Zhong Guo Neng Yuan Wang·2025-09-22 02:01Core Viewpoint - The chemical industry is experiencing mixed price movements, with 33 products increasing in price, 31 decreasing, and 36 remaining stable during the week of September 15-21. The report highlights the impact of various macroeconomic factors on the industry, including oil prices and supply-demand dynamics [1][3][4]. Chemical Industry Overview - During the week of September 15-21, 40% of tracked chemical products saw a month-on-month price increase, while 47% experienced a decrease, and 13% remained stable [1][3]. - The top gainers in average weekly prices included acetic acid (East China), NYMEX natural gas, sulfur (CFR China spot price), calcium carbide (East China), and trichloroethylene (East China) [3]. - The top losers in average weekly prices were vitamin E, nitric acid (East China), epoxy chloropropane (East China), dichloromethane (East China), and polyester FDY (East China) [3]. Oil Market Dynamics - International oil prices saw a slight decline, with WTI crude oil futures closing at $62.68 per barrel (down 0.02%) and Brent crude oil futures at $66.68 per barrel (down 0.46%) [4]. - U.S. crude oil production averaged 13.482 million barrels per day, a decrease of 13,000 barrels from the previous week but an increase of 282,000 barrels year-on-year [4]. - U.S. oil demand totaled 20.637 million barrels per day, an increase of 856,000 barrels from the previous week, with gasoline demand at 8.810 million barrels per day, up 302,000 barrels [4]. Fertilizer Market Insights - Urea prices decreased, with the average market price on September 19 at 1,675 yuan per ton, down 0.95% week-on-week and 11.70% year-on-year [6]. - The average daily production of urea was 193,300 tons, an increase of approximately 5,700 tons week-on-week [6]. - The average operating load of compound fertilizer was 40.78%, showing a slight increase of 1.42 percentage points from the previous week [6]. Investment Recommendations - The SW basic chemical sector's price-to-earnings ratio (TTM) is at 25.29 times, in the 75.31% historical percentile, while the price-to-book ratio is at 2.21 times, in the 52.99% historical percentile [8]. - The SW oil and petrochemical sector's price-to-earnings ratio (TTM) is at 11.50 times, in the 23.70% historical percentile, and the price-to-book ratio is at 1.14 times, in the 19.28% historical percentile [8]. - Key investment themes include the resilience of oil prices, the growth potential in new materials, and the recovery of demand supported by policy measures [9].