化工新材料行业周报：中东局势升温，油价震荡上涨

Investment Rating - The report maintains a rating of "Outperform the Market" for the chemical new materials sector, expecting a 10% to 20% outperformance in stock prices over the next six months [88]. Core Insights - The report highlights the rising oil prices due to escalating geopolitical tensions in the Middle East, with WTI crude futures increasing by 1.22% and Brent crude by 1.41% from December 20 to December 27 [17]. - The fluorochemical sector is experiencing a price surge in refrigerants, with R32 and R134a prices rising by 6.2% and 6.3% respectively, driven by strong domestic demand and limited supply quotas [4][3]. - The semiconductor materials sector is showing signs of recovery, with inventory depletion trends improving and expectations for a rebound in end-user demand [7]. Summary by Sections Oil and Gas Sector - The report notes that OPEC+ has delayed voluntary production cuts to alleviate supply pressures, while geopolitical tensions, including sanctions on Russia and conflicts in the Middle East, are providing short-term support for oil prices [7][81]. - The demand side shows an increase in U.S. commercial crude oil consumption, with expectations of a boost in gasoline demand during the upcoming New Year holiday in China [17]. Fluorochemical Sector - The report indicates that the domestic air conditioning and automotive sectors are benefiting from government subsidies, leading to a positive outlook for refrigerant demand [4]. - The supply of fluorite remains tight, contributing to the sustained high prices of refrigerants [4]. Semiconductor Materials Sector - The report suggests that the semiconductor inventory reduction is progressing positively, with an anticipated recovery in the end market driven by cyclical upturns and domestic substitution [7]. - Companies such as Nanda Optoelectronics and Shanghai Xinyang are recommended for investment due to their strong positioning in the semiconductor materials market [7]. Fertilizer Sector - The report mentions strong cost support for phosphate fertilizers, with winter storage demand expected to drive prices [69]. Market Dynamics - The report emphasizes the importance of monitoring geopolitical developments and their potential impact on commodity prices, particularly in the oil and gas sector [81].