化工行业周报：国际油价上涨，VA、VE、三氯蔗糖价格上涨

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 prices of VA, VE, and sucralose [1] - It suggests focusing on high-performing companies in the refrigerant and vitamin sectors, as well as undervalued industry leaders and companies in the light hydrocracking sub-sector [1][5] - The report emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1][5] Summary by Sections Industry Performance and Price Changes - During the week of November 4-10, 2024, among 101 tracked chemical products, 47 saw price increases, 44 experienced declines, and 9 remained stable [1][5] - The top price gainers included PET chips, Vitamin A, Vitamin E, R134a, and dichloromethane, while the largest declines were seen in potassium chloride, hydrochloric acid, acetic acid, and DMF [1][5] Oil Market Insights - International oil prices rose, with WTI crude futures closing at $70.38 per barrel (up 1.28%) and Brent crude at $73.87 per barrel (up 1.05%) [1][5] - The report notes a slight increase in OPEC's oil production in October, with a daily output of 29.9 million barrels, up by 370,000 barrels from September [1][5] Investment Recommendations - As of November 10, 2024, the SW basic chemical sector's P/E ratio (TTM excluding negative values) is 22.54, at the 64.62% historical percentile, while the P/B ratio is 1.88, at the 14.80% historical percentile [5] - The report recommends focusing on companies with high growth potential in the refrigerant and vitamin sectors, as well as those benefiting from macroeconomic improvements and low valuations [1][5] Long-term Investment Themes - The report identifies several long-term investment themes, including the sustained high demand in the oil and gas extraction sector, the potential recovery in the semiconductor industry, and the ongoing demand for fluorochemicals and animal nutrition products [1][5]