20240114-天风证券-基础化工行业研究周报_三代制冷剂配额核发_R410a_有机硅价格上涨_20页_2mb

报告摘要

Industry Rating: Neutral (maintained) for base chemicals sector.
Weekly Performance: Base chemicals index declined by 0.85% for the week, outperforming the CSI 300 index by 0.50个百分点. Key sub-sectors included tire (+473%) and daily chemical products (+307%).

Environmental Protection Department issued quotas for hydrogen fluoride compounds, concentrating production on leading firms like Juhua Shares and Santiment Shares.
Wacker Chemicals announced closure of a plant in Taiwan; Sabic shut down a PC production line due to poor market conditions.

Rising: Organic silicon (+35%), R410a (+111%), R32 (+101%), natural gas (+183%).
Falling: Light soda ash (-76%), heavy soda ash (-72%), ethylene glycol (-1%).
Stable: TDI, MDI, and other products maintained prices.

Growth Stocks: Endorsed companies like Wanrun Shares and Huaren Biology for their long-term potential in sectors like synthetic biology.
Leader Stocks: Recommended Wanhua Chemical for its strong position in cyclical recovery.
Cyclical Plays: Suggested the refrigerant sector due to new quotas and demand growth, along with tire and agriculture companies.
Key Stocks Tracked: Positive outlook for Juhua Shares, Santiment Shares, and others; negative for ST Hongda and other underperformers.