化工行业周报20250831：国际油价、氢氟酸价格上涨，TDI价格下跌-20250901

Investment Rating - The report rates the chemical industry as "Outperforming the Market" [2] Core Views - The report highlights the impact of rising international oil prices and hydrogen fluoride prices, while TDI prices have decreased. It suggests focusing on mid-year report trends, the influence of "anti-involution" on supply in related sub-industries, and the importance of self-sufficiency in electronic materials companies [2][3] - The report recommends investment in energy companies with stable dividend policies and emphasizes the potential for high profitability in the oil and gas extraction sector due to expected sustained high oil prices [3] Summary by Sections Industry Dynamics - As of August 31, the TTM price-to-earnings ratio for the SW basic chemicals sector is 25.77, at the 82.14 percentile historically, while the price-to-book ratio is 2.23, at the 54.61 percentile. For the SW oil and petrochemical sector, the TTM price-to-earnings ratio is 11.87, at the 28.30 percentile historically, and the price-to-book ratio is 1.17, at the 23.58 percentile [3][10] - The report notes significant fluctuations in the industry due to tariff policies and oil price volatility, suggesting a focus on mid-year earnings reports and the impact of supply-side changes in various sub-industries [3][10] Investment Recommendations - The report recommends focusing on the following investment themes: 1. Sustained high oil prices are expected to benefit the oil and gas extraction sector, with increased capital expenditure in upstream oil and gas and a recovery in the oil service industry [3] 2. Rapid development in downstream industries, particularly in new materials, with significant growth potential in electronic materials and renewable energy materials [3] 3. Policy support is expected to drive demand recovery, with a focus on leading companies with performance elasticity and high-growth sub-industries [3][10] Key Stocks to Watch - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies such as Anji Technology and Yake Technology [3][10]