Anji Technology(SH:688019) Bank of China Securities·2025-06-04 07:30Investment Rating - The report rates the chemical industry as "Outperform" [1] Core Views - The industry has been significantly impacted by tariff-related policies and fluctuations in crude oil prices. Key areas to focus on in June include safety regulation policies, supply chain changes in the pesticide and intermediate sectors, performance fluctuations due to "export rush," the importance of self-sufficiency in electronic materials, and stable dividend policies in energy companies [1][10] Summary by Sections Industry Dynamics - As of June 1, the average price tracking 100 chemical products showed that 23 products increased in price, 45 decreased, and 32 remained stable. The month-on-month average price changes were 26.73% up, 63.00% down, and 10.27% stable. The products with the highest weekly price increases included hydrochloric acid (up 31% in the Yangtze River Delta) and TDI, while those with the largest decreases included soft foam polyether and liquid chlorine [9][32] Oil and Gas Market - International oil prices have decreased, with WTI crude futures closing at $60.79 per barrel (down 1.20%) and Brent crude at $63.90 per barrel (down 1.36%). The U.S. crude oil production averaged 13.47 million barrels per day, an increase of 2.7% year-on-year. Gasoline and distillate demand in the U.S. has increased, with total refined oil demand averaging 19.89 million barrels per day, down 0.2% year-on-year [9][10] Chlorantraniliprole Industry - The chlorantraniliprole industry has experienced capacity damage, with the largest producer, Youdao Chemical, having a production capacity of 11,000 tons. The market supply has significantly reduced, and current inventory levels are low due to previous market conditions. The price for chlorantraniliprole is expected to rise to 250,000-280,000 yuan per ton in the short term [9][10] Acrylic Acid Market - The price of acrylic acid has decreased, with the average market price at 7,050 yuan per ton, down 8.44% from the previous week. Supply has increased due to the resumption of production in Shandong, while downstream demand remains cautious [9][10] Investment Recommendations - As of June 1, the SW basic chemical sector's P/E ratio (TTM excluding negative values) is 21.66, at the 58.33% historical percentile. The oil and petrochemical sector's P/E ratio is 10.81, at the 13.47% historical percentile. Key investment themes include the sustained high prices of crude oil, rapid development in downstream industries, and the potential for recovery in demand due to policy support [10][11]