基础化工行业周报：制冷剂R134a、正丁醇价格上涨，看好化工长周期景气向上

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Viewpoints - The global chemical industry is currently experiencing a bottoming out phase, with European chemical facilities facing the highest costs globally, leading to an accelerated exit from the market due to rising costs and aging equipment [2]. - Domestic demand in China is expected to continue recovering, with leading companies in the chemical sector solidifying their cost and efficiency advantages while expanding production capacity [2]. - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [2][5]. Summary by Sections Recent Trends - As of November 7, 2024, the Guohai Chemical Prosperity Index stands at 96.14, reflecting a slight increase from October 31 [1]. Investment Opportunities 1. Low-Cost Expansion: Key companies include Wanhua Chemical, various tire manufacturers, and several others in the chemical sector [2]. 2. Improving Industry Conditions: Focus on sectors such as tire equipment, refrigerants, polyester filament, and phosphates, with specific companies highlighted for their potential [3]. 3. New Materials: Emphasis on fast-growing sectors with low domestic production rates, including electronic chemicals and aerospace materials [3]. 4. High Dividend Yields: Favorable outlook on state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation due to their stable dividend rates and low debt levels [5]. Market Observations - The report notes that the prices of refrigerants R134a and n-butanol have been rising, indicating a positive long-term outlook for the chemical industry [1][7]. - The report tracks significant price movements in various chemical products, including MDI and PTA, with specific price changes noted for November 8, 2024 [8][11][12]. Key Company Tracking - The report provides detailed tracking of key companies and their stock performance, with several companies rated as "Buy" based on their financial metrics and market conditions [22].