viscose (1.14%), and rubber additives (1.11%) [64]. Chemical Product Price Trends - The report lists the top five products with the highest weekly price increases: acrylic acid (9.96%), succinic anhydride (9.92%), butanone (7.59%), international butadiene (7.27%), and epoxy chloropropane (5.41%) [67]. - Conversely, the top five products with the largest weekly price declines included ammonium nitrate (-13.04%), monoammonium phosphate (-8.82%), industrial naphthalene (-7.35%), caprolactam (-6.22%), and liquid chlorine (-6.08%) [67]. Investment Recommendations - The report suggests focusing on the refrigerant sector, chemical fiber sector, and other quality growth stocks such as Wanhu Chemical, Hualu Hengsheng, and Luxi Chemical [55][71].