Market review: CITIC basic chemical industry fell by 4.8% this week, ranking 26th in all sectors. We believe that after the short-term adjustment of the basic chemical sector this week, the investment value in relevant fields we focused on in the early stage is more prominent. At this point, we suggest paying attention to Baima, a leading chemical company with undervalued value, and related material enterprises in the upstream of the science and technology sector.
White horse, the leader of chemical industry: Recently, the Political Bureau meeting, the central economic work conference and monetary policy measures have continuously strengthened the expectation of stable growth policy. On January 6, the general tone of “seeking progress while maintaining stability” was continued at the meeting of the Standing Committee of the Political Bureau of the CPC Central Committee. The continuous strengthening of steady growth demonstrates the central government’s determination to ensure economic and steady growth. Under the background of steady growth, we believe that the performance of the original business of the chemical industry leader is expected to continue to shine in the future. At the same time, the improvement of the downstream industrial chain layout will bring considerable performance increment, and the improvement of the industrial chain layout will also reduce the performance volatility. Therefore, Baima, the leader represented by private refining, will still have high growth in the future. According to the unanimous expectation of wind, PE in Hengli Petrochemical Co.Ltd(600346) , Rongsheng Petro Chemical Co.Ltd(002493) , Jiangsu Eastern Shenghong Co.Ltd(000301) 22 years is only 9 times, 10 times and 11 times. We believe that at the current time point, the leading white horse represented by private refining has the characteristics of “undervalued value + high growth” and has high investment value.
New materials sector: the science and technology sector continued to callback this week. Driven by this, the share prices of listed companies of upstream materials related to science and technology sectors such as semiconductor and new energy were also significantly under pressure. This week, the technology 100 index (399608. SZ) fell by about 6.3%, the wind Semiconductor Index fell by about 7.5%, and the wind new energy index fell by about 8.4%. Affected by this, CITIC electronic chemicals and lithium chemicals fell by 6.6% and 8.0% respectively this week. We believe that the overall weakness of the science and technology sector this week is only temporary. From the perspective of industry development and policy support, both semiconductor and new energy sectors have the characteristics of long-term and rapid development, which can drive the sustainable and rapid development of upstream related semiconductor materials and new energy materials companies. We suggest paying attention to the layout opportunities of Listed Companies in semiconductor materials, lithium battery materials, photovoltaic materials, wind power materials and other fields after adjustment this week.
Weekly rise and fall of plates: in the past four trading days, most plates in Shanghai and Shenzhen stock markets showed a decline. This week, the Shanghai stock index fell by 1.65%, the Shenzhen Component Index fell by 3.46%, the Shanghai and Shenzhen 300 index fell by 2.39%, and the gem index fell by 6.80%. In the past four trading days, most of the sub sectors of the chemical industry showed a downward trend. The top five sub sectors were soda ash (+ 4.3%), cotton fiber (+ 2.6%), modified plastics (+ 1.3%), other plastic products (+ 1.2%) and polyester (+ 0.9%).
Rise and fall of individual stocks: in the past four trading days, the top gainers in the basic chemical sector are: Goody Science & Technology Co.Ltd(002694) (+ 46.43%), Inner Mongoliayuan Xing Energy Company Limited(000683) (+ 16.03%), St red sun (+ 15.57%), Longyan Zhuoyue New Energy Co.Ltd(688196) (+ 13.88%), * ST Dewei (+ 11.92%).
Investment suggestions: (1) the upstream oil and gas sector is recommended to pay attention to Petrochina Company Limited(601857) , China Petroleum & Chemical Corporation(600028) , CNOOC and Enn Natural Gas Co.Ltd(600803) and other oil service targets. (2) White horse, the leader of undervalued chemical industry: it is suggested to pay attention to ① three chemical white horses: Wanhua Chemical Group Co.Ltd(600309) , Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) , Jiangsu Yangnong Chemical Co.Ltd(600486) ; ② Private refining and chemical fiber sector: Hengli Petrochemical Co.Ltd(600346) , Rongsheng Petro Chemical Co.Ltd(002493) , Jiangsu Eastern Shenghong Co.Ltd(000301) , Hengyi Petrochemical Co.Ltd(000703) , Tongkun Group Co.Ltd(601233) , Xinfengming Group Co.Ltd(603225) ; ③ Light hydrocarbon cracking plate: Satellite chemistry, Oriental Energy Co.Ltd(002221) ; ④ Coal to olefin: Ningxia Baofeng Energy Group Co.Ltd(600989) . (3) New materials: it is recommended to pay attention to ① semiconductor materials: Crystal Clear Electronic Material Co.Ltd(300655) , Red Avenue New Materials Group Co.Ltd(603650) , Guangdong Huate Gas Co.Ltd(688268) , Jiangsu Yoke Technology Co.Ltd(002409) , Haohua Chemical Science & Technology Corp.Ltd(600378) , Jiangsu Nata Opto-Electronic Material Co.Ltd(300346) , Jiangyin Jianghua Microelectronics Materials Co.Ltd(603078) , Tianjin Jiuri New Materials Co.Ltd(688199) , Hubei Dinglong Co.Ltd(300054) ; ② Wind power materials: carbon fiber, polyether amine, matrix resin, interlayer materials, structural adhesive and other related enterprises; ③ Lithium battery materials: electrolyte, lithium battery diaphragm, phosphorus chemical industry, fluorine chemical industry and other related enterprises; ④ Photovoltaic materials: upstream silicon materials, EVA, soda ash and other related enterprises; ⑤ OLED industry chain: Valiant Co.Ltd(002643) , Xi’An Manareco New Materials Co.Ltd(688550) , Jilin Oled Material Tech Co.Ltd(688378) , Puyang Huicheng Electronic Material Co.Ltd(300481) . (4) Traditional cycle sector: it is recommended to pay attention to relevant targets in the fields of pesticides, coal chemical industry, urea, dyes, vitamins, chlor alkali, etc.
Risk analysis: the risk of rapid decline and high oil price; Downstream demand is less than expected risk.
