油价震荡走势，继续关注内需及国产替代新材料机会

Investment Rating - The industry investment rating is "Positive (Maintain)" [7] Core Viewpoints - Oil prices are experiencing fluctuations due to tariff negotiations, OPEC+ production changes, and instability in the Middle East. The report emphasizes a focus on leading companies with strong fundamentals and low correlation to oil prices, suggesting a bottom-up investment approach. It also highlights the importance of domestic demand and opportunities in domestic substitution for new materials, particularly in the agricultural chemical sector during the spring farming season [14][16]. Summary by Sections 1. Core Viewpoints - The report suggests maintaining a focus on leading companies with strong fundamentals and low correlation to oil prices, recommending investments in sectors with rigid demand, especially during the spring farming season [14]. - Recommended companies include: - Wanhua Chemical: Recent profit improvement in core product MDI, with upcoming petrochemical and new material projects [14]. - Huangma Technology: A leading special polyether company that has entered a growth phase again [14]. - Runfeng Co., Ltd.: A rare company with a global layout for formulation registration and sales channels [14]. - Guoguang Co., Ltd.: A leading domestic differentiated formulation company in the plant growth regulator industry [14]. - Hualu Hengsheng: Improvement in core product prices combined with declining coal prices, leading to continuous margin improvement [15]. 2. Oil and Chemical Price Information - As of April 25, Brent oil price decreased by 1.6% to $66.87 per barrel. The report notes that U.S. crude oil commercial inventory was 443.1 million barrels, with a weekly increase of 20 barrels. Gasoline inventory decreased by 4.5 million barrels to 229.5 million barrels, while distillate inventory decreased by 2.4 million barrels to 106.9 million barrels [16][17]. - Among 188 monitored chemical products, the top three price increases this week were: - Polymer MDI: Up 6.0% - DEG: Up 5.7% - Diethanolamine: Up 5.7% - The top three price decreases were: - Silicone oil: Down 12.9% - DMC: Down 11.1% - Natural gas: Down 9.5% [10][17]. 3. Price Spread Information - The top three price spreads that increased this week were: - Anhydride (benzene method) spread: Up 84.1% - PTA: Up 49.3% - Lithium hexafluorophosphate spread: Up 28.8% - The top three price spreads that decreased were: - Butyl acrylate spread: Down 87.8% - Anhydride BDO spread: Down 38.5% - Styrene: Down 25.0% [10][21].