基础化工行业周报：化债政策加速内需复苏，原油下行机会亦需重视

Investment Rating - The report maintains an "Overweight" rating for the chemical industry, reflecting a positive outlook due to the acceleration of debt resolution policies and the potential benefits from declining crude oil prices [4][6]. Core Insights - The introduction of a 10 trillion yuan local debt resolution policy is expected to stimulate economic recovery, benefiting related sectors. The report recommends leading cyclical companies with resilient performance and long-term growth potential, as well as new material leaders with stable demand growth [6][11]. - The outcome of the U.S. elections is anticipated to strengthen expectations for declining crude oil prices, which could benefit related fine chemical products [6][11]. Summary by Sections Market Performance - During the week of November 4-8, the Shanghai Composite Index rose by 5.51%, the ChiNext Index increased by 9.32%, and the basic chemical index (CI005006) gained 6.96%, ranking 11th among 30 sectors [9][10]. Investment Recommendations - Recommended cyclical growth leaders include Wanhua Chemical, Hualu Hengsheng, Yangnong Chemical, Longbai Group, Yuanxing Energy, and Xingfa Group. Beneficiary stocks include Chuanheng Co. and Yuntianhua. New material leaders recommended are Ruifeng New Materials, Bluestar Technology, and Guoci Materials [12][26]. - For beneficiaries of declining oil prices, recommended stocks include Juhua Co., Jinhe Industrial, Dongyue Group for refrigerants, and Garden Biotech, New and Chengdu Pharmaceutical for vitamins [12][26]. Key Company Tracking - Wanhua Chemical: Q3 performance was below expectations, with revenue of 147.6 billion yuan, a year-on-year increase of 11.35%, and a net profit of 11.093 billion yuan, a decrease of 12.67% [14][15]. - Hualu Hengsheng: Q3 performance met expectations, with revenue of 25.18 billion yuan, a year-on-year increase of 30.16%, and a net profit of 3.049 billion yuan, a year-on-year increase of 4.16% [19][20]. - Juhua Co.: Maintained an "Overweight" rating, with Q3 revenue of 5.826 billion yuan, a year-on-year decrease of 1.53%, but a net profit increase of 64.76% [21][22]. - Sailun Tire: Q3 performance met expectations, with net profit of approximately 3.21-3.28 billion yuan, a year-on-year increase of 58.52%-61.98% [24][25]. Important Sub-Industry Tracking - The new materials sector is viewed positively, particularly for companies with high growth potential and technological advantages, such as Bluestar Technology and Ruifeng New Materials [26][27].