国际油价、钛白粉价格下跌，制冷剂价格上涨

Core Viewpoint - The chemical industry is experiencing mixed price movements, with 18 products increasing in price, 39 decreasing, and 43 remaining stable during the week of August 4-10. The international oil prices have also declined, with WTI and Brent crude oil prices dropping by 5.12% and 4.42% respectively, amid concerns over US-India trade relations [1][4]. Industry Dynamics - During the week of August 4-10, 100 tracked chemical products showed that 38% had month-on-month price increases, while 56% experienced declines, and 7% remained unchanged. The top gainers included aniline, pure MDI, and urea, while the largest declines were seen in liquid ammonia and WTI crude oil [3]. - International oil prices fell, with WTI closing at $63.88 per barrel and Brent at $66.59 per barrel. The US oil production averaged 13.284 million barrels per day, down 30,000 barrels from the previous week, and total US oil demand was 20.122 million barrels per day, a decrease of 126,500 barrels [4]. - The titanium dioxide market saw a price drop, with an average price of 13,302 yuan per ton, down 1.10% from the previous week. The supply side remains tight, with operating rates around 66.71% for sulfate titanium dioxide [6]. - Refrigerant prices increased, with R32 averaging 56,500 yuan per ton, up 2.73% week-on-week. The demand for R134a remains stable, while R125 prices are expected to stabilize due to consistent single-component demand [7]. Investment Recommendations - As of August 10, the SW basic chemical sector's P/E ratio is 24.68, and the oil and petrochemical sector's P/E ratio is 11.19. The report suggests focusing on mid-year earnings, the impact of "anti-involution" on supply, and companies in electronic materials and energy sectors with stable dividend policies [8][9]. - The report highlights potential investment opportunities in oil and gas exploration, electronic materials, and new energy materials, emphasizing the importance of domestic control in semiconductor materials and the growth of the new energy materials market [9]. - Recommended stocks include China Petroleum, CNOOC, Sinopec, and various technology and chemical companies, indicating a positive outlook for sectors with strong demand recovery and high valuation potential [9].