证券研究报告 | 行业点评报告 2025 年 12 月 01 日 化学品价格及价差走势 根据招商基础化工数据库统计的 256 个产品价格，周涨幅排名前 5 的产品分 别为：PVDF 粉料（+26.32%），液氯（+11.11%），氯化亚砜（+9.31%）， 辛醇（+7.85%），PA6（+5.61%）。周跌幅排名前 5 的产品分别为：二氯丙 烷-白料（-9.29%），PTFE 分散乳液（-7.41%），DEG（-6.85%），四氯乙 烯（-6.19%），环氧丙烷（-4.77%）。 根据招商基础化工数据库统计的 75 个产品价差，周涨幅排名前 5 的产品价差 分别为：辛醇价差（+21.87%），乙二醇价差（+19%），三聚磷酸钠价差 （+18.08%），丙烯（丙烷制）价差（+17.37%），苯胺价差（+16.88%）， 周跌幅排名前 5 的产品分别为：PTA 价差（-224.92%），DMF 价差（-23.96%）， 丁二烯（丁烯制）价差（-21.59%），丙烯（甲醇制）价差（-21.5%），丙烯 水合法异丙醇价差（-17.52%）。 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 招商化工行业周 ...

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [5][91]. Core Insights - The chemical sector experienced a decline of 1.46% in the fifth week of July, underperforming the Shanghai A-share index by 0.52 percentage points. The dynamic PE ratio for the sector is 26.53 times, which is 2.62 times lower than the average since 2015 [12][21]. - Key products showing significant price increases include liquid chlorine (+12.72%), formic acid (+12.65%), and monochloromethane (+11.11%). Conversely, PVDF powder saw a notable price drop of -15.38% [3][21]. - The report highlights the importance of monitoring specific companies such as Dawn Co., which is advancing DVA products, and Guangxin Materials, which is focusing on marine coatings [4]. Industry Performance - In the fifth week of July, five sub-industries within the chemical sector saw gains, while 26 sub-industries experienced declines. The top-performing sub-industries included carbon black (+4.16%) and other rubber products (+1.62%) [2][15]. - The report indicates that the overall market capitalization of the chemical sector is approximately 640.53 billion, with 442 listed companies [5]. Price and Spread Trends - The report provides a detailed analysis of price movements for 256 products, with the top five price increases and decreases highlighted. The price spread for ethylene increased by 27.08%, indicating strong market dynamics [3][41]. - The inventory changes for key products show a significant increase in polyester filament (+24.84%) and ethylene glycol (+12.60%), while epoxy propane saw a decrease of -10.56% [4][57]. Important Developments - The report notes that international oil prices have fluctuated, with recent agreements between the US and EU alleviating some market concerns regarding tariffs, although negative economic data continues to make traders cautious [85][87]. - Several companies have made significant announcements, including investment partnerships and project terminations, which may impact their market positions and future performance [88][89].