基础化工行业周报：硫磺、天然气等涨幅居前，建议继续关注钛白粉板块和轮胎板块

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including China Petroleum, Giant Chemical, and others [3][21]. Core Views - The report highlights the significant price increases in sulfur (up 13.36%) and natural gas (up 11.93%), while noting substantial declines in products like butadiene (down 13.01%) and coal tar (down 7.69%) [21][18]. - It suggests focusing on undervalued, high-dividend companies such as China Petroleum, especially in light of the recent fluctuations in oil prices due to geopolitical tensions and market expectations [19][22]. - The report emphasizes the potential for recovery in certain sub-sectors, particularly in the tire industry, upstream mining, and titanium dioxide sectors, which are expected to outperform [21][2]. Summary by Sections Chemical Industry Investment Recommendations - The report recommends attention to low-valuation, high-dividend companies like China Petroleum due to the recent high oil prices and expected profitability improvements in the refining sector [19][22]. - It notes that many chemical sub-sectors have underperformed due to capacity expansions and weak demand, but some, like the tire and upstream mining sectors, have exceeded expectations [21][2]. Price Movements - Significant price increases were observed in sulfur, natural gas, and other chemicals, while products like butadiene and coal tar saw notable declines [21][18]. - The report indicates that the chemical product prices are rebounding as downstream demand improves, with several products experiencing price increases [20][21]. Company Focus - The report identifies specific leading companies in various sub-sectors as investment opportunities, including Wanhua Chemical in polyurethane, Hualu Hengsheng in coal chemical, and Longbai Group in titanium dioxide [2][21]. - It highlights the importance of focusing on companies with clear competitive advantages and strong cost structures, particularly in the context of expected demand recovery [2][21].