化工行业周报：国际油价震荡下跌，TDI、MDI价格上涨

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Viewpoints - The report highlights the rapid development of downstream industries, suggesting a focus on electronic materials and new energy materials companies [2][7] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies for their reform and performance improvement [2][7] - The report notes the high prosperity of leading companies in the refrigerant and vitamin industries, and suggests attention to undervalued leading companies and light hydrocracking industry leaders due to overall macroeconomic improvement [2][7] Summary by Sections Industry Performance and Price Changes - During the week of February 3 to February 9, 2025, among 101 tracked chemical products, 46 saw price increases, 21 saw decreases, and 34 remained stable [27] - The average price of WTI crude oil decreased by 2.11% to $71.00 per barrel, while Brent crude oil fell by 2.74% to $74.66 per barrel [28] - TDI prices increased by 4.81% to 14,575 CNY/ton, and MDI prices rose by 2.63% for pure MDI to 19,500 CNY/ton [29][30] Investment Recommendations - The report recommends focusing on companies in rapidly developing downstream sectors, particularly in electronic and new energy materials [2][7] - It suggests that the oil and gas extraction sector will maintain high prosperity, with energy state-owned enterprises improving quality and efficiency [2][7] - Specific companies recommended for investment include China Petroleum, China Oilfield Services, and several others in the new materials and chemical sectors [2][7] Key Market Trends - The report indicates that the demand for new energy materials is expected to grow, particularly in solid-state batteries and other emerging applications [2][7] - It also notes that the fluorochemical industry is experiencing sustained prosperity due to quota constraints and demand recovery [2][7] - The vitamin sector is expected to maintain high levels of prosperity due to improved demand and concentrated supply dynamics [2][7]