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化工行业周报：原油价格下跌，萤石及氢氟酸市场大幅上行
CAITONG SECURITIES·2024-11-05 10:23

Investment Rating - The report maintains a positive investment rating for the chemical industry, indicating a favorable outlook for potential investments [1]. Core Insights - The overall market index has shown a decline, with the Shanghai Composite Index closing at 3272.01, down 0.84% for the week. The chemical sector specifically experienced a decrease of 1.30% [2][8]. - The report highlights significant price movements in various chemical products, with notable increases in the prices of hydrofluoric acid and lithium carbonate, while some vitamins and other chemicals saw declines [24][26]. Summary by Sections 1. Chemical Market Review - The chemical sector's performance was mixed, with the top-performing sub-sectors being viscose (+8.87%), phosphate fertilizers (+7.68%), and polyester (+2.59%). Conversely, organic silicon (-8.82%), coatings and inks (-4.52%), and synthetic resins (-3.59%) faced the largest declines [10][11]. 2. Chemical Product Price Changes 2.1 Crude Oil Price Movements - Crude oil prices fell by 4.59% during the week, influenced by geopolitical tensions and supply-demand dynamics [16]. 2.2 Chemical Product Price Changes - The top five chemical products with price increases included: 1. Ethylene glycol ether in East China: 14.17% increase to 14,500 CNY/ton 2. Anhydrous hydrofluoric acid: 8.56% increase to 11,200 CNY/ton 3. Electronic-grade hydrofluoric acid: 8.33% increase to 5,850 CNY/ton 4. Chlorinated paraffin: 7.69% increase to 1,400 CNY/ton 5. Normal butyraldehyde: 5.65% increase to 6,550 CNY/ton [18][19][22]. - The top five chemical products with price declines included: 1. 1,2-Dichloropropane: 14.73% decrease to 2,200 CNY/ton 2. Vitamin K3: 7.22% decrease to 90 CNY/kg 3. Propylene carbonate: 6.54% decrease to 7,150 CNY/ton 4. Niacinamide: 6.25% decrease to 45 CNY/kg 5. DEG: 5.84% decrease to 4,680 CNY/ton [20][21][23]. 3. Investment Recommendations - The report suggests focusing on high-end optical materials for domestic substitution, animal nutrition products, and leading chemical companies benefiting from lower natural gas prices and recovering downstream demand [3].