化工行业周报：海外天然气价格上涨，TDI价格下跌

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report highlights the rapid development of downstream industries, suggesting a focus on certain electronic materials and new energy materials companies [2][7] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies for their reform and performance improvement [2][7] - The report identifies high-performing companies in the refrigerants and vitamins sectors, as well as undervalued industry leaders and light hydrocracking sector leaders due to overall macroeconomic improvement [2][7] Summary by Sections Industry Performance and Price Changes - Among 101 tracked chemical products, 31 saw price increases, 33 saw declines, and 37 remained stable during the week of February 17-23 [28] - The average price of TDI in China dropped to 13,162.5 CNY/ton, a decrease of 11.21% from the previous week [30] - The average price of titanium dioxide increased slightly to 14,546 CNY/ton, up 0.43% from the previous week [31] Investment Recommendations - The report suggests focusing on companies in rapidly developing downstream sectors, particularly in electronic materials and new energy materials [2][7] - It recommends investing in energy state-owned enterprises and oil service companies due to their ongoing reforms and performance improvements [2][7] - The report highlights the potential for recovery in demand supported by policy measures, particularly in the fluorochemical and vitamin sectors [2][7] Key Stocks to Watch - Recommended stocks include China Petroleum, China National Offshore Oil Corporation, China Petrochemical Corporation, and several technology and chemical companies [2][7] - The report identifies "golden stocks" for February as China Petroleum and Anji Technology [4][8][14]