基础化工行业周报：并购重组行情升温，部分农药价格反弹

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The merger and acquisition (M&A) activity is heating up, with several chemical companies announcing proposed mergers and restructurings. This trend is expected to accelerate and drive high-quality development in the capital market [3]. - Some pesticide prices are showing signs of recovery after a prolonged downturn, indicating potential investment opportunities in the pesticide sector [3][27]. Summary by Sections 1. Core Viewpoints - The implementation of the "Six M&A Guidelines" by the China Securities Regulatory Commission aims to enhance industrial integration and support cross-industry mergers, which could lead to more investment opportunities in the chemical sector [3]. - The pesticide industry has experienced a downturn since 2022, but recent price rebounds in certain products suggest a potential bottoming out, with a new inventory cycle expected to begin [3][27]. 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 4.8% during the week of October 21-25, outperforming both the Shanghai Composite Index and the ChiNext Index [29][30]. - Year-to-date, the basic chemical industry index has decreased by 2.7%, lagging behind the Shanghai Composite Index by 13.6 percentage points [29]. 3. Individual Stock Performance in the Chemical Sector - Among 426 stocks in the basic chemical sector, 391 stocks rose, with notable gainers including Andon Health A (+58.5%) and Haida Co. (+57.3%) [34]. - The report highlights significant price movements in various chemical products, with liquid chlorine seeing a 100% increase [4]. 4. Key News and Company Announcements - Several chemical companies, including Zhizheng Co. and Yanggu Huatai, have announced plans for mergers and acquisitions, indicating a trend towards consolidation in the industry [35]. - The pesticide price index reported a value of 74.8 points as of October 20, 2024, reflecting a year-on-year decline of 14.3% [35].