基础化工行业周报：化工景气回升，关注四大机会

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1][19]. Core Viewpoints - The global chemical industry is currently experiencing a bottoming out phase, with European chemical production capacity showing signs of accelerated exit due to rising costs and aging equipment. Meanwhile, domestic capacity additions are reaching a peak, leading to a potential decline in future capital expenditures [3]. - Domestic demand is expected to continue recovering, supported by government fiscal policies aimed at promoting high-quality economic development. This includes measures such as increasing debt limits and issuing special bonds to support state-owned banks [3]. - Chinese leading companies are solidifying their cost and efficiency advantages while expanding capacity, entering a phase of increasing market share and performance [3]. - The report highlights four key investment opportunities: 1. Low-cost expansion involving companies like Wanhua Chemical and various tire manufacturers [3]. 2. Improvement in industry conditions for sectors such as tire equipment and refrigerants [4]. 3. New materials with high growth potential and low domestic production rates, including electronic chemicals and aerospace materials [5]. 4. High dividend yields from state-owned enterprises in the chemical sector, such as China National Petroleum and China National Chemical [5]. Summary by Sections Core Target Tracking and Market Observation - The chemical industry is experiencing a recovery in demand, with specific sectors like tires and refrigerants showing significant growth potential [3][4]. - The report tracks price movements of key products, noting increases in prices for acrylic acid, polyester filament, and refrigerants due to supply constraints and rising raw material costs [7][10][12]. Data Tracking - The report provides detailed price data for various chemicals, indicating upward trends in several key products, including acrylic acid and polyester filament, driven by supply-demand dynamics [7][10][12]. Focus Stocks This Week - Companies such as Wanhua Chemical, Linglong Tire, and Sailun Tire are highlighted for their strong performance and positive earnings forecasts for the first three quarters of 2024 [8][9][10]. Investment Recommendations - The report emphasizes the long-term growth potential of the chemical industry, maintaining a "Recommended" rating based on the favorable market conditions and the performance of leading companies [3][19].