Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The expectation of the "anti-involution" policy has significantly increased, leading to a positive outlook for the industry [10] - The chemical industry is experiencing a valuation recovery, with notable price increases in products such as TDI and organic silicon, despite the price hikes being primarily driven by production accidents rather than the "anti-involution" policy [9][15] - The agricultural chemicals sector is seeing a continuous recovery in fundamentals and sentiment, with a focus on differentiated leading companies for future growth [15] Summary by Relevant Sections Investment Recommendations and Targets - The report recommends buying Wanhu Chemical (600309) and Wankai New Materials (301216) due to their benefits from the "anti-involution" policy and improvements in industry fundamentals. It also suggests holding Yangnong Chemical (600486) and buying Runfeng Co., Ltd. (301035) in the agricultural chemicals sector [4] Industry Trends - The report highlights that the chemical industry is witnessing a recovery in valuation, with significant price increases in products like TDI related to Wanhu Chemical and organic silicon products related to Xin'an Chemical and Hesheng Silicon Industry. The overall market sentiment is improving due to strong policy expectations [9][15] - The agricultural chemicals sector is gaining attention due to the local outbreak of the Chikungunya virus, which has increased demand for insecticides like pyrethroids, with Yangnong Chemical being a key player [15]