基础化工行业周报：信心回暖，核心龙头再定价

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, indicating a recovery in confidence and a revaluation of core leading companies [2]. Core Insights - The report emphasizes the importance of investing in resilient companies with medium to long-term growth potential, categorizing them into cyclical leaders and segmented leaders, while also highlighting high-demand products that may exceed expectations [4][10]. - The basic chemical index saw a significant increase of +27.06% from September 23 to September 30, outperforming other sectors [7]. - The chemical price index rose by +1.41% as of September 30, with a mixed performance in price spreads among tracked chemical products [10]. Summary by Sections Market Performance - The Shanghai Composite Index increased by +21.37%, and the ChiNext Index rose by +42.12% during the same period [7]. - The top five price increases in chemical products included liquid chlorine (+28.38%) and NYMEX natural gas (+6.20%) [4]. Investment Recommendations - Recommended cyclical leaders include Wanhua Chemical, Hualu Hengsheng, Yangnong Chemical, Longbai Group, Yuanxing Energy, and Xingfa Group [10][12]. - Recommended segmented leaders include lubricant additive leader Ruifeng New Material, adsorption resin leader Blue Sky Technology, and new material leader Guoci Materials [10][12]. Key Company Tracking - Wanhua Chemical reported a slight increase in the price and spread of polymer MDI, with the price at 15,611 CNY/ton [14]. - Hualu Hengsheng's product prices, including octanol, showed a rebound, with the company nearing the completion of its second phase in Jingzhou [16]. - Juhua Co. achieved expected performance in Q2 2024, with a revenue of 12.08 billion CNY, reflecting a year-on-year growth of 19.65% [18]. Sub-industry Insights - The report highlights the new materials sector, recommending companies with strong growth potential and technological advantages, such as Blue Sky Technology and Ruifeng New Material [22].