基础化工行业双周报（2025、4、11-2025、4、24）：一季报逐步披露，改性塑料、制冷剂等板块业绩较好-20250425

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [1] Core Viewpoints - The basic chemical sector has shown resilience with a 3.12% increase over the past two weeks, outperforming the CSI 300 index by 1.81 percentage points [3] - In Q1 2025, 61% of the 184 companies that reported earnings in the basic chemical sector saw year-on-year growth in net profit, with notable performance in modified plastics, phosphorus chemicals, refrigerants, and sweeteners [27] - The report highlights the potential for continued focus on domestic substitution products and price-increasing varieties with favorable supply-demand dynamics amid easing US-China trade tensions [27] Market Review - As of April 24, 2025, the basic chemical industry has experienced a year-to-date decline of 0.1%, but it has outperformed the CSI 300 index by 3.73 percentage points [10] - The top-performing sub-sectors in the last two weeks include polyester (18.18%), inorganic salts (12.55%), modified plastics (10.14%), carbon fiber (9.9%), and dyeing chemicals (8.13%) [15] - Conversely, the worst-performing sub-sectors include polyurethane (-9.61%), tires (-5.18%), spandex (-2.1%), organic silicon (-1.63%), and rubber products (-1.21%) [16] Chemical Product Price Trends - The top five chemical products with price increases in the past week include polymer MDI (+6.01%), anhydride (+4.60%), propylene glycol (+3.17%), dimethyl carbonate (+3.10%), and adipic acid (+2.84%) [19] - The products with the largest price declines include bromine (-35.51%), liquid chlorine (-7.57%), acrylonitrile (-7.39%), DMF (-6.67%), and carbon black (-6.10%) [23] Industry News - The report notes that the refrigerant sector is expected to maintain high profitability, with contract prices for refrigerants R32 and R410a increasing by 14.77% and 14.42% respectively compared to Q1 [27] - In the sucralose sector, the report indicates a favorable competitive landscape with high industry concentration and minimal impact from tariffs due to its inclusion in the exemption list [28]