化工行业周报：正丙醇、叶酸价格大幅上涨，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 Lianhua Technology [1]. Core Views - The report highlights a tightening supply-demand situation for n-propanol, with prices expected to continue rising. As of November 15, the market price for n-propanol reached 10,800 RMB/ton, reflecting an increase of 1,700 RMB/ton since November [1]. - The downstream demand for n-propanol is primarily driven by the production of propyl acetate, which accounts for 65% of its usage. The report notes that domestic consumption of n-propanol from January to September reached 158,300 tons, a year-on-year increase of 14%, while imports surged by 49% to 33,000 tons [1]. - The report also discusses the impact of tax policy adjustments on the real estate market, which is expected to boost demand for related chemical products [1]. Summary by Sections Key Companies - Wanhua Chemical, Hualu Hengsheng, and Yangnong Chemical are rated as "Buy" - China Jushi and Lianhua Technology are rated as "Hold" - Other companies such as Huafeng Chemical and Jinhe Industrial are rated as "Increase" [1]. Price Trends - The report notes significant price increases in certain chemical products, particularly folic acid, which saw a price rise of 6.8% to 195 RMB/kg, and vitamin A, which increased by 7.3% to 161 RMB/kg [9]. - The overall chemical price index (CCPI) as of November 15 is 4,350, reflecting a decrease of 0.7% from the previous week [19]. Market Dynamics - The report indicates that the n-propanol industry operates at a high capacity utilization rate of around 80%, with limited short-term supply increases expected [1]. - The report emphasizes the healthy price transmission within the n-propanol supply chain, with downstream inventory levels at a yearly low, supporting further price increases [1]. Policy Impacts - Recent tax policy changes are anticipated to positively influence the real estate market, which in turn may enhance demand for related chemical products [1]. - The report highlights that ongoing government support measures are expected to stabilize the domestic real estate market, potentially leading to a recovery in chemical product demand [6].