化工行业周报：有机硅价格底部回暖，MDI反倾销不减国内竞争力，重点关注低估值高成长标的

Investment Rating - The report maintains a "Buy" rating for the chemical industry, with a focus on undervalued high-growth stocks [2]. Core Insights - The organic silicon market is experiencing a price rebound due to supply-demand improvements, with a strong price increase observed in various products [2]. - The U.S. has initiated anti-dumping investigations on MDI imports from China, which may affect global trade flows rather than domestic competitiveness [2]. - The chemical sector is expected to benefit from a recovery in domestic demand and cost reductions, particularly in the tire industry and fluorochemical products [2]. Summary by Sections Chemical Industry Overview - Current macroeconomic conditions indicate stable oil prices due to reduced Iranian exports and balanced supply-demand in Q1 2025 [3]. - Coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [3]. - Natural gas prices are fluctuating at the bottom [3]. Organic Silicon Market - The domestic expansion cycle for organic silicon has concluded, leading to improved supply-demand dynamics and price increases [2]. - Export volume for organic silicon is projected to reach approximately 546,000 tons in 2024, a year-on-year increase of about 34% [2]. - As of February 16, 2025, DMC prices averaged 13,500 CNY/ton, with significant price increases across various products [2]. MDI Market - The U.S. has proposed anti-dumping duties on MDI imports from China, with preliminary margins set between 305.81% and 507.13% [2]. - North American MDI capacity is limited, and the anti-dumping measures may shift pressure onto local consumers rather than impacting Chinese exporters directly [2]. Investment Recommendations - Focus on traditional cyclical stocks and specific high-growth companies such as New安股份, 兴发集团, and 合盛硅业 [2]. - Emphasize investments in sectors with recovering demand and cost reductions, particularly in the tire and fluorochemical industries [2]. - Highlight growth stocks in semiconductor materials and OLED panel materials, with specific companies identified for potential investment [2]. Price Trends and Market Dynamics - The report notes various price movements in chemical products, including a 1.6% increase in PTA prices and a stable market for MEG and POY [7]. - The overall market sentiment remains cautious, with supply pressures in several segments, including PVC and pure soda ash [10][11].