化工行业周报：化债举措落地，特朗普当选，继续重点关注化工核心资产及新材料成长

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, including Wanhua Chemical, Hualu Hengsheng, and Yangnong Chemical, while recommending "Hold" for China Jushi and "Increase" for several others [1]. Core Insights - The report highlights that the implementation of debt reduction measures and the election of Trump are expected to gradually restore demand for chemical products, particularly as new policies supporting real estate are anticipated [1][3]. - The report emphasizes the potential for valuation recovery in core chemical assets and high-quality new materials companies due to easing debt pressures and the gradual rollout of incremental policies [1][4]. Summary by Sections Key Companies - Wanhua Chemical, Hualu Hengsheng, and Yangnong Chemical are rated as "Buy" - China Jushi is rated as "Hold" - Other companies like Lianhua Technology, Huafeng Chemical, and Jinhe Industrial are rated as "Increase" [1]. Market Trends - The report notes that the chemical product prices are at a bottom level, indicating strong safety margins for leading companies [3]. - The demand for new materials is expected to accelerate due to the ongoing domestic replacement process, particularly in OLED and semiconductor materials [3]. Policy Impact - The report discusses how recent policies aimed at stabilizing the real estate market are likely to improve demand for chemical products, particularly MDI, titanium dioxide, and soda ash [4]. - The report also mentions that supply constraints due to quota policies are expected to keep refrigerant prices buoyant in the medium to long term [4]. Price Movements - The report provides an overview of price trends for various chemical products, indicating a slight increase in the China Chemical Price Index (CCPI) by 0.5% week-on-week [12]. - It also highlights fluctuations in oil prices, with WTI and Brent crude showing slight increases, reflecting ongoing market dynamics [12].