基础化工：化工，机会生生不息，静待上行机遇

Investment Rating - The report maintains an "Overweight" rating for the chemical industry [1] Core Insights - The chemical sector presents continuous investment opportunities, characterized by a long industrial chain and diverse downstream applications. The report identifies four investment paradigms: economic cycles, growth tracks, volume growth, and value dividends, which correspond to key factors of price, valuation, volume, and dividends [2] - Current opportunities in the chemical sector are driven by a cyclical upturn, with notable price increases in products like TMA, refrigerants, vitamins, and dyes. The report highlights significant gains in stocks such as Zhengdan Co. with a maximum increase of 1196% [2] - The report emphasizes the importance of monitoring the market for potential growth opportunities, particularly in the copper interconnection industry and new materials related to OLED, integrated circuits, and lithium batteries [3] Summary by Sections Industry Overview - The chemical industry includes 563 listed companies and has produced twenty "ten-bagger" stocks since 2020, indicating a fertile ground for investment opportunities [2] - The cyclical nature of the industry creates non-linear profit growth during upturns, with current opportunities stemming from global supply shifts due to the exit of overseas facilities [2] Key Products - Folic acid is highlighted as a core product currently experiencing a price surge, with an average market price of 210 RMB/kg as of November 15, 2024, reflecting a 19.32% increase. Historical data shows a previous price increase of 18.4 times from 2014 to 2015 [3] Investment Recommendations - The report suggests focusing on high-quality stocks in the copper interconnection supply chain and new material sectors, recommending specific companies such as Jingda Co., Dinglong Co., and Lait Light [3][6] - The report advises tracking these quality stocks while awaiting upward market opportunities [3]