化工行业周报：国际油价、磷酸二铵价格下跌，氯化钾价格上涨

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [50] Core Views - The report highlights the dual focus on high-quality development and high shareholder returns, recommending attention to large energy state-owned enterprises and related oil service companies for their reform and performance improvements in the new era [6][30] - 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 due to overall macroeconomic improvement [6][30] - The report emphasizes the rapid development of downstream industries, recommending attention to certain electronic materials and new energy materials companies [6][30] Summary by Sections Industry Dynamics - As of January 26, the TTM price-to-earnings ratio for the SW basic chemicals sector is 21.25, at the 55.81% historical percentile, while the price-to-book ratio is 1.75, at the 8.12% historical percentile [6] - The SW oil and petrochemical sector has a TTM price-to-earnings ratio of 10.69, at the 10.94% historical percentile, and a price-to-book ratio of 1.21, at the 2.69% historical percentile [6] Investment Recommendations - The report recommends focusing on: 1. Large energy state-owned enterprises and related oil service companies for their reform and performance improvements [6][30] 2. Leading companies in the refrigerants and vitamins sectors due to their high demand [6][30] 3. Undervalued industry leaders and companies in the light hydrocracking sub-sector [6][30] 4. Companies in the rapidly developing electronic materials and new energy materials sectors [6][30] Market Trends - The report notes that international oil prices have shown a downward trend, with WTI crude oil futures closing at $74.66 per barrel, a weekly decline of 4.13% [31] - The price of potassium chloride has increased, with a current spot price of 2584 RMB/ton, up 1.21% from the previous week [32] - Conversely, the price of diammonium phosphate has decreased to 3306 RMB/ton, down 6.35% from the previous week [33]