基础化工行业投资策略周报：政策持续发力，国际能源价格上涨

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The SW basic chemical sector increased by 24.77% from September 23 to September 30, underperforming the Wind All A Index by 1.54 percentage points. Sub-sectors such as fluorine chemicals, coatings, and soda ash showed significant gains [12][21] - Chemical product prices have generally declined, with 336 tracked products showing 21% rising, 45% stable, and 33% falling. The top five products with price increases include liquid chlorine, ferrous sulfate, methyl acrylate, US Henry Hub futures, and dimethyl carbonate (DMC). The top five products with price declines include C4 feedstock, MMA, soybeans, ether C4, and IPDI [12][32] - The Federal Reserve's interest rate cuts have opened up domestic policy flexibility, benefiting the chemical sector. Since September 18, multiple capital market and real estate policies have been announced, with expectations of a rebound in chemical product demand due to a potential turning point in the real estate market [12] - The instability in the Middle East has led to a rise in international energy prices, with Brent crude averaging $78.05 per barrel as of October 4, 2024, an increase of 8.8% from the end of September [12] Summary by Sections Overall Industry View - The basic chemical sector's performance is closely tied to macroeconomic conditions and policy changes, with a focus on supply optimization and demand recovery [12][13] Key Sub-industry Tracking - Attention is drawn to resource constraints and supply optimization in oil and gas, mining, and manufacturing sectors, with specific companies highlighted for potential investment [12][13] Data Tracking - The report tracks industry performance, macroeconomic data, downstream data, and price fluctuations of major chemical products, indicating a mixed performance across the sector [12][21][32]