伊以冲突持续，油价偏强震荡

Investment Rating - The report maintains a "Strong Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The ongoing conflict between Iran and Israel is causing oil prices to fluctuate strongly, with WTI crude futures closing up 0.22% and Brent crude futures up 2.89% during the specified period [6]. - The geopolitical situation is tense, with the U.S. potentially escalating its involvement, which could further disrupt oil supply through the Strait of Hormuz, a critical passage for approximately 20% of global oil trade [6]. - In the fluorochemical sector, strong demand from the air conditioning industry is supporting high prices for fluorinated refrigerants, with R32 prices continuing to rise and R134a prices remaining stable [6]. Summary by Sections Oil and Petrochemicals - The report highlights the impact of the Iran-Israel conflict on oil prices, with potential U.S. intervention increasing risks of supply disruptions [6][7]. - The report notes that domestic oil companies are diversifying their energy sources and enhancing upstream and downstream integration to mitigate the impact of volatile oil prices [7]. Fluorochemicals - The report indicates that the production of second-generation refrigerants is being reduced, while the supply of third-generation refrigerants is limited, leading to a favorable supply-demand balance [6][7]. - The air conditioning sector is experiencing strong production growth driven by government subsidies, with expected year-on-year increases of 29.3% and 22.8% in June and July 2025, respectively [6]. Semiconductor Materials - The semiconductor materials sector is showing signs of recovery, with inventory levels decreasing and end-market fundamentals improving, suggesting a potential upward trend in the industry index [7].