Bank of China Securities·2025-11-10 08:20Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the increase in lithium hexafluorophosphate prices and the decline in international oil and carbon black prices. It suggests focusing on sectors mentioned in the "14th Five-Year Plan," undervalued leading companies, the impact of "anti-involution" on supply, and the importance of self-sufficiency in electronic materials [1][3] Summary by Sections Industry Dynamics - In the week of November 3-9, 2025, 19 out of 100 tracked chemical products saw price increases, while 45 experienced declines, and 36 remained stable. The average price of lithium hexafluorophosphate rose to 119,000 CNY/ton, a 12.26% increase from the previous week and a 115.38% increase year-on-year [10][34] - International oil prices fell, with WTI crude closing at 59.75 USD/barrel (down 2.02%) and Brent crude at 63.63 USD/barrel (down 2.21%). U.S. oil production increased to an average of 13.651 million barrels per day, up 0.7 thousand barrels from the previous week [10][33] Investment Recommendations - The report recommends focusing on sectors highlighted in the "14th Five-Year Plan," undervalued leading companies, the effects of "anti-involution" on supply, and the growing importance of self-sufficiency in electronic materials. It suggests that policy support may lead to demand recovery and improved performance for leading companies [12][10] - Long-term investment themes include the rapid development of downstream industries such as semiconductor materials, OLED materials, and new energy materials, as well as maintaining high or improving conditions in sub-industries like fluorochemicals, agrochemicals, refining, dyes, polyester filament, and tires [12][10] Key Products and Price Changes - The report notes significant price changes among various chemical products, with dichloromethane, vitamin E, and toluene seeing notable increases, while trichloroethylene, styrene-butadiene rubber, and methanol experienced declines [32][36] - The average price of carbon black decreased to 5,981 CNY/ton, down 5.53% from the previous week and down 26.31% year-on-year [35] Market Performance - The basic chemical industry index rose by 3.54%, ranking 5th among 31 primary industries, while the oil and petrochemical sector increased by 4.47%, ranking 3rd [10][11]