从现货市场看，上周涨幅前五名的石化产品分别为锂电池电解液上涨18.42%、液氯上涨12.78%、维生 素VE上涨8.7%、硫酸上涨6.04%、百草枯42%母液上涨5.38%；跌幅前五名的石化产品分别为丁二烯下 跌10.35%、醋酸下跌8.36%、煤焦油下跌4.94%、二甘醇下跌4.53%、丙烯酸异辛酯下跌4.32%。 从资本市场看，上周沪深两市股价涨幅前五名的化企分别是先锋新材上涨43.49%、振华股份上涨 34.3%、多氟多上涨33.15%、亚士创能上涨31.72%、东方铁塔上涨23.43%；股价跌幅前五名的化企分别 是世龙实业下跌21.91%、农心科技下跌13.04%、正丹股份下跌10.58%、水羊股份下跌10.32%、蓝丰生 化下跌9.4%。 具体来看，化工板块方面，化工原料指数累计上涨3.15%、化工机械指数累计下跌0.71%、化学制药指 数累计上涨2.38%、农药化肥指数累计上涨5.83%；石油板块方面，石油加工指数累计上涨2.59%、石油 开采指数累计上涨7.68%、石油贸易指数累计上涨7.1%。 上周，国际原油价格高位小幅回落。截至10月31日，纽约商品交易所西得克萨斯轻质原油期货主力合约 结算 ...

Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The report highlights significant price increases in chloromethane and isooctyl acrylate, suggesting a focus on new materials with substantial market potential [1]. - It recommends attention to Jiangshan Co., which is expected to benefit from rising glyphosate prices and has promising developments in innovative drugs [5]. - The DVA market is noted for its vast potential, with Daon Co. making key advancements in DVA products [5]. Industry Performance - In the third week of September, the chemical sector (Shenwan) declined by 1.33%, slightly underperforming the Shanghai A-share index, which fell by 1.31% [2][13]. - The dynamic PE for the chemical sector stands at 22.54 times, above the average PE of 12.20 times since 2015 [2][13]. Sub-industry Trends - Among the 31 sub-industries, 8 experienced gains while 23 saw declines. The top five gaining sub-industries included civil explosives (+7.72%) and modified plastics (+7.67%), while the top five declining sub-industries included carbon black (-5.25%) and other chemical raw materials (-4.74%) [3][17]. Chemical Prices and Spreads - The report lists the top five products with the highest weekly price increases: liquid chlorine (+22.93%), monochloromethane (+19.44%), and isooctyl acrylate (+7.47%) [4][22]. - The report also details the top five products with the largest price spread increases, including aniline spread (+17.56%) and ethylene spread (+13.17%) [4][34]. Inventory Changes - Significant inventory changes were noted, with ethylene glycol increasing by 25.67% and polyester chips by 11.98%, while epoxy propane saw a decrease of 10.44% [5][52].

Group 1: Chemical Sector Performance - The chemical raw materials index decreased by 1.21%, while the chemical machinery index increased by 2.90% [1] - The pharmaceutical index fell by 1.36%, and the pesticide and fertilizer index dropped by 2.50% [1] - The oil processing index declined by 2.22%, the oil extraction index decreased by 3.17%, and the oil trading index fell by 1.46% [1] Group 2: Oil Prices - As of September 19, the WTI crude oil futures settled at $62.68 per barrel, down 0.02% from September 12 [1] - The Brent crude oil futures settled at $66.68 per barrel, down 0.46% from the previous Friday [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were liquid chlorine (up 22.93%), isooctyl acrylate (up 7.47%), acrylic acid (up 5.04%), calcium carbide (up 4.94%), and MMA (up 4.51%) [1] - The top five petrochemical products with price decreases were vitamin E (down 10.00%), epichlorohydrin (down 6.44%), sulfuric acid (down 4.94%), p-nitrochlorobenzene (down 4.62%), and dichloromethane (down 3.64%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Kaimete Gas (up 28.62%), Hongda Explosive (up 22.93%), Sanwei Co. (up 22.53%), Zhongshi Technology (up 21.57%), and Jinghua New Materials (up 18.94%) [2] - The bottom five performing listed chemical companies were Runyang Technology (down 11.48%), Lafang Cosmetics (down 10.43%), Wankai New Materials (down 10.42%), Jiaao Environmental Protection (down 10.25%), and Shilong Industrial (down 9.41%) [2]

Core Viewpoint - Satellite Chemical has achieved a MSCI ESG rating of BBB, ranking among the top in the A-share chemical industry, reflecting the company's efforts in ESG information disclosure and internal practices [1][2]. ESG Disclosure Performance - MSCI, a leading global index provider, has recognized Satellite Chemical's ESG performance, with the company's rating improving from B to BBB over two consecutive years [2]. - The company has been included in various prestigious ESG-related lists and has received multiple awards for its sustainable practices, including the "ESG Action Power Award" and "Best Responsible Enterprise Brand TOP100" [2]. ESG Practices Building Competitive Advantage - Satellite Chemical has published ESG reports for three consecutive years, emphasizing that true ESG commitment goes beyond regulatory compliance to enhance market competitiveness through green development and innovation [3]. - The company aims to reduce carbon emissions by over 2 million tons by 2030, with over 50% of this target achieved by 2024 [3]. - A significant portion of the company's R&D investment, over 40% of a planned 10 billion yuan, will focus on green technology [3]. Commitment to Social Responsibility - The company actively responds to social needs and contributes to rural revitalization and common prosperity, promoting a governance model of "co-creation, sharing, and common wealth" [4]. - Future plans include enhancing management in environmental, social, and governance areas, increasing the use of renewable energy, and developing green supply chains [4]. - The company aims to drive innovation in emerging fields such as artificial intelligence, new energy vehicles, and hydrogen utilization, focusing on developing green low-carbon chemical materials [4].

Group 1: Chemical Industry Performance - The chemical index experienced a comprehensive increase, with the chemical raw materials index rising by 3.31%, chemical machinery index by 1.06%, pharmaceutical index by 1.06%, and pesticide and fertilizer index by 2.54% [1] - In contrast, the oil sector saw a decline, with the oil processing index down by 0.91%, oil extraction index down by 3.26%, and oil trading index down by 6.96% [1] Group 2: Oil Price Trends - International crude oil prices significantly decreased, with WTI settling at $65.52 per barrel, down 12.56% from June 20, and Brent at $67.77 per barrel, down 12% [1] - The top five rising petrochemical products included butanone up by 101.77%, liquid chlorine up by 7.35%, and isooctyl acrylate up by 5.71% [1] - The top five declining petrochemical products included US light crude down by 12.56%, vitamin D3 down by 12.50%, and propane down by 9.17% [1] Group 3: Capital Market Performance of Chemical Companies - The top five gaining listed chemical companies in the Shanghai and Shenzhen markets included Dazhongnan up by 50%, Taihe Technology up by 48.09%, and Tiancheng New Materials up by 31.41% [2] - The top five declining listed chemical companies included Tongyuan Petroleum down by 19.75%, Jinniu Chemical down by 14.44%, and Beiken Energy down by 17.74% [2]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding the benchmark index [5]. Core Insights - The chemical sector experienced a 3.11% increase in the week of June 30, 2025, outperforming the Shanghai Composite Index by 1.19 percentage points [1][13]. - Key stocks that led the gains included Dazhongnan (+50%), Tiensheng New Materials (+31.41%), and Cangzhou Mingzhu (+26.93%) [1][13]. - The report suggests focusing on electronic chemicals related to PCB, particularly highlighting the price increases of ketone and monochloro methane [1]. Industry Performance - In the week of June 30, 2025, 26 sub-industries within the chemical sector saw increases, while 5 experienced declines. The top-performing sub-industries included other plastic products (+8.45%) and carbon black (+7.65%) [2][17]. - The dynamic PE ratio for the chemical sector was reported at 24.76 times, which is 9.15 times lower than the average PE since 2015 [1][13]. Price and Spread Trends - The top five products with the highest weekly price increases were ketone (+11.77%), monochloro methane (+9.09%), and liquid chlorine (+7.35%) [3][20]. - Conversely, Brent crude oil saw a significant decline of 14.1%, while WTI crude oil dropped by 13.18% [3][20]. - The report also noted substantial changes in product spreads, with PX (CFR China) spread increasing by 71.09% [3][42]. Inventory Changes - Significant inventory changes were observed, with the highest increases in stocks of chlorpyrifos (+16.67%) and polyester chips (+9.16%) [4][60]. - Notably, urea and glyphosate inventories decreased by 8.33% and 7.69%, respectively [4][63]. Recommendations - The report emphasizes the importance of monitoring leading companies in the compound fertilizer sector, such as Xinyangfeng, and in spherical silica powder, such as Lianrui New Materials [4].