This week (12.19-12.25) crude oil market rebound, acrylic acid, urea, viscose staple fiber, caprolactam led, PVC prices continue to fall. The fertilizer export tariff rates fell, positive export. Investment, recommended fertilizers and pesticides, viscose staple fiber industry, underestimate the value of high growth stocks in the layout of new chemical materials.
Plate Market Performance: down 0.23%, stronger than the broader market

Led the stock shares, including Wansheng Hengda high-tech, Chongqing Three Gorges A, driving the core reason is rising product prices, equity transfer, company mergers and acquisitions; this week, led by a Taurus chemical, oxiranchem, Jinlu group is the main factor, valuation regression.
Industry news and comment: fertilizer export tariffs substantially reduced, industry expected to usher in spring
In 2017 the state canceled urea, ammonium chloride, calcium carbonate, calcium superphosphate, ammonium phosphate, diammonium phosphate, nitrogen and phosphorus fertilizer export tariff of two yuan to three yuan; NPK compound fertilizer export tariff from 30% to 20%; potassium chloride, potassium sulfate and potassium to maintain 600 yuan / ton export tariffs remain unchanged. As a whole, it is beneficial to the export of products, easing the situation of excess production capacity and improving the profit of the industry. It is recommended to focus on Hualu-Hengsheng, Luxi Chemical, Yang Feng, Swart, Jin Zhengda, STANLEY, sky.

Analysis of changes in product prices remain strong: urea, viscose staple fiber
The market gradually optimistic about OPEC production cuts, oil prices rebounded slightly; the North haze, industry production, market operating rate is not high, methanol prices soared, part of the enterprise production, urea prices continued to rebound, good Hualu-Hengsheng Luxi Chemical Industry, etc.; environmental restrictions started low, low inventory, viscose staple fiber prices upward, positive, Nanjing Sanyou chemical chemical fiber; consumption off-season, PVC prices continued to fall, bad Thailand chemistry, Jun Group etc..
View of investment: high conversion

In December, the experience of previous years, even in the off-season, chemical boom is still high, prices Puzhang situation, the core driving force for coal prices, rising oil prices, the cost of the uplink, tighter environmental protection, the suppression of trade started, tight supply. The investment, improve the supply and demand of the times the recommended configuration varieties, chemical fertilizers and pesticides recommended (glyphosate), silicone, viscose staple fiber, TDI industry, concern, Yuntianhua, Xin’an Huaneng Power shares, XX group, Jin Zhengda, STANLEY, Yang Feng, Swart, *ST, big Cang Sanyou chemical. At the same time, continue to be optimistic about the new chemical materials industry, sustained import substitution, frequent policy, catalytic market, key recommendation: (1) electronic chemicals: import substitution + technological innovation has brought new demand, Kang Dexin, Ding long shares, Wan Run shares. (2) and other new materials: continuous replacement of foreign products, rapid growth, recommend Haley, sinocera.
Risk warning:
1 Environmental and safety risk;
2 market development risks.

The solvent of xylene to discuss the market reference price in 4700-5600 yuan / ton, heterogeneous xylene reference 4950-5500 yuan / ton. Xylene solvent market offer 4700 yuan / ton (Zhangjiagang tank), domestic heterogeneous xylene market offer in 4700-4750 yuan / ton (tank). The central branch of Sinopec Changling refinery, xylene: Wuhan petrochemical, China Petrochemical 4700 yuan / ton. Sinopec Southern China Guangzhou Petrochemical Company solvent xylene: the implementation of 5450 yuan / ton, Maoming petrochemical price 5300 yuan / ton; heterogeneous xylene: Guangzhou petrochemical, Zhanjiang Dongxing are the implementation of 5450 yuan / ton. North China sales company Sinopec Qingdao refinery, Tianjin: xylene ethylene and Shijiazhuang refinery implementation of 4700 yuan / ton. Sinopec East China sales company xylene: Yangzi BASF, Zhenhai Refinery quote out 5600 yuan / ton. Liaoning huajintongda chemical Limited by Share Ltd xylene quotation implementation of 5380 yuan / ton, price stability.

Specific data show that as of December 21st week recorded gasoline inventories fell 1 million 309 thousand barrels, forecast to increase by 1 million 420 thousand barrels, the former value increased by 497 thousand barrels, for the first time in five weeks when the week recorded a decline; refined oil inventory recorded by 2 million 420 thousand barrels, is expected to be reduced by 1 million 152 thousand barrels, the former value decreased by 762 thousand barrels, two consecutive weeks when the week recorded a decline; Oklahoma Oklahoma Cushing area recorded in crude oil inventories fell 245 thousand barrels, the former value increased by 1 million 223 thousand barrels, is expected to decline in the price of xylene.

recently, the U.S. Energy Information Administration (EIA) announced by the end of December 16th when Zhou Yuan recorded inventories increased 2 million 256 thousand barrels, is expected to reduce 2 million 515 thousand barrels, the former value decreased by 2 million 563 thousand barrels. EIA data released before the two beautiful cloth oil fell short; after the data release, the oil, oil cloth fluctuated.

In December 22nd, Sinopec Southern China Guangzhou Petrochemical Company solvent xylene: the implementation of 5450 yuan / ton, Maoming petrochemical price 5300 yuan / ton; heterogeneous xylene: Guangzhou petrochemical, Zhanjiang Dongxing are the implementation of 5450 yuan / ton. The central branch of Sinopec Changling refinery, xylene: Wuhan petrochemical, China Petrochemical 4700 yuan / ton, the market is weak, supply of goods is not much, the general sales. North China sales company Sinopec Qingdao refinery, Tianjin: xylene ethylene and Shijiazhuang refinery implementation of 4700 yuan / ton. Operation of Liaotong chemical aromatics plant smooth, solvent and non-standard xylene heterogeneous execution price 5380 yuan / ton, inventory, sales, xylene market price stability. Qingdao Lidong aromatics plant running smoothly, toluene price implementation of 5950 yuan / ton, mainly for personal use, a small amount of export. Panjin Hefeng Chemical Trading Co., xylene market price of 5580 yuan / ton, price stability.

recently, n-propanol narrow market stability, the current domestic market mainstream n-propanol offer price at 10100 yuan / ton, compared to roughly stable.

At present, n-propanol output is large, mainly Nanjing plant products, mainly the production of enterprise contract users, for n-Propyl Acetate Production of other raw materials, less consumption, as the solvent effect, there is no large-scale development; as a high dependence on imports of products.

In December 22nd, Shanghai fangye Chemical Co., l-propanol foreign price 10600 yuan / ton (Taiwan Dalian original), real simple negotiations. Shanghai Crystal Chemical Co. Ltd. Shanghai l-propanol foreign price 10000 yuan / ton (barrels), out of stock is limited, the real single talks. Shandong Feng bin Chemical Co., n-propanol offer 9500 yuan / ton (apron), limited stock, real simple talks. The normal operation of Nanjing Rongxin chemical 60 thousand tons / year of n-propanol device, factory acceptance today offer 9500 yuan / ton (apron), mainly for personal use, a small amount of export. Shanghai Demao chemical l-propanol foreign price 10000 yuan / ton, are not available, the real single talks. Zhejiang sunrise Chemical Co., n-propanol foreign price 9800 yuan / ton (bottled / Taiwan), the current inventory is limited, the real single talks. Shanghai Yifeng chemical l-propanol foreign price 11300 yuan / ton (barrels), limited inventory, real simple talks.

At present, the upstream product of ethylene price stability, n-propanol market trading flat, discuss the general atmosphere. The recent domestic propanol market running smoothly, a narrow range of fluctuation. The latter concern the cost of raw materials supply situation and face.