化工行业周报：国际油价上涨，BDO价格上涨

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the increase in international oil prices and the rise in BDO prices, indicating a positive trend in the chemical sector [1] - It suggests focusing on leading companies in high-demand sectors such as refrigerants and vitamins, as well as undervalued industry leaders in light hydrocracking and polyester filament [1][5] - The report emphasizes the importance of high-quality development and shareholder returns, particularly for large energy state-owned enterprises and related oil service companies [1][5] Summary by Sections Industry Dynamics - In the week of October 21-27, among 101 tracked chemical products, 30 saw price increases, 45 experienced declines, and 26 remained stable [1][20] - The average price of BDO increased by 9.33% to 8200 CNY/ton, driven by supply constraints and improved demand [1][20] - International oil prices rose, with WTI crude futures closing at 71.78 USD/barrel (up 3.70%) and Brent crude at 76.05 USD/barrel (up 4.09%) [1][20] Investment Recommendations - The report recommends focusing on leading companies in the refrigerant and vitamin sectors, as well as undervalued industry leaders in light hydrocracking and polyester filament [1][5] - It also suggests monitoring large energy state-owned enterprises for improvements in operations and performance under new reforms [1][5] - Long-term investment themes include the continuation of high oil prices benefiting the oil and gas extraction sector and the potential recovery of the semiconductor industry [1][5] Price Trends - The report notes that the average price of refrigerants has slightly increased, with R22 averaging 31000 CNY/ton (up 1.31%) and R32 at 39000 CNY/ton (up 2.63%) [1][20] - The report indicates that the overall chemical industry is experiencing a mixed price trend, with some products seeing significant price increases while others decline [1][20] Financial Metrics - As of October 27, the SW basic chemical sector's P/E ratio (TTM excluding negative values) is 21.17, at the 55.75% historical percentile, while the P/B ratio is 1.82, at the 11.83% historical percentile [1][5] - The SW oil and petrochemical sector's P/E ratio is 10.74, at the 11.32% historical percentile, and the P/B ratio is 1.26, at the 5.19% historical percentile [1][5]