化工行业周报20241208：国际油价下跌，纯MDI价格下跌、TDI价格上涨

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the decline in international oil prices and the mixed performance of chemical products, with a recommendation to focus on leading companies in high-demand sectors such as refrigerants and vitamins [1][2] - It suggests that macroeconomic expectations are improving, indicating potential investment opportunities in undervalued leading companies and those in the light hydrocracking sub-industry [1][2] - 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][2] - It notes the rapid development of downstream industries, suggesting a focus on certain electronic materials and new energy materials companies [1][2] Summary by Sections Industry Dynamics - During the week of December 1-8, 2024, among 101 tracked chemical products, 34 saw price increases, 38 saw declines, and 29 remained stable [1][2] - The average price of pure MDI decreased to 18,700 CNY/ton, down 1.84% from the previous week, while TDI prices increased to 12,900 CNY/ton, up 2.38% [1][2] - International oil prices fell, with WTI crude at 67.20 USD/barrel and Brent at 71.12 USD/barrel, reflecting a weekly decline of 1.18% and 2.50% respectively [1][2] Investment Recommendations - The report recommends focusing on leading companies in sectors with high demand, such as refrigerants and vitamins, and those with low valuations in the chemical industry [1][2] - It identifies mid to high oil prices as a backdrop for continued high demand in the oil and gas extraction sector, with a focus on energy state-owned enterprises enhancing quality and efficiency [1][2] - The semiconductor industry is expected to recover, with attention to advanced packaging and domestic substitution of semiconductor materials [1][2] Key Stocks - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies such as Anji Technology and Wanhua Chemical [1][2][3]