基础化工行业周报：成长与周期共舞，能化弹性可期

Investment Rating - The report maintains an "Overweight" rating for the chemical industry [1]. Core Insights - The chemical sector, comprising 525 listed companies, exhibits significant valuation elasticity during active market periods, particularly for growth stocks [2]. - The report emphasizes the importance of focusing on overseas technology mapping and self-sufficient materials, recommending investments in the copper interconnect and HBM supply chains [3]. - The report identifies vitamin E (VE) as a key price increase sector, with VE prices rising to 138 RMB/kg as of November 10, indicating a potential for continued profitability [3]. - The report highlights the strategic opportunities in energy and chemical stocks, particularly those that may benefit from oil price rebounds due to geopolitical events [3]. - The transition from "big infrastructure" to "new infrastructure" is noted, with significant investments expected in nuclear and hydropower projects [4]. - Mergers and acquisitions are anticipated to be a critical theme in the chemical sector, supported by recent regulatory changes that encourage cross-industry mergers [5]. Summary by Sections Industry Overview - The chemical industry is characterized by a long supply chain, providing high-quality materials for various growth sectors [2]. - The current valuation of growth stocks in the sector is considered low, presenting an opportunity for investment as market conditions improve [2]. Key Investment Areas - Focus on the copper interconnect and HBM supply chains, with specific companies like Precision Technology and Yake Technology highlighted as key players [3]. - Emphasis on materials that are self-sufficient, particularly in OLED displays, integrated circuits, and lithium batteries, with companies like Dinglong and Lite-On being recommended [3]. Price Trends - The report tracks significant price movements in chemical products, with VE showing a clear upward trend [3]. - The report provides a detailed price tracking table for various chemical products, indicating fluctuations and trends in the market [12][13]. Mergers and Acquisitions - The report discusses the potential for increased M&A activity in the chemical sector, driven by regulatory support for cross-industry mergers and acquisitions [5]. Recommended Stocks - The report lists several stocks with "Buy" ratings, including Satellite Chemical, Wanhu Chemical, Dinglong, Yake Technology, and others, providing projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 and beyond [8].