基础化工行业周报：关注化工供给端或存扰动带来的投资机会

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, consistent with the previous rating [6]. Core Insights - The report highlights potential investment opportunities arising from supply disruptions in the chemical sector, suggesting that chemical prices may rebound due to increased production uncertainties as winter approaches [4][41]. - It emphasizes the importance of core leading companies with resilient performance and long-term growth potential, particularly in the new materials and fine chemicals sectors [4][41]. - The report notes that the overall industry supply surplus has not been resolved, and a stable recovery in chemical prices may require time or policy support [41]. Summary by Sections Market Performance - During the week of October 21-25, the Shanghai Composite Index rose by 1.17%, the ChiNext Index increased by 2.00%, and the basic chemical index (CI005006) surged by 5.16%, ranking fifth among 30 sectors [5][40]. - The top five price increases were observed in liquid chlorine (+16.84%), vitamin A (+16.13%), MAP (+9.33%), sulfur (+8.89%), and pentaerythritol (+4.76%) [5]. Investment Recommendations - Recommended leading companies in the cyclical growth segment include Wanhua Chemical, Hualu Hengsheng, Yangnong Chemical, Longbai Group, Yuanxing Energy, and Xingfa Group [41]. - Suggested beneficiaries include Chuanheng Co. and Yuntianhua [41]. - In the fine chemical segment, recommended leading companies are Ruifeng New Materials, Bluestar Technology, and Guocer Materials, with beneficiaries including Meijiaxin Color [41]. Key Company Tracking - Wanhua Chemical's MDI prices remained stable, with slight increases in price differentials [44]. - Hualu Hengsheng reported a rebound in octanol prices, with the second phase of its Jingzhou project nearing completion [46]. - Juhua Co. achieved expected performance in Q2 2024, benefiting from quota increases [47]. - Sailun Tire's Q3 2024 performance met expectations, with multiple projects progressing smoothly [48]. - Huafeng Chemical's Q2 2024 results were in line with expectations, with a gradual improvement in its supply chain [50]. New Materials Sector - The report expresses optimism for new materials, particularly in sectors with high growth potential and technological barriers, recommending companies like Bluestar Technology and Ruifeng New Materials [51].