一季度化学原料和制品制造业实现利润总额787.6亿元，硫磺、尿素价格上涨

Investment Rating - The industry rating is Neutral (maintained rating) [6] Core Viewpoints - In the first quarter, the chemical raw materials and products manufacturing industry achieved a total profit of 78.76 billion yuan, with a year-on-year decrease of 0.4% [1] - The overall profit of industrial enterprises above designated size in the first quarter was 1,509.36 billion yuan, reversing a decline of 3.3% from the previous year to a growth of 0.8% [1] - The prices of key products such as sulfur and urea have increased, with urea prices significantly rising due to export policy expectations [2][3] - The basic chemical sector outperformed the CSI 300 index, with a weekly increase of 2.32% compared to the CSI 300's 2% [4][16] Summary by Sections Key News Tracking - The total profit of the chemical raw materials and products manufacturing industry was 78.76 billion yuan, showing a slight decline year-on-year [1] - The overall revenue of industrial enterprises increased by 4.2%, accelerating by 1.4 percentage points compared to the previous months [1] Product Price Tracking - Key chemical products such as TDI, urea, and ethylene glycol saw price increases of 2.8%, 2.8%, and 2% respectively, while titanium dioxide and other products experienced price declines [2] - The top five products with the highest price increases included IPDI (+16.1%) and LNG (Japan) (+11%) [2] Sector Performance - The basic chemical sector's weekly performance was strong, with significant increases in sub-sectors such as adhesives and synthetic resins [4][17] - The basic chemical sector's PB ratio was 1.96, while the overall A-share market's PB was 1.44 [24] Key Industry Insights - The report suggests focusing on industries with stable demand and supply logic, such as refrigerants and phosphates, while also highlighting sectors with dual marginal improvements like organic silicon [5] - Recommendations include companies like Wanhua Chemical for MDI and Jinhe Industrial for sucrose [5]