化工专题：如何看待破净公司投资机会？

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [5]. Core Insights - The report emphasizes the importance of focusing on companies with net asset value below market price, as these companies may experience a value recovery due to new market capitalization management guidelines [5][20]. - The market has shown a deviation in expectations regarding the performance of chemical sector companies with net asset value below market price, with recent trends indicating better performance for non-deficient companies [6][22]. - The report identifies that the chemical sector's companies with net asset value below market price are primarily concentrated in the pesticide and chlor-alkali industries, predominantly among private enterprises [7][27]. Summary by Sections Why Focus on Companies with Net Asset Value Below Market Price? - The new guidelines for market capitalization management are expected to guide listed companies towards high-quality development and may lead to a value recovery for companies with long-term net asset value deficiencies [5][20]. Market Expectations for the Chemical Sector - The chemical sector has seen a lack of participation in the market for companies with net asset value below market price, with non-deficient companies performing better in the market [6][22]. Distribution of Companies with Net Asset Value Below Market Price - As of November 19, 2024, there are 34 companies in the chemical sector with stock prices below their latest reported net asset value, with 16 of these being long-term deficient, accounting for 47% [7][27]. - The pesticide industry accounts for 21% and the chlor-alkali industry for 12% of these deficient companies, primarily due to significant declines in profitability [7][27]. Investment Recommendations - The report suggests focusing on companies with improving fundamentals, particularly those in the chlor-alkali and pesticide sectors, as they may benefit from the new market capitalization management guidelines [8][35]. - It highlights specific companies such as Guizhou Tire, Xinxiang Chemical Fiber, and Sanyou Chemical as potential investment opportunities due to their ability to improve valuations [8][35].