基础化工行业定期报告：地产增量政策频出；巴斯夫延迟复产或开启维生素新一轮上涨

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry [2]. Core Viewpoints - Recent real estate policies are expected to stabilize the market, potentially boosting domestic chemical demand [2]. - BASF's delayed resumption of production for vitamins A and E may lead to a new round of price increases in the market [2]. - The oil market is facing a downward adjustment in price levels due to OPEC+'s supply-side support weakening [2]. - The high-capacity release cycle is nearing its end, with a focus on quality "growth+" blue-chip companies [2]. - The food and feed additives sector is experiencing price increases due to strong demand and low inventory levels [2]. Summary by Sections Key Companies' Basic Conditions - Wanhua Chemical: Buy rating, 2024E EPS of 5.40, PE of 14.49 [1]. - Hualu Hengsheng: Buy rating, 2024E EPS of 2.12, PE of 10.94 [1]. - Baofeng Energy: Buy rating, 2024E EPS of 1.11, PE of 14.18 [1]. - Yangnong Chemical: Buy rating, 2024E EPS of 3.10, PE of 18.87 [1]. - Yuntianhua: Buy rating, 2024E EPS of 2.88, PE of 7.90 [1]. - Xin Fengming: Buy rating, 2024E EPS of 0.98, PE of 11.52 [1]. - China National Offshore Oil Corporation: Buy rating, 2024E EPS of 3.16, PE of 9.01 [1]. - Sinopec: Buy rating, 2024E EPS of 0.58, PE of 11.29 [1]. Industry Trends - The basic chemical industry is seeing a decline in capital expenditure, with a total decrease of 13.6% in 2024H1 [8]. - The MDI market is expected to see price increases due to supply-side constraints and demand recovery in real estate [9]. - The tire industry is experiencing high growth due to strong demand in the replacement market [9]. - The refrigerant industry is recovering significantly due to supply constraints from quota restrictions [9]. - The agricultural chemical sector is facing pressure from oversupply, but inventory depletion is expected to stabilize in 2024H2 [4].