化工行业周报：国际油价下跌，纯MDI价格下跌、TDI价格上涨

Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The report highlights the decline in international oil prices and the mixed performance of chemical products, with a focus on sectors with high growth potential such as refrigerants and vitamins [1] - It suggests monitoring leading companies in the chemical sector, particularly those with low valuations and strong shareholder returns [1] - The report emphasizes the importance of high-quality development and the potential for recovery in the semiconductor industry [1] Summary by Sections Industry Dynamics - During the week of December 1-8, 2024, among 101 tracked chemical products, 34 saw price increases, 38 experienced declines, and 29 remained stable [24] - The average price of pure MDI decreased to 18,700 CNY/ton, down 1.84% from the previous week, while TDI prices increased to 12,900 CNY/ton, up 2.38% [1][24] - International oil prices fell, with WTI crude at 67.20 USD/barrel and Brent at 71.12 USD/barrel, reflecting a weekly decline of 1.18% and 2.50% respectively [1] Investment Recommendations - The report recommends focusing on leading companies in high-demand sectors such as refrigerants and vitamins, as well as undervalued industry leaders and companies in the light hydrocarbon cracking sub-sector [1][24] - It also suggests paying attention to large energy state-owned enterprises and related oil service companies amid ongoing reforms and performance improvements [1] - Long-term investment themes include the high profitability of the oil and gas extraction sector and the potential recovery in the semiconductor industry [1][24] Key Companies to Watch - Recommended companies include China National Petroleum, China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, and several others in the semiconductor and chemical sectors [1][24]