基础化工行业周报：硫磺-硫酸继续上涨，关注具有长期逻辑的涨价品种

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights that oil prices have slightly increased due to supply-side risks, and it remains optimistic about leading companies with strong fundamentals that are less correlated with oil prices, suggesting a bottom-fishing strategy. The report also emphasizes the importance of agricultural and food industry demand, which is more rigid, and recommends focusing on the agricultural chemical sector for performance recovery certainty [11][14]. Summary by Sections 1. Core Views - The report suggests a focus on leading companies with strong alpha characteristics, particularly in the agricultural chemical sector, due to their resilient demand [11]. - Recommended companies include: - Wanhua Chemical (600309, Buy): Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [11]. - Huangma Technology (603181, Buy): A leader in specialty polyether, has entered a growth phase again [12]. - Runfeng Co., Ltd. (301035, Buy): A rare company with global formulation registration and sales channels [12]. - Guoguang Co., Ltd. (002749, Buy): A leader in differentiated formulations in the plant growth regulator industry [13]. 2. Oil and Chemical Price Information - As of March 14, Brent oil price increased by 0.3% to $70.58 per barrel, with U.S. crude oil commercial inventory at 435.2 million barrels, a weekly increase of 1.4 million barrels [14]. - Among 188 monitored chemical products, the top three price increases this week were: - Liquid chlorine (up 36.4%) - Sulfur (up 11.7%) - Sulfuric acid (up 9.7%) [15][16]. - The report notes that sulfur and sulfuric acid prices continue to rise due to strong demand during the traditional peak season, despite some replenishment of sulfur imports [15]. 3. Price and Spread Changes - The report lists the top three price increases for the week: - Liquid chlorine: 36.4% - Sulfur: 11.7% - Sulfuric acid: 9.7% [16]. - The top three price spreads that increased this week were: - Styrene spread (up 60.8%) - Succinic anhydride (benzene method) spread (up 37.7%) - Formic acid spread (up 10.7%) [19].