化工行业周报：行业协同性提升，草甘膦及甜味剂或迎景气上行，重点关注低估值高成长标的

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting the potential for growth in glyphosate and sweeteners, suggesting a focus on undervalued high-growth targets [1][2]. Core Insights - The chemical industry is experiencing improved synergy, with expectations for a recovery in glyphosate and sweetener markets due to decreasing overseas inventories and an increase in domestic exports [2][3]. - The report emphasizes the importance of monitoring price trends and production adjustments in various chemical sectors, including fertilizers and pesticides, as they are expected to influence market dynamics positively [2][9]. - The macroeconomic environment shows a stabilization in oil prices and a gradual recovery in the chemical industry's PPI, indicating a potential shift towards profitability-driven growth [2][6]. Summary by Sections Macroeconomic Overview - Oil prices are under pressure due to geopolitical factors and U.S. tariff policies, while shale oil production remains resilient [2][3]. - Coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [2][3]. - Natural gas prices are stabilizing at low levels internationally [2][3]. Chemical Sector Analysis - Glyphosate exports from China have surged by 30% since the beginning of 2024, indicating strong demand as the spring farming season approaches [2][3]. - The report notes that major domestic companies in the sweetener sector are reducing production to drive price increases, suggesting a shift from market share competition to profitability focus [2][9]. Investment Recommendations - The report recommends focusing on traditional cyclical stocks and specific high-growth companies within the chemical sector, including Wanhu Chemical and Hualu Hengsheng [2][16]. - It highlights the potential for recovery in the tire industry due to domestic demand recovery and cost reductions, suggesting investments in companies like Sailun Tire and Linglong Tire [2][16]. - For semiconductor materials, companies with low valuations and strong earnings potential, such as Yake Technology and Guanggang Gas, are recommended [2][16]. Price Trends and Market Dynamics - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and other key materials, reflecting the current market conditions [2][7][9]. - It notes that the chemical industry PPI has shown signs of recovery, moving from negative to near-zero levels, which could signal a broader industry turnaround [2][6].