招商化工行业周报2025年11月第4周：PVDF、氯化亚砜价格涨幅居前，建议关注有机硅和氯化亚砜行业-20251201

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The report suggests focusing on companies benefiting from the organic silicon industry, such as Xin'an Co. and Xingfa Group, as well as those benefiting from the significant price increase of chlorosulfonic acid, like Kaisheng New Materials [5]. Industry Performance - In the fourth week of November, the chemical sector (Shenwan) rose by 2.98%, outperforming the Shanghai A-share index, which increased by 1.40%, leading the market by 1.58 percentage points [2][13]. - The dynamic PE ratio for the chemical sector is 24.43 times, higher than the average PE of 8.22 times since 2015 [2][13]. Sub-industry Trends - Five sub-industries within the chemical sector saw increases, with the top performers being polyurethane (+3.04%) and other plastic products (+0.64%). Conversely, 27 sub-industries experienced declines, with the largest drop in vinylon (-7.93%) [3][17]. Chemical Prices and Spreads - The report highlights significant price increases for several chemicals, with PVDF powder rising by 26.32% and chlorosulfonic acid by 9.31%. The largest price drops were seen in dichloropropane (-9.29%) and PTFE dispersion emulsion (-7.41%) [4][22]. - In terms of price spreads, the top increases were in the spreads for octanol (+21.87%) and ethylene glycol (+19%), while the largest declines were in PTA spread (-224.92%) [4][41]. Inventory Changes - Notable inventory changes include a decrease in inventory for monoammonium phosphate (-13.94%) and an increase for acetic acid (+8.49%) [5][57].