行业行深业度周报告：伊拉克恢复油田产量，原油供应过剩担忧较大-20251214

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - Iraq has restored production at the West Qurna 2 oil field, raising concerns about oversupply in the crude oil market. WTI crude futures fell by 4.33% and Brent crude futures by 4.13% during the specified period [6]. - Geopolitical tensions continue, particularly regarding the Russia-Ukraine situation and U.S.-Venezuela relations, which may impact oil prices [6]. - The U.S. Federal Reserve has lowered the federal funds rate target range by 25 basis points to between 3.50% and 3.75%, marking the third rate cut of the year [6]. - In the fluorochemical sector, the 2026 refrigerant quotas are expected to increase, with downstream demand in home appliances likely to continue due to government subsidies [6]. Summary by Sections Oil and Petrochemicals - Iraq's oil production has returned to approximately 460,000 barrels per day, and U.S. refinery utilization rates have increased following seasonal maintenance [6][7]. - The report suggests that domestic oil companies are diversifying their oil and gas sources to mitigate sensitivity to international oil price fluctuations [7]. Fluorochemicals - The 2026 HFC production quota has been announced, totaling 797,845 tons, which is an increase of 5,963 tons from the previous year. Notable increases include HFC-134a by 3,242 tons and HFC-245fa by 2,918 tons [6]. - The demand for refrigerants is expected to grow, supported by government policies and subsidies, particularly in the automotive sector [6][7]. Investment Recommendations - The report recommends focusing on the oil and petrochemical, fluorochemical, and semiconductor materials sectors. It highlights the resilience of major oil companies in the face of price volatility and suggests monitoring companies like China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, companies leading in third-generation refrigerants and upstream fluorite resources are recommended for investment [7]. - The semiconductor materials sector is also highlighted for its upward cycle and potential for domestic substitution, with specific companies suggested for consideration [7].