基础化工顺周期预期回暖、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 warming under multiple factors, with a focus on leading chemical companies and development opportunities in certain sub-industries [2][4] - The government has proposed a consumption boost action plan aimed at expanding domestic demand, which is expected to benefit the chemical industry [2][3] - The demand for oxalic acid is expected to improve due to the expansion of production capacity by leading companies in the lithium iron phosphate sector [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 oxalic acid is projected to increase significantly due to rising demand from lithium iron phosphate production [6][12] - The report also indicates that the prices of various chemical products, such as sulfuric acid and compound fertilizers, are on the rise due to seasonal demand and supply constraints [12][13]