上周基础化工板块下跌0.02%，沪深300 指数下跌2.45%，基础化工板块跑赢大盘2.43 个百分点，涨跌幅居于所有板块第12 位。个股涨幅居前：云南能投、江苏索普、鸿达兴业、恒大高新、永利股份；跌幅居前：红太阳、金禾实业、鼎龙股份、六国化工、扬农化工。基础化工（中信）板块P/E（TTM，整体法，剔除负值）为33.96，P/E（2021E）为26.01。从基础化工板块与沪深300 的估值之比来看，目前这一比值为2.33，高于一年来的均值2.24。

1、本周观点：PPI 上升较快影响短期超额收益率，看好产能周期下化工景气持续 ......................... 3

1.1 本周观点：PPI 上升较快影响短期超额收益率，看好产能周期下化工景气持续 ....... 3

2、重点公司跟踪 ................................................................................................................................ 6

2.1 万华化学 ..................................................................................................................................................................... 6

2.2 龙蟒佰利 ..................................................................................................................................................................... 6

2.3 华鲁恒升 ..................................................................................................................................................................... 6

2.4 扬农化工 ..................................................................................................................................................................... 7

2.5 玲珑轮胎 ..................................................................................................................................................................... 7

2.6 合盛硅业 ..................................................................................................................................................................... 7

3、板块估值及个股行情 ...................................................................................................................... 8

4、化工产品价格回顾 .................................................................................................................................. 10

化工子板块动态 ............................................................................................................................................................... 10