基础化工行业月报：油价震荡下跌，化工品价格延续回调态势

Investment Rating - The report maintains an investment rating of "In line with the market" for the basic chemical industry [2][5][24] Core Viewpoints - The basic chemical industry index fell by 3.36% in July 2024, underperforming the Shanghai Composite Index by 2.39 percentage points and the CSI 300 Index by 2.79 percentage points, ranking 26th among 30 first-level industries [2][5] - The overall chemical product prices continued to show a downward trend, with significant price increases in sulfuric acid, anionic surfactants, sulfur, fatty alcohols, and palm oil, while other products experienced declines [2][5][24] - Investment strategies for August 2024 suggest continued focus on coal chemical, light hydrocarbon chemical, phosphate chemical, and polyester filament industries due to supply constraints and demand recovery [2][5][24] Market Review - In July 2024, the basic chemical industry index decreased by 3.36%, ranking 26th among 30 first-level industries, with a year-on-year decline of 27.10% [5][7] - Among 33 sub-industries, five saw increases, with spandex, viscose, and dyeing chemicals leading the gains at 6.28%, 4.99%, and 2.48% respectively [7][9] - A total of 505 stocks in the basic chemical sector saw 205 rise and 298 fall, with ST Yongyue and Tian Sheng New Materials leading the gains [9][24] Industry and Company News - The chemical raw materials and chemical products manufacturing industry saw a year-on-year increase of 9.2% in June 2024 [10][11] - The investment in the chemical raw materials and chemical products manufacturing industry grew by 8.4% in the first half of 2024 [11][12] - New and Cheng plans to invest 10 billion yuan in a nylon new materials project, which will enhance its competitiveness in the market [17][24] Product Price Tracking - In July 2024, international oil prices showed a downward trend, with WTI crude oil down 4.45% and Brent crude oil down 6.58% [2][5] - Among 317 tracked products, 91 saw price increases, while 183 experienced declines, indicating an overall price adjustment in the chemical products market [2][5][24]