化工行业周报：国际油价下跌，TDI价格上涨

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the recent decline in international oil prices and the increase in TDI prices, suggesting a focus on leading companies in the refrigerant and vitamin sectors, as well as undervalued industry leaders in light hydrocracking and polyester filament sectors [1][5] - It emphasizes the importance of high-quality development and shareholder returns, particularly for large state-owned energy enterprises and related oil service companies [1][5] - The report also notes the potential for semiconductor and OLED companies due to various catalysts such as the third phase of the large fund and downstream capacity expansion [1][5] Summary by Sections Industry Dynamics - During the week of October 14-20, 33 out of 101 tracked chemical products saw price increases, while 45 experienced declines, and 23 remained stable [1][18] - The average price increase was led by products such as liquid chlorine, epoxy chloropropane, and hydrochloric acid, with hydrochloric acid seeing a 31% increase [1][18] - International oil prices fell, with WTI crude oil futures closing at $69.22 per barrel, a weekly decline of 8.40% [1][18] TDI Market Analysis - The domestic TDI market price fluctuated after an increase, with an average price of 13,200 CNY per ton as of October 20, reflecting a 1.93% increase from the previous week but a 20.72% decrease from the beginning of the year [1][19] - TDI production decreased slightly, maintaining an operating rate of around 75%, with demand from the recovering real estate sector driving increased demand from downstream sponge manufacturers [1][19] Investment Recommendations - The report recommends focusing on high-performing companies in the refrigerant and vitamin sectors, as well as undervalued industry leaders in light hydrocracking and polyester filament sectors [1][5] - It suggests a long-term investment strategy centered on the oil and gas extraction sector, which is expected to maintain high profitability amid rising oil prices [5] - Specific companies recommended for investment include China Petroleum, China National Offshore Oil Corporation, and various technology firms in the semiconductor and OLED sectors [5]