招商化工行业周报2025年10月第2周：双氧水、异丙醇价格涨幅居前，建议关注磷矿及自主可控新材料-20251013

Investment Rating - The report maintains a positive outlook on the chemical industry, suggesting to focus on phosphate mining and self-controlled new materials [5][6]. Core Insights - The chemical sector experienced a 4.62% increase in the second week of October, outperforming the Shanghai A-share index by 2.82 percentage points [2][12]. - Key stocks that led the gains include Chengxing Co. (+26.15%), Hebang Bio (+17.8%), and Shida Shenghua (+16.28%) [2][12]. - The report highlights the significant price increases in hydrogen peroxide (+5.53%) and isopropanol (+4.5%) among other chemicals [4][18]. - It recommends paying attention to companies with phosphate resources and those involved in the production of critical materials like photoresists [5]. Industry Performance - In the second week of October, 29 out of 32 sub-industries in the chemical sector saw price increases, with phosphate chemicals and phosphates leading at +8.71% [3][15]. - The dynamic PE ratio for the chemical sector is reported at 26.40 times, significantly above the average PE of 17.05 since 2015 [2][12]. Price and Spread Trends - The top five products with the highest weekly price increases include liquid chlorine (+58.91%) and hydrogen peroxide (+5.53%) [4][18]. - The report also notes significant changes in price spreads, with the melamine spread increasing by +522.86% [39][41]. Inventory Changes - Notable inventory increases were observed in methanol (+21.97%) and ethylene glycol (+19.55%) [5][64].