化工行业周报：25年制冷剂配额总量方案落地，长景气未改，重点关注低估值高成长标的

Investment Rating - The report maintains a positive outlook on the chemical industry, highlighting undervalued high-growth stocks as key investment opportunities [2]. Core Insights - The macroeconomic outlook for the chemical industry indicates a shift towards a looser supply-demand balance for crude oil, with prices expected to stabilize around $70 per barrel in Q4 2024 and $65 per barrel in 2025 [3][6]. - The total quota for refrigerants in 2025 has been set, maintaining the long-term positive outlook for the refrigerant market, with specific reductions in R22 production quotas leading to potential price increases [2][6]. - The report emphasizes the importance of monitoring specific companies such as Juhua Co., Sanmei Co., Dongyue Group, and others for investment opportunities in the refrigerant sector [2][6]. Summary by Sections Macroeconomic Analysis - The report notes that crude oil supply is expected to increase, leading to a more relaxed supply-demand situation, with coal prices projected to decline in the medium term [3][6]. - Natural gas prices are expected to remain stable at the bottom [3]. Refrigerant Market - The 2025 refrigerant quota plan has been released, with significant reductions in R22 quotas, which may lead to price increases due to a growing gap in the household air conditioning repair market [2][6]. - The report anticipates a tight supply-demand balance for R32, with prices expected to rise [2][6]. Chemical Sector Configuration - The report suggests focusing on traditional cyclical stocks and specific companies within the chemical sector, including Wanhu Chemical, Hualu Hengsheng, and others [2][6]. - The report highlights the potential for price increases in titanium dioxide due to seasonal demand [2][6]. Investment Recommendations - The report recommends monitoring companies in the tire industry, fluorochemical sector, and semiconductor materials for potential growth opportunities [2][6]. - It also notes that the MDI sector is entering a peak demand season, with strong support from supply-side factors [2][6].