化工行业周报：国际油价小幅上涨，氯化钾、DMF价格上涨

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18$74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates that the average price of potassium chloride increased to 2797 CNY/ton, up 4.19% from the previous week and 10.64% year-on-year [32] - DMF prices rose to 4300 CNY/ton, up 4.24% from the previous week but down 12.65% year-on-year [33] Investment Recommendations - The report recommends focusing on companies in rapidly developing sectors, including electronic materials and new energy materials [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and others in the new materials sector [8] Market Performance - The report notes that the average price of 42.57% of tracked products increased month-on-month, while 25.74% decreased [7] - It highlights that the chemical industry’s price-to-earnings ratio (TTM) is at 21.81 times, within the historical 59.68 percentile [8] - The report also mentions that the price-to-book ratio is at 1.81 times, within the historical 11.94 percentile [8]