基础化工行业周报：财政政策再加力度，核心龙头再定价

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [3] Core Viewpoints - The report emphasizes the need for increased fiscal policy efforts to boost economic growth and recommends investing in resilient core leaders with medium to long-term growth potential, categorized into cyclical growth leaders and segmented growth leaders [5][12] - The basic chemical index experienced a decline of 6.45% during the week, ranking 23rd among 30 sectors, indicating a challenging market environment [8][10] - Despite a weak fundamental state for most chemical products, the report highlights a recovery in market confidence and expectations for future development, suggesting that the market may reassess the cost advantages of leading companies [12][19] Summary by Sections 1. Market Performance - The Shanghai Composite Index decreased by 3.56%, while the ChiNext Index fell by 3.41% during the week [8] - The basic chemical index saw a decline of 6.45%, with significant price increases in sulfur (+9.76%) and raw salt (+9.38%) among key chemical products [12] 2. Investment Recommendations - Recommended cyclical growth leaders include Wanhua Chemical, Hualu Hengsheng, and Longbai Group, while segmented growth leaders include Ruifeng New Materials and Blue Sky Technology [12][13] - The report suggests that companies with resilient performance and growth potential should be prioritized for investment [5][12] 3. Key Company Tracking - Wanhua Chemical reported a slight increase in the price of polymer MDI, while Hualu Hengsheng's product prices showed a rebound, indicating positive trends in specific segments [15][18] - Juhua Co. achieved expected performance in Q2 2024, benefiting from its leading position in refrigerant quotas [19] - Sailun Tire maintained strong performance with significant year-on-year profit growth, supported by multiple projects in progress [21] 4. Industry Trends - The report notes a recovery in confidence within the basic chemical sector, with expectations for improved performance in the coming quarters despite current challenges [12][19] - The new materials sector is highlighted for its growth potential, particularly in areas with high technological barriers and strong market demand [24]