化工行业周报：国际油价下跌，TDI价格下跌、制冷剂价格上涨

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the decline in international oil prices and the mixed performance of chemical product prices, with TDI prices decreasing and refrigerant prices increasing. It suggests focusing on potential price increases in agricultural chemicals, textile chemicals, and refrigerants during the peak season in March and April. Additionally, it emphasizes the importance of annual and quarterly report seasons for major energy state-owned enterprises and leading companies in the light hydrocracking sub-industry. The report also notes the rapid development of downstream industries, recommending attention to electronic materials and new energy materials companies, as well as the overall improvement in macroeconomic expectations, indicating that leading companies in the industry are entering a long-term allocation phase [1][3][9] Summary by Sections Industry Dynamics - In the week of March 3 to March 9, 2025, among 101 tracked chemical products, 24 saw price increases, 49 experienced declines, and 28 remained stable. The average price of products increased by 23.76% month-on-month, while 48.51% decreased, and 27.72% remained unchanged. The report also notes that WTI crude oil futures closed at $67.04 per barrel, with a weekly decline of 3.90$70.36 per barrel, down 3.85% [5][31][32] Investment Recommendations - The report recommends focusing on products likely to see price increases in March and April, such as agricultural chemicals, textile chemicals, and refrigerants. It also suggests paying attention to the performance of major energy state-owned enterprises and leading companies in the light hydrocracking sub-industry during the annual and quarterly report seasons. Furthermore, it highlights the rapid development of downstream industries and recommends monitoring electronic materials and new energy materials companies. The overall improvement in macroeconomic expectations indicates that leading companies in the industry are entering a long-term allocation phase [1][9][31] Price Trends - The report indicates that TDI prices have decreased, with the average domestic market price at 12,125 yuan per ton, down 5.50% from the previous week. Conversely, refrigerant prices have increased, with R32 priced at 45,000 yuan per ton, up 1.12% week-on-week and 80% year-on-year. The report anticipates continued price increases for refrigerants due to strong domestic and export demand [1][31][32]