CMS·2025-05-19 11:33Investment Rating - The report maintains a recommendation for the chemical industry, indicating a positive outlook for the sector [6]. Core Viewpoints - The report highlights significant price increases in butadiene (+21.1%) and SBS (+13.65%), suggesting a focus on new chemical materials [4][5]. - It emphasizes the potential applications of modified plastics in robotics, recommending companies such as Dawn and Huitong [5]. - The report notes the expected recovery in companies like Amway due to tariff easing and mentions potential changes in the supply side for glyphosate, recommending Jiangshan, Xin'an, and Xingfa [5]. Industry Performance - In the third week of May, the chemical sector (Shenwan) rose by 1.82%, outperforming the Shanghai A-share index by 1.06 percentage points [2][12]. - The dynamic PE for the chemical sector is reported at 24.42 times, lower than the average PE of 10.50% since 2015 [2][12]. Sub-industry Trends - Among 31 sub-industries, 18 experienced gains while 13 saw declines. The top five gainers included viscose (+8.15%) and daily chemicals (+6.23%) [3][15]. - The report identifies the top five declining sub-industries, including civil explosives (-4.72%) and acrylic fibers (-2.44%) [3][15]. Price and Spread Trends - The report lists the top five products with the highest price increases, including butadiene (+21.1%) and cyclohexane (+12.15%) [4][22]. - It also highlights significant changes in price spreads, with ethylene showing a remarkable increase of +306.9% [4][38]. Inventory Changes - Notable inventory changes include a significant decrease in polyester filament (-54.42%) and ethylene glycol (-19.16%) [5][60].