化工品偏弱震荡，把握结构性机会

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Viewpoints - The chemical industry is experiencing weak fluctuations in chemical prices, but there are structural opportunities to be seized [1] - The report highlights that the valuation of the basic chemical industry is at a relatively low level since 2014, indicating medium to long-term allocation value [3][4] - It emphasizes the potential for demand recovery in 2025 as policy stimulus effects gradually manifest and terminal industry momentum strengthens [3][4] Summary by Sections Oil Market - As of March 14, Brent and WTI oil prices reached $70.58/barrel and $67.18/barrel, respectively, with a slight increase of 0.31% and 0.21% compared to the previous week [7][9] - Year-to-date, Brent and WTI prices have decreased by 5.44% and 6.33% respectively [9] Inventory Conversion - The average inventory conversion loss for crude oil this week was -355 yuan/ton, while for propane, it was -237 yuan/ton [14] Price Changes - In the week, 43 out of 170 tracked chemical products saw price increases, accounting for 25.3%, while 76 products decreased, making up 44.7% [18] - Notable price increases were observed in products like diammonium phosphate (up 3.7%) and calcium carbide (up 2.8%) [19] Price Spread Changes - Among 130 tracked products, 41 price spreads increased, representing 31.5%, while 84 decreased, accounting for 64.6% [26] - The price spread for phthalic anhydride increased by 156.5% due to supply reductions and cost support from neighboring xylene prices [26][27]