招商化工行业周报2025年8月第4周：正丁醇、氢氟酸价格涨幅居前，建议关注化工龙头白马-20250901

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The report highlights the significant price increases in n-butanol (+4.92%) and hydrofluoric acid (+4.7%), suggesting a focus on leading chemical companies [4][5]. - It emphasizes the performance of the chemical sector, which outperformed the broader market, with a weekly increase of 1.11% compared to the Shanghai Composite Index's 0.83% [2][13]. - The report identifies key sub-industries that have shown strong performance, including fluorochemicals and refrigerants (+15.56%) and fiberglass (+14.2%) [3][17]. Summary by Sections Industry Performance - In the fourth week of August, the chemical sector saw 21 sub-industries rise while 10 declined, with notable gains in fluorochemicals and refrigerants [3][17]. - The dynamic PE ratio for the chemical sector is reported at 28.83, significantly above the average PE of 5.81 since 2015 [2][13]. Chemical Prices and Spreads - The report lists the top five products with the highest price increases, including n-butanol (+4.92%) and hydrofluoric acid (+4.7%), while liquid chlorine saw the largest drop (-37.78%) [4][20]. - It also details the price spreads, with PX (naphtha-based) showing a remarkable increase of 406.83% [4][40]. Inventory Changes - Significant inventory increases were noted for key products, with epoxy propane rising by 31.15% and ethylene glycol by 18.56% [5][62]. Recommendations - The report suggests focusing on industry leaders such as Wanhua Chemical, which is expected to benefit from the chemical industry's recovery, and Dawn Co., which has made critical advancements in DVA products [5].