化工行业周报：国际油价下跌，氯化钾、纯MDI价格上涨

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the recent decline in international oil prices, while prices for potassium chloride and pure MDI have increased [1] - It suggests focusing on leading companies in high-demand sectors such as refrigerants and vitamins, as well as undervalued industry leaders and companies in the light hydrocracking sub-sector [1] - The report emphasizes the importance of high-quality development and shareholder returns, recommending attention to large energy state-owned enterprises and related oil service companies [1] Summary by Sections Industry Performance and Price Changes - During the week of November 11-17, 2024, among 101 tracked chemical products, 28 saw price increases, 44 experienced declines, and 29 remained stable [21] - The average price of WTI crude oil fell by 4.77% to $67.02 per barrel, while Brent crude dropped by 3.83% to $71.04 per barrel [1] - NYMEX natural gas futures rose by 6.37% to $2.84 per mmbtu [1] Product-Specific Insights - Potassium chloride prices increased by 4.86% to 2523 CNY/ton, although down 12.15% year-on-year [1] - Pure MDI prices rose by 1.58% to 19300 CNY/ton, up 7.22% month-on-month but down 13.06% year-to-date [1] Investment Recommendations - The report recommends focusing on companies with high growth potential in the refrigerant and vitamin sectors, as well as those with low valuations in the light hydrocracking sub-sector [1] - It identifies key investment themes, including the sustained high demand in the oil and gas extraction sector and the potential recovery in the semiconductor industry [1] - Specific companies recommended for investment include China Petroleum, China National Offshore Oil Corporation, and Wanhu Chemical [1][21]