On February 17, the petrochemical Federation held a press conference on 2021 Petrochina Company Limited(601857) and the economic operation of the chemical industry in Beijing. In 2021, the petrochemical industry achieved an operating revenue of 14.45 trillion yuan and a total profit of 1.16 trillion yuan, both reaching a record high.
On February 18, the price of Brent crude oil was US $93.54/barrel, down 0.9% week on week; WTI crude oil price was USD 91.07/barrel, down 2.2% week on week. On February 18, the price of LNG was 6687 yuan / ton, up 968 yuan / ton or 16.9% on a weekly basis; The average price of LNG in January was 4951.58 yuan / ton, with a monthly decrease of 473 yuan / ton, or 8.7%.
PX price and spread fell, PTA price and spread fell: on February 17, pxccfei price index was 1073 US dollars / ton, down 1.2% on a weekly basis; PX naphtha oil price difference was US $203 / ton, down US $18.9/ton, or 8.5%. On February 17, the spot price of PTA was 5322 yuan / ton, down 303 yuan / ton on a weekly basis, or 5.3%; PTA price difference was 150 yuan / ton, down 59.7% week on week.
POY prices and spreads rose, FDY prices were flat and spreads rose, DTY prices were flat and spreads Rose: on February 17, the quotation of POY mainstream products was 8125 yuan / ton, up 1.2% on a weekly basis; The price difference of POY mainstream products was 1758 yuan / ton, up 363 yuan / ton, or 26.1%. The quotation of FDY mainstream products is 8300 yuan / ton, which is flat in the week; The price difference of FDY mainstream products was 1933 yuan / ton, up 263 yuan / ton, or 15.8%. The quotation of DTY mainstream products is 9550 yuan / ton, which is flat in the week; The price difference of DTY mainstream products was 3183 yuan / ton, up 263 yuan / ton, or 9.0%.
The price of propane fell, the price of propylene was flat, the price difference increased, and the price of n-butanol fell; The price and spread of acrylic acid increased, while the price and spread of butyl acrylate decreased: on February 16, the price of propane was 6010 yuan / ton, down 4.0% on a weekly basis. Propylene price was 7700 yuan / ton, unchanged during the week; Propylene price difference was 488 yuan / ton, up 159.6% week on week. The price of n-butanol was 10500 yuan / ton, down 1300 yuan / ton or 11.0% on a weekly basis. On February 16, the price of acrylic acid was 15500 yuan / ton, with a weekly increase of 200 yuan / ton or 1.3%; The price difference of acrylic acid was 10110 yuan / ton, up 200 yuan / ton, or 2.0%. The price of butyl acrylate was 16800 yuan / ton, with a decrease of 450 yuan / ton, or 2.6%; The price difference of butyl acrylate was 1305 yuan / ton, with a week-on-week increase of 191 yuan / ton or 17.8%.
Investment suggestion: the oil price is out of the bottom and is expected to be stable and upward. It is optimistic about CNOOC (Hong Kong stocks) with core competitiveness, extremely low cost and high dividend rate. Optimistic about nylon 66 industrial chain, optimistic about Yuanli Chemical Group Co.Ltd(603217) , China National Chemical Engineering Co.Ltd(601117) , Huafon Chemical Co.Ltd(002064) and Hangzhou Juheshun New Material Co.Ltd(605166) . Light raw materials, optimistic about PDH and ethane cracking to prepare ethylene industry chain, related targets: Satellite chemistry, Oriental Energy Co.Ltd(002221) . Biodiesel has a bright future and is optimistic about Zhejiang Jiaao Enprotech Stock Co.Ltd(603822) , Longyan Zhuoyue New Energy Co.Ltd(688196) . Pay attention to the private large-scale refining and chemical Jiangsu Eastern Shenghong Co.Ltd(000301) , Hengli Petrochemical Co.Ltd(600346) , Rongsheng Petro Chemical Co.Ltd(002493) , Hengyi Petrochemical Co.Ltd(000703) , which are currently at a relatively undervalued level. The filament industry will usher in a boom reversal. It is recommended that Xinfengming Group Co.Ltd(603225) with the strongest competitiveness of "PTA + filament" in the world and Tongkun Group Co.Ltd(601233) with the global leader of polyester filament. Continue to recommend Jiangsu Shuangxing Color Plastic New Materials Co.Ltd(002585) of new materials such as optics and photovoltaic films.
Risk analysis: macroeconomic fluctuations, oil prices up or down than expected.
