基础化工行业周报：顺周期预期回暖、下游扩产驱动草酸需求向好，继续关注化工核心资产及新材料成长

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The cyclical recovery expectation is significantly improving due to multiple factors, and attention should be paid to leading chemical companies and certain sub-industry development opportunities [2][4] - The government has introduced a consumption boost plan aimed at expanding domestic demand, which is expected to benefit the chemical industry that covers various aspects of social production [2][3] - The demand for oxalic acid is expected to improve due to the expansion of production by leading companies in the lithium iron phosphate sector, which will significantly increase oxalic acid demand [4][6] Summary by Sections Industry Overview - The report highlights the government's focus on boosting consumption and domestic demand, which is expected to positively impact the chemical industry [2][3] - The cyclical recovery is supported by policies aimed at stabilizing the real estate market and promoting population growth, which will further enhance demand for chemical products [4] Key Companies and Sub-industries - Key companies to watch include Wanhua Chemical, Hualu Hengsheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [4][7] - Recommended sub-industries include SAP (Satellite Chemical, Wanhua Chemical), polyester filament (Tongkun Co., New Fengming), spandex (HuaFeng Chemical, Xinxiang Chemical Fiber), and organic silicon (Hesheng Silicon, Dongyue Silicon Materials) [4] Price Trends and Market Dynamics - The report notes that international oil prices are fluctuating, influenced by various factors including U.S. economic data and geopolitical situations [6][11] - The price of acetic acid has risen significantly due to limited supply and strong demand, with a reported increase of 14.4% [12] - The price of sulfur has also increased by 11.1% due to seasonal demand and supply constraints [12] Long-term Investment Recommendations - Value stocks with a safety margin are highlighted, as chemical product prices are at a low point, making leading companies attractive for long-term investment [7] - Growth-oriented new material companies are recommended due to their potential for significant performance and valuation elasticity [7] - High-dividend oil and gas companies are expected to maintain substantial dividends amid ongoing efficiency improvements [9]