化工行业行业周报：化工品偏弱震荡，把握结构性机会

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Viewpoints - The chemical industry is experiencing weak fluctuations, but there are structural opportunities to seize [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 allocation value [3][4] - It suggests that the demand potential in the domestic market is expected to be fully released as policy stimulus effects gradually manifest and terminal industry recovery strengthens in 2025 [3][4] Summary by Sections Oil Market - As of March 14, Brent and WTI oil prices reached $70.58 and$67.18 per barrel, respectively, with increases of 0.31% and 0.21% compared to the previous week [7][9] - Year-to-date, Brent and WTI prices have decreased by 5.44% and 6.33% respectively [9] Inventory Conversion - The average inventory conversion loss for crude oil this week is -355 CNY/ton, while for propane, it is -237 CNY/ton [14] Price Changes - Among 170 tracked chemical products, 43 saw price increases (25.3%), while 76 experienced declines (44.7%) [18] - Notable price increases were observed in products such as diammonium phosphate (up 3.7%) and calcium carbide (up 2.8%) [18][19] Price Spread Changes - In the 130 tracked products, 41 price spreads increased (31.5%), while 84 decreased (64.6%) [26] - The price spread for phthalic anhydride increased by 156.5% due to supply reductions and cost support [26][27]