化工行业周报：钛白粉出口韧性十足，新疆煤化工及民爆迎高速增长，重点关注低估值高成长标的

Investment Rating - The report maintains a "Positive" outlook on the chemical industry, highlighting resilient export performance in titanium dioxide and growth opportunities in Xinjiang's coal chemical and civil explosives sectors [2][3]. Core Insights - The report emphasizes the robust export growth of titanium dioxide, with October exports reaching 154,000 tons, a year-on-year increase of 30% and a month-on-month increase of 5%. The demand for titanium dioxide is expected to grow in line with global GDP, while domestic leading companies are likely to expand their market share [3]. - Xinjiang is identified as a key area for investment, with anticipated doubling of coal mining output and corresponding rapid growth in civil explosives demand. The report suggests focusing on companies like Baofeng Energy and Yipuli in the coal chemical sector, and Guangdong Hongda and Jiangnan Chemical in the civil explosives sector [4]. - The chemical sector is projected to experience a gradual recovery in PPI data, with a shift from negative to zero growth anticipated in the first three quarters of 2024, despite potential pressure in the fourth quarter due to base effects [4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a shift towards a looser supply-demand balance in the oil market, with Brent crude oil prices expected to stabilize around $70 per barrel in Q4 and $65 per barrel in 2025. Coal prices are projected to decline in the medium to long term, alleviating pressure on downstream sectors [2][9]. Titanium Dioxide Market - The report notes that the anti-dumping measures have limited short-term impact on titanium dioxide exports, with a continued upward trend expected in global trade. Leading companies are likely to benefit from increased market share and pricing power [3]. Xinjiang Investment Opportunities - The report highlights the strategic importance of Xinjiang in energy security and infrastructure development, particularly through the China-Central Asia railway, which is expected to enhance civil explosives demand in the region [4]. Chemical Sector Configuration - The report suggests a focus on traditional blue-chip companies and niche players within the chemical sector, including Wanhua Chemical and Hualu Hengsheng, as well as companies in the agricultural chemicals and phosphate sectors [5]. Growth Potential - The report identifies several growth stocks with recovery potential, particularly in semiconductor materials and OLED panel materials, recommending companies like Yake Technology and Wanrun Co. [5].