化工行业周报：工业硅供给端出现扰动，继续重点关注化工核心资产及新材料成长

Investment Ratings - The report maintains a "Buy" rating for Wanhua Chemical, Hualu Hengsheng, Yangnong Chemical, and Baofeng Energy, while recommending "Hold" for China National Petroleum, China Petroleum & Chemical, and others [3][4][5]. Core Insights - The supply side of industrial silicon is experiencing disruptions, leading to potential price increases for related products. The report highlights the need to monitor the execution of emergency reduction measures and their impact on supply [3][4]. - International oil prices have declined, with a short-term outlook of continued volatility influenced by U.S. economic data and geopolitical factors. The report suggests that the election of Trump may lead to increased U.S. oil and gas supply, potentially suppressing energy prices [4]. - Long-term investment recommendations focus on value stocks with strong performance margins, particularly in the chemical sector, where prices are at a low point. Key companies include Wanhua Chemical, Hualu Hengsheng, and others [5][6]. - Growth-oriented new materials companies are highlighted for their significant valuation and performance elasticity, particularly in the OLED and semiconductor materials sectors [6][7]. - The report notes that policy measures are expected to improve demand in the real estate sector, which could positively impact chemical product prices and profitability [8]. Summary by Sections Key Companies - Wanhua Chemical, Hualu Hengsheng, Yangnong Chemical, and Baofeng Energy are highlighted as key investment opportunities [3][5]. Market Trends - The report indicates that the chemical product prices are at a bottom level, suggesting a potential for recovery and growth in the sector [5][6]. - The demand for OLED and semiconductor materials is expected to increase due to the recent launch of new smartphone models [6][7]. Price Movements - The report provides insights into the price movements of various chemical products, noting increases in prices for certain vitamins and refrigerants, indicating a tightening supply situation [11][12][13].