CHEMICAL INDUSTRY WEEKLY: THE ENVIRONMENTAL PROTECTION UPGRADE SUPERPOSITION OIL PRICE SURGE BULLISH DYE, COAL CHEMICAL, POLYESTER AND SO ON2018.06.13 16:51
Last week, the basic chemical sector rose 1.8 percent, the csi 300 index gained 0.8 percent, and the basic chemical sector outperformed the broader market by 1.0 percentage points, and was the sixth highest in all sectors.
Last week, the basic chemical sector was trading on the upside.Basic chemical (citic) plate P/E(TTM) is 31.93.The ratio is 2.42, down from a year's average of 2.64, compared with the Shanghai and shenzhen 300.
The environmental protection inspector upgrades, likes dye, pesticide, chlorine and so on.Recently due to the environmental protection supervision "look back" and more provinces dynamics significantly enhanced the harnessing of the chemical industrial park, jiangsu province several chemical industrial park and the listed companies have shut down due to pollution problem was exposed to screen;Ecological environment at the same time start the "waste act 2018" and natural protected area along the Yangtze comprehensive screening, Qingdao Shanghai summit around the corner, we expect HuaGongDa provinces such as jiangsu, shandong environmental protection efforts will increase.Domestic environmental protection supervision and upgrade are expected to continue tightening dye, pesticides, alkali, the industry such as supply of phosphate rock, the power industry supply and demand continues to improve, we watch the dye, pesticides chrysanthemum ester, PVC, such as the price of phosphate rock, recommend RunTu stake, Yang agriculture chemical, hon of societe generale, advice to focus on xingfa group, zhongtai chemical, etc.
Brent crude oil price surge, good for oil and gas assets of the company, coal chemical and polyester, etc.Last week Brent crude oil prices continue to rise 1.7% to $78.51 a barrel, up 42% since 2017, a rise in oil prices directly for offshore oil and gas assets new equity shares, the price of crude oil every $10 a barrel, the rise of new thickening of the equity investment gains more than 200 million yuan.Since 2017, the market price of qinhuangdao thermal coal (5500K) has decreased by 2.5%, and the oil and coal price difference has been increased, and the cost advantage of coal chemical industry has been enhanced, and the profit expansion of methanol and ethylene glycol is favored.The rise in oil price also helps to support the price rise of PTA and polyester filament, and the spread of the spread. At present, the spread of PTA and polyester filament POY is 929 yuan/ton and 1056 yuan/ton respectively, all of which are at historic highs.We hope that the supply and demand pattern of PTA and polyester filament industry will continue to improve.Recommend huaru hengsheng, xinao shares, tongkun shares, hengyi petrochemical;It is recommended to pay attention to luxi chemical industry, yangcoal chemical industry and so on.
The price of acetic acid is closely related to supply and demand.By domestic PTA downstream demand and overseas such as celanese factory has not yet return to work in Singapore, the United States Eastman in export demand, such as parking overhaul alkali plant supply side is to restart and part of the parking device maintenance supply continues to tighten, acetic acid price rose 11.4% to 5150 yuan/ton last week.Currently operating at more than 80% acetic acid and domestic manufacturers have no inventory, basic superposition domestic acetic acid from 2018 to 2019 new capacity is limited, the supply end up less elastic, while the downstream demand is expected to remain stable growth, will continue to be tight balance between supply and demand of acetic acid, acetic acid price is expected to remain high, the hengsheng, recommend China suggest huayi group.