基础化工行业周报：国常会研究提振消费及化解重点产业结构性矛盾，继续关注化工核心资产及新材料成长

Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Viewpoints - The State Council's meeting focused on boosting consumption and resolving structural contradictions in key industries, which is expected to benefit leading chemical companies as the traditional peak season approaches [2] - Despite an oversupply in the chemical market, prices are expected to rebound due to strong price support from manufacturers facing losses and a potential supply-side restriction on high-energy-consuming products [2][3] - The organic silicon industry is at the bottom of a capacity digestion cycle, with limited new capacity expected in 2025, while demand is projected to grow significantly, leading to improved profitability for leading companies [3] - Polyester filament yarn inventory is significantly lower than historical levels, supporting a favorable market outlook as the peak season approaches [5] - The OLED materials and semiconductor materials sectors are expected to see increased demand due to accelerated capital expenditures in high-generation OLED lines [4][8] Summary by Sections Industry Overview - The chemical industry is expected to maintain a relatively low growth rate in new capacity in 2025, with demand showing steady improvement [5] - The domestic polyester filament yarn consumption growth rate is projected to reach approximately 9.6% in 2024, with an absolute increase of over 3 million tons [5] Key Products and Price Trends - The price of potassium chloride has risen by 8.2% to 2900 RMB/ton due to tight domestic supply and strong demand [11] - Vitamin A prices have increased by 6.7%, with manufacturers raising their ex-factory prices [11] - The price of acetone has risen by 9.2% to 6550 RMB/ton, driven by supply and demand factors [12] Recommendations - Focus on leading companies such as Wanhua Chemical and Hualu Hengsheng, which are expected to benefit from the recovery in the chemical market [2][6] - In the organic silicon sector, companies like Hesheng Silicon and Dongyue Silicon are recommended due to anticipated profitability improvements [3] - For OLED materials and semiconductor materials, companies such as Aolide and Light Optoelectronics are highlighted for their growth potential [4][8]