石油石化行业周报：OPEC+宣布2025年4月开始增产，油价下行压力加剧

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - OPEC+ announced an increase in production starting April 2025, leading to heightened downward pressure on oil prices due to oversupply concerns [8][9]. - The report suggests focusing on resilient companies in the oil sector, particularly the "Big Three" oil companies in China: PetroChina, Sinopec, and CNOOC, which have diversified operations to mitigate price sensitivity [9]. - In the fluorochemical sector, demand is driven by national subsidies, with refrigerant prices expected to continue rising due to tight supply and strong demand from the home appliance sector [8][9]. Summary by Sections Oil and Petrochemical - OPEC+ plans to increase daily production by 138,000 barrels starting April 2025, marking the first monthly increase in over two years, which exacerbates supply concerns and puts downward pressure on oil prices [8][9]. - Recent data shows WTI crude futures fell by 4.13% and Brent crude futures by 3.70% from February 28 to March 7, 2025 [8]. - The U.S. labor department reported a lower-than-expected increase in non-farm payrolls, suggesting limited chances for interest rate cuts by the Federal Reserve in March [8]. Fluorochemical - The demand for refrigerants is expected to rise due to new national subsidies for energy-efficient home appliances, with subsidies ranging from 15% to 20% [8][9]. - In March 2025, domestic air conditioning production is projected to increase by 13.5% year-on-year, driven by strong demand [8]. - Supply constraints are evident as the production quotas for second-generation refrigerants continue to decrease, while third-generation refrigerants see limited increases in quotas [8]. Semiconductor Materials - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving fundamentals, suggesting a potential upward cycle [9][81]. - The report highlights the importance of domestic substitution and cyclical recovery in driving growth in this sector [81].