化工行业周报：国际油价下跌，氯化钾、DMF价格上涨

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the recent decline in international oil prices, while prices for potassium chloride and DMF 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 state-owned energy enterprises and related oil service companies [1] - It notes the rapid development of downstream industries, suggesting investment in certain electronic materials and new energy materials companies [1] Summary by Sections Industry Dynamics - During the week of November 25 to December 1, among 101 tracked chemical products, 29 saw price increases, 36 experienced declines, and 36 remained stable [21] - The average price of potassium chloride rose to 2,578 RMB/ton, up 3.04% week-on-week and 5.57% month-on-month [1] - DMF prices increased to 4,100 RMB/ton, up 3.80% week-on-week [1] - The report notes a decrease in the number of active oil rigs in the U.S. and an increase in crude oil production [1] Investment Recommendations - As of December 1, the SW basic chemical sector's P/E ratio (TTM excluding negative values) is 21.89, at the 60.24% historical percentile [21] - The report recommends focusing on sectors with high growth potential, such as fluorochemicals, animal nutrition, and polyester filament [21] - Specific companies recommended for investment include China Petroleum, China National Offshore Oil Corporation, and Wanhu Chemical [21] Price Trends - The report tracks significant price changes in various chemical products, with hydrochloric acid prices in the Yangtze River Delta increasing by 31% [1] - The report also notes fluctuations in natural gas prices, with NYMEX natural gas futures closing at $3.37/mmbtu, a weekly increase of 3.5% [1]