基础化工行业研究中美关税阶段性缓和，预期获得较好修复

Investment Rating - The report suggests a positive outlook for the industry, indicating a potential recovery in the sector due to recent tariff negotiations [4]. Core Insights - The recent US-China trade talks have led to a significant reduction in tariffs, with the US canceling 91% of additional tariffs and China reciprocating, which is expected to improve market sentiment and alleviate long-term demand pressures [2][3]. - The reduction in tariffs is anticipated to enhance the supply-demand dynamics within the domestic chemical industry, providing a buffer period of 90 days for certain tariffs, which may lead to improved industry sentiment [2]. - The report emphasizes that the long-term impact of tariffs on the chemical industry is more about downstream demand transmission through the industrial chain, suggesting a gradual recovery in export proportions [2][3]. Summary by Sections Event Overview - On May 12, substantial progress was made in US-China trade talks, resulting in the cancellation of 91% of additional tariffs by the US and corresponding actions by China [2]. Investment Logic - The easing of tariffs is expected to improve market expectations and alleviate long-term demand pressures, with a notable increase in the proportion of chemical products exported to the US [2]. - The report highlights that the domestic chemical industry has recently undergone a significant capacity release cycle, which has raised industry sentiment [2]. - The long-term trend indicates a continuous push towards domestic production and supply chain security, with significant advancements in material fields over the past seven years [3]. Investment Recommendations - The report recommends focusing on sectors that have been significantly impacted by US tariffs, such as the electronics, textiles, and tire industries, which may see recovery due to tariff relief [4]. - It also suggests monitoring the propane dehydrogenation industry, which has benefited from reduced tariff costs, despite ongoing supply pressures [4]. - The report encourages attention to opportunities in domestic substitution as the industry continues to push for higher-end material production [4].