石油石化行业周报：OPEC+保持增产节奏，或通过压低油价约束超产国

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Insights - OPEC+ continues to increase production, potentially using price drops to constrain overproduction by member countries, which may lead to downward pressure on oil prices [6][7]. - The domestic oil companies are expected to show resilience due to integrated operations and diversified energy sources, particularly focusing on offshore oil and gas resources [7]. - The fluorochemical sector is benefiting from national subsidies driving domestic demand, with refrigerant prices continuing to rise [6][7]. Summary by Sections Oil and Petrochemicals - OPEC+ agreed to continue increasing production by 411,000 barrels per day in June, consistent with previous announcements and market expectations [6][7]. - Recent geopolitical developments, including a potential ceasefire in Ukraine and discussions regarding Iran's nuclear program, have reduced upward pressure on oil prices [6][7]. - The U.S. labor market showed strong performance with 177,000 new jobs added in April, which may affect Federal Reserve interest rate decisions [6]. Fluorochemicals - National subsidies are driving strong growth in domestic demand for refrigerants, with prices for R32 and R134a rising by 500 yuan per ton as of April 30 [6]. - The production of second-generation refrigerants is expected to decrease, while third-generation refrigerants will see limited quota increases, leading to a favorable supply-demand balance [6][7]. Semiconductor Materials - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving end-market conditions, suggesting potential for upward movement in the industry index [7].