化工行业周报：国际油价上涨，天然橡胶、聚合MDI价格下跌

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the recent increase in international oil prices and the decline in prices of natural rubber and polymer MDI [1] - It suggests focusing on high-performing sectors such as refrigerants and vitamins, as well as undervalued leading companies in the macroeconomic recovery context [1][18] - The report emphasizes the importance of high-quality development and shareholder returns, recommending investments in major energy state-owned enterprises and related oil service companies [1][18] Summary by Sections Industry Dynamics - During the week of November 18-24, 2024, among 101 tracked chemical products, 28 saw price increases, 44 experienced declines, and 29 remained stable [1][18] - The average price of WTI crude oil rose to $71.23 per barrel, marking a weekly increase of 6.38% [1] - The report notes geopolitical tensions affecting oil prices and anticipates continued fluctuations in the market [1][18] Investment Recommendations - As of November 24, 2024, the SW basic chemical sector's P/E ratio (TTM excluding negative values) stands at 21.63, within the historical 65.59% percentile [1][18] - The report recommends focusing on sectors with high growth potential, such as refrigerants and vitamins, and suggests monitoring leading companies in the light hydrocracking sub-industry [1][18] - Long-term investment themes include the sustained high demand in the oil and gas extraction sector and the anticipated recovery in the semiconductor industry [1][18] Key Companies to Watch - Recommended companies include China Petroleum, China National Offshore Oil Corporation, and Wanhua Chemical [1][18] - The report identifies "Anji Technology" and "Wanhua Chemical" as key stocks for November [3][4]