基础化工行业周报：关注化工品涨价及新材料行情机会

Investment Rating - The industry investment rating is maintained as "Buy" for several companies, indicating a strong outlook relative to market benchmarks [6][4]. Core Insights - Recent price increases in chemical products are attributed to post-holiday demand recovery, industry self-discipline, and fluctuations in overseas supply. There is a recommendation to focus on companies with upward earnings elasticity [11][4]. - Emerging applications such as AI and robotics are creating new demand growth points for upstream materials, suggesting a focus on beneficiaries in new materials [11][4]. - The geopolitical situation has impacted oil supply expectations, with a preference for leading companies that are less correlated with oil prices and have strong alpha characteristics [11][4]. - The importance of food security has increased due to global instability, leading to a more rigid demand in the agriculture and food supply chain [11][4]. Summary by Sections Oil and Chemical Prices - As of February 21, Brent oil price decreased by 0.4% to $74.43 per barrel, influenced by various supply-side disturbances [13]. - On February 14, U.S. crude oil commercial inventory was 432.5 million barrels, with a weekly increase of 4.6 million barrels [13]. - Among 188 monitored chemical products, the top three price increases this week were natural gas (up 11.9%), epoxy chloropropane (up 7.8%), and sulfur (up 6.8%) [14][15]. Price Changes - The top three products with the largest weekly price increases were natural gas (up 11.9%), epoxy chloropropane (up 7.8%), and sulfur (up 6.8%) [15]. - The monthly price increase leaders included petroleum coke (up 52.4%), coal tar (up 16.6%), and diethanolamine (up 16.5%) [15]. - The top three products with the largest weekly price decreases were TDI 80/20 (down 12.8%), acrylonitrile (down 8.7%), and lysine (down 8.6%) [17]. Investment Recommendations - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [11]. - Huamao Technology: A leader in specialty polyether, has entered a growth phase again [11]. - Jinhui Industrial: Leader in maltol and sucralose, with signs of marginal changes at the bottom of the product cycle [11]. - Wankai New Materials: A rare low-cost ethylene glycol company with forward-looking overseas business plans [11]. - Yuntianhua: A leading company in the domestic phosphate chemical industry with sustainable phosphate ore market conditions [12].