化工Q3前瞻：看好顺周期、高成长、高股息方向

Investment Rating - The industry rating is "Recommended" [4] Core Viewpoints - The chemical industry is experiencing a bottom rebound, with fundamental risks largely cleared. Strong fiscal and monetary policies are expected to optimize the supply-demand structure, making the chemical industry an attractive investment opportunity [2][5] - From January to August 2024, the revenue of the chemical raw materials and chemical products manufacturing industry reached 59,374.8 billion yuan, a year-on-year increase of 5.3%, while total profits amounted to 2,662.6 billion yuan, up 0.6% year-on-year [2][5] - The chemical price index has shown a continuous rebound trend after hitting a bottom earlier this year, following a two-year decline that began in the second half of 2021 [2][5] Summary by Sections Industry Overview - The chemical industry is poised for recovery, with fiscal and monetary policies expected to stimulate economic growth and demand recovery. The supply-side pressure is easing, and the industry is likely to see a gradual optimization of the supply-demand structure [2][5] Investment Recommendations 1. Cyclical Opportunities: Focus on cyclical sectors with low historical valuations, such as coal chemical and fluorochemical industries. Recommended stocks include Baofeng Energy, Hualu Hengsheng, Satellite Chemical, and Haohua Technology [3][16] 2. New Materials and Technologies: Emphasis on new production capabilities, with potential for improved profitability and valuation due to rising product penetration and domestic substitution. Companies like Huicheng Environmental Protection and Lianrui New Materials are highlighted for their growth potential [3][16] 3. Infrastructure Investments: Continued fiscal support for public infrastructure projects, including nuclear power and water conservancy, with companies like Zhongyan Dadi and Yipuli recommended [3][16] 4. State-Owned Enterprise Reforms: Favorable outlook on state-owned enterprises improving operational efficiency and profit targets, with high-dividend stocks like Yuntianhua being recommended [3][16]