化工行业周报：终端需求转淡，景气逐步触底，重点关注低估值高成长标的

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, emphasizing the focus on undervalued high-growth targets [3]. Core Insights - The macroeconomic judgment for the chemical sector indicates a shift towards a looser supply-demand balance for crude oil, with prices expected to stabilize around $70 per barrel in Q4 and $65 per barrel in 2025 [6][10]. - The report highlights a gradual recovery in the Producer Price Index (PPI) for the chemical sector, although it may face pressure in Q4 due to base effects [3][8]. - Key investment recommendations include focusing on traditional cyclical stocks, long-term growth sectors, and specific high-potential companies across various sub-sectors [3]. Summary by Sections Industry Dynamics - Current macroeconomic conditions suggest a softening in crude oil supply, with coal prices expected to decline in the medium term, alleviating pressure on downstream sectors [6]. - Natural gas prices are stabilizing at the bottom, while overall energy prices are projected to remain above the mid-level [6]. Chemical Sector Configuration - The report notes a recovery in PPI data for the chemical sector from negative values towards zero, with specific attention to the ammonia and refrigerant markets [3]. - It suggests monitoring companies like Wanhua Chemical, Hualu Hengsheng, and others in various segments such as petrochemicals, agriculture, and specialty chemicals [3]. Growth Targets - The report identifies growth opportunities in the tire industry due to domestic demand recovery and cost reductions, recommending companies like Sailun Tire and Linglong Tire [3]. - In the semiconductor materials sector, it highlights companies with low valuations and resilient earnings, such as Yake Technology and Huate Gas [3]. MDI Sector Insights - The MDI market is expected to perform strongly due to seasonal demand and robust supply-side support, with current market prices for MDI products showing slight fluctuations [3][22].