基础化工行业周报：聚焦赛道成长，掘金并购重组

Investment Rating - The report maintains an "Overweight" rating for the chemical industry [1] Core Viewpoints - The chemical sector, comprising 525 listed companies, offers significant investment opportunities due to its diverse investment styles, including both cyclical and growth stocks. The current low valuation of growth stocks presents a favorable entry point for investors [2] - The report emphasizes the importance of focusing on overseas technology mapping and material self-sufficiency, particularly in high-growth sectors such as OLED, integrated circuits, and lithium batteries. Key companies to watch include Jingda Co., Yake Technology, and Dinglong Co. [2] - The transition from traditional infrastructure to "new infrastructure" is highlighted, with significant investments expected in nuclear and hydropower, creating opportunities in related materials and engineering sectors. Zhongyan Dadi is recommended as a leading player in geotechnical engineering [3] - Mergers and acquisitions are anticipated to be a key theme in the chemical sector, supported by recent regulatory changes that encourage cross-industry mergers and acquisitions of unprofitable assets. This environment is expected to generate more investment opportunities within the chemical sector [4] Summary by Sections Industry Overview - The chemical industry is characterized by a long supply chain, providing high-quality materials for various growth sectors. The current market conditions favor growth stocks, which have shown significant valuation elasticity during active market periods [2] Key Investment Themes - Focus on overseas technology mapping and self-sufficient materials in sectors like OLED, integrated circuits, and lithium batteries. Companies such as Dinglong Co. and Yake Technology are highlighted as strong candidates for investment [2] - The shift towards "new infrastructure" is expected to drive substantial investments in nuclear and hydropower, with a projected market size of 150 billion annually for related materials and engineering [3] Mergers and Acquisitions - The report notes that recent regulatory changes will facilitate mergers and acquisitions in the chemical sector, potentially leading to significant growth opportunities for companies that successfully integrate assets across different sectors [4]