化工行业周报：国际油价先跌后涨，维生素价格涨跌互现

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report suggests focusing on leading companies in the refrigerant and vitamin sectors due to their high market sentiment. It also highlights the importance of macroeconomic improvements and the potential of undervalued leading companies in the industry [1][5] - The report emphasizes the need for high-quality development and shareholder returns, particularly in large energy state-owned enterprises and related oil service companies [1][5] - It identifies several catalysts, including the third phase of major funds and downstream expansions, which could benefit semiconductor and OLED electronic materials companies [1][5] Summary by Sections Industry Dynamics - During the week of October 28 to November 3, 2024, among 101 tracked chemical products, 28 saw price increases, 43 saw decreases, and 30 remained stable. The most significant price increases were observed in sulfur, liquid chlorine, and anhydrous hydrofluoric acid, while the largest decreases were in epoxy chloropropane, WTI crude oil, and vitamin A [1][23] - International oil prices initially fell before rising, with WTI crude oil futures closing at $69.49 per barrel, a weekly decline of 1.81%, and Brent crude at $72.94 per barrel, down 2.95% [1][23] - The report notes that U.S. gasoline demand remains strong, with total refined oil demand averaging 20.94 million barrels per day, up 2.7% year-on-year [1][23] Investment Recommendations - As of November 3, 2024, the SW basic chemical sector's price-to-earnings ratio (TTM) is 21.42, at the 56.74% historical percentile, while the price-to-book ratio is 1.79, at the 10.28% historical percentile [1][5] - The report recommends focusing on high-sentiment sectors such as refrigerants and vitamins, as well as undervalued leading companies in the light hydrocracking sub-industry [1][5] - Long-term investment themes include the sustained high sentiment in the oil and gas extraction sector, the potential recovery of the semiconductor industry, and the ongoing demand in sub-industries like fluorochemicals and animal nutrition [1][5] Key Stocks - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies such as Anji Technology and Wanhua Chemical [1][5]