化工行业周报：2024年12月第2周

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry [2] Core Viewpoints - The market remains cautious towards the petrochemical industry due to unclear oil price expectations, despite a shift in market sentiment and a slight decrease in risk appetite. The focus is on leading companies with strong fundamentals and low correlation to oil prices. The importance of food security has increased, leading to a more rigid demand in the agriculture and food supply chain, which is expected to sustain the industry's recovery and upward elasticity [20] - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement, with new petrochemical and new material projects set to launch [20] - Royal Technology: A leader in specialty polyether, has entered a growth phase again after addressing previous macro demand pressures [21] - Jinhui Industrial: A leader in maltol and sucralose, with signs of marginal changes at the bottom of the product cycle [21] - Yuntianhua: A leading company in the domestic phosphate chemical industry, with sustained demand for phosphate rock [22] Price Changes - Among 188 monitored chemical products, the top three price increases this week were: - Liquid chlorine: Up 55.6% - Butadiene: Up 6.9% - Natural gas: Up 5.2% - The top three price decreases were: - Pyridine: Down 7.1% - Niacinamide: Down 5.3% - Octanol: Down 4.9% [24] Price Spread Changes - The top three price spread increases this week were: - Styrene: Up 22.9% - Maleic anhydride (n-butane): Up 20.8% - Butyl acrylate: Up 19.5% - The top three price spread decreases were: - Maleic anhydride BDO: Down 97.5% - Calcium carbide PVC: Down 25.4% - R410a: Down 25.0% [29]