化工行业周报：化工品价差底部震荡，看好结构性机会

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Viewpoints - The chemical industry is expected to see structural opportunities as product price differentials stabilize at the bottom [1] - The report highlights that the valuation of the basic chemical industry is at a relatively low level since 2014, indicating medium to long-term investment value [4] - The demand potential is anticipated to be fully released in 2025 as policy stimulus effects gradually manifest and terminal industry recovery strengthens [4] Summary by Sections Oil Market - As of January 10, Brent and WTI oil prices reached $79.76 and $76.57 per barrel, respectively, with increases of 4.25% and 3.53% compared to the previous week [4][10] - The report notes that the U.S. announced new sanctions on the Russian energy sector, impacting supply dynamics [4][8] - OPEC has continuously revised down its global oil demand forecasts for 2024 and 2025 [4][8] Inventory Conversion - The average inventory conversion profit for crude oil this week was 214 RMB/ton, while for propane, it was 7 RMB/ton [14] Price Changes - Among 170 tracked chemical products, 65 saw price increases (38.2%), while 46 experienced declines (27.1%) [18] - Notable price increases included acrylonitrile (up 6.6%) and R22 (up 7.8%) [18][19] Price Differential Changes - In the tracked 130 products, 54 price differentials increased (41.5%), while 75 decreased (57.7%) [27] - The report highlights significant increases in price differentials for PBT and succinic anhydride [27][29]