化工行业周报：钛白粉反倾销出台，政策有望催化终端需求持续复苏，重点关注地产链、消费链及低估值白马企业

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly focusing on sectors such as real estate, consumer chains, and undervalued blue-chip companies [3]. Core Insights - The introduction of anti-dumping measures on titanium dioxide is expected to catalyze a recovery in terminal demand, with a focus on real estate and consumer sectors [3]. - Current macroeconomic conditions indicate a recovery in the domestic economy, with oil prices expected to stabilize around $70 per barrel in Q4 due to tight global supply [4][5]. - The impact of anti-dumping duties on titanium dioxide exports from Brazil and Saudi Arabia is anticipated to be limited, as these markets represent a small portion of China's overall exports [4][8]. Summary by Sections Macroeconomic Analysis - The report highlights that the domestic economy is in a recovery phase, with the Federal Reserve likely to end interest rate hikes, leading to a potential decrease in rates [4]. - Global oil supply remains tight due to production cuts from Russia and OPEC+, with coal prices expected to decline in the medium to long term [5]. Titanium Dioxide Market - Brazil has imposed preliminary anti-dumping duties ranging from $577.73 to $1772.69 per ton on Chinese titanium dioxide, while Saudi Arabia has initiated an investigation [4][8]. - In 2023, China's titanium dioxide exports were approximately 1.64 million tons, with Brazil and Saudi Arabia accounting for 6.7% and 1.2% of total exports, respectively [8][9]. Chemical Sector Configuration - The report suggests focusing on companies with strong fundamentals in the chemical sector, including Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy, among others [4]. - The report also emphasizes the importance of monitoring the MDI market, which is expected to perform well due to strong demand and supply-side support [4][9]. Price Trends - Recent price movements indicate a rise in PTA and polyester prices, driven by strong cost support from rising oil prices [9][10]. - The report notes that the price of urea has increased by 3.3% week-on-week, reflecting a positive market sentiment ahead of the holiday season [10][11].