基础化工2024年9月24日国新办发布会点评：重视重磅政策推出后的龙头白马投资机会

Investment Rating - The report assigns an "Overweight" rating to the basic chemical industry, maintaining the same rating as the previous report [5]. Core Viewpoints - The recent announcement by the central bank to lower existing mortgage rates and implement several significant policies is expected to improve macroeconomic sentiment [4]. - The basic chemical industry is currently at historically low PE levels, and leading companies in this sector are seen as having strong investment value due to potential profit improvements [4]. - The report emphasizes the importance of identifying investment opportunities in leading companies following the introduction of major policies [5]. Summary by Sections Economic Policies - The central bank has reduced the 7-day reverse repurchase rate by 0.2 percentage points to 1.5% and plans to lower the deposit reserve ratio by 0.5 percentage points, injecting approximately 1 trillion yuan into the financial market [6]. - The average reduction in existing mortgage rates is expected to be around 0.5 percentage points, aligning them closer to new loan rates [6]. Chemical Industry Outlook - The chemical industry is influenced significantly by macroeconomic conditions, with many products currently experiencing low demand recovery and increased supply [6]. - As of September 24, 2024, the China Chemical Product Price Index (CCPI) stands at 4336 points, which is at the 28.5th percentile of the past decade [6]. - The report suggests that with the new policies, demand for chemical products is likely to improve, making leading companies in the sector attractive for investment [6]. Recommended Companies - The report recommends several leading companies in the chemical sector, including: - Wanhua Chemical (MDI leader) - Hualu Hengsheng (coal chemical leader) - Longbai Group (titanium dioxide leader) - Yuanxing Energy (soda ash leader) - Juhua Co. (fluorine chemical leader) - Yangnong Chemical (pesticide raw material leader) - Huafeng Chemical (adipic acid and spandex leader) [6][9]. Growth Segments - The report highlights the potential of downstream companies with high barriers to entry and growth prospects, recommending: - Bluesky Technology (adsorbent resin leader) - Ruifeng New Materials (lubricant additive leader) - Jinhe Industrial (sweetener industry leader) - Juhua Co. (high-growth potential in fine chemicals) [6].