Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report emphasizes the importance of focusing on domestic demand and opportunities for domestic substitution of new materials. It highlights the recent exemption of certain tariffs in the U.S., which has led to a noticeable reduction in oil price declines. The report suggests a focus on leading companies with strong fundamentals that are less correlated with oil prices, recommending bottom-fishing strategies. Additionally, it advises attention to the agricultural chemical sector due to its rigid demand during the spring farming season [13][14]. Summary by Sections 1. Core Viewpoints - The report suggests that the U.S. has exempted some tariffs, leading to a significant narrowing of oil price declines. It recommends focusing on leading companies with strong fundamentals and less correlation to oil prices, while also suggesting bottom-fishing strategies. The report highlights the agricultural chemical sector as a key area of interest due to its rigid demand during the spring farming season [13]. 2. Oil and Chemical Price Information - As of April 11, Brent oil price decreased by 1.3% to $64.76 per barrel. The U.S. commercial oil inventory stood at 442.3 million barrels, with a weekly increase of 2.6 million barrels. Gasoline inventory decreased by 1.6 million barrels, while distillate inventory decreased by 3.5 million barrels. The report monitors 188 chemical products, with the top three price increases being Vitamin K3 (up 5.6%), international urea (up 5.2%), and monoammonium phosphate (up 4.3%). The top three price decreases were liquid chlorine (down 16.3%), WTI (down 16.2%), and crude oil (down 15.5%) [14][15]. 3. Investment Recommendations and Targets - The report recommends several companies for investment: - Wanhua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [13]. - Huangma Technology: A leading special polyether company that has entered a growth phase again [13]. - Runfeng Co., Ltd.: A rare company with a global layout for formulation registration and sales channels [13]. - Guoguang Co., Ltd.: A leading domestic differentiated formulation company in the plant growth regulator industry [13]. - Hualu Hengsheng: Core product prices are recovering, coupled with falling coal prices, leading to continuous improvement in price differentials [13].
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