招商化工行业周报2025年4月第4周：聚合MDI、DEG价格涨幅居前，建议关注复合肥行业-20250428

Investment Rating - The report suggests a focus on the compound fertilizer industry due to increasing concentration [5] Core Viewpoints - The chemical sector saw a 2.71% increase in the fourth week of April, outperforming the Shanghai A-share index by 2.15 percentage points [2][11] - Key stocks that performed well include Hongqiang Co. (+27.45%), Satellite Chemical (+21.43%), and New Jinlu (+20.69%) [2][11] - The report highlights the rising prices of key chemical products, particularly polymer MDI (+6.01%) and DEG (+5.71%) [4][21] - The report emphasizes the importance of monitoring inventory changes, with potassium chloride showing a significant decrease of 20.12% [5][59] Industry Performance - The chemical sector's dynamic PE is at 23.95 times, lower than the average PE of 12.28% since 2015 [2][11] - Among 27 sub-industries, five showed significant increases, including carbon black (+11.4%) and inorganic salts (+8.9%) [3][14] - Conversely, four sub-industries experienced declines, with coatings and paints down by 3.36% [3][14] Price and Spread Trends - The report lists the top five products with the highest weekly price increases, including polymer MDI and DEG [4][21] - It also notes significant changes in price spreads, with melamine spread increasing by 133.33% [4][40] Inventory Changes - Notable inventory changes include a decrease in potassium chloride and acetic acid, while ethylene glycol and viscose staple fiber saw increases [5][59] Recommended Companies - The report recommends focusing on companies such as Xinyangfeng in the compound fertilizer sector, Baofeng Energy benefiting from capacity release in Inner Mongolia, and Huangma Technology, a leader in specialty surfactants [5][90]