纯MDI、百草枯等涨幅居前，建议关注进口替代、纯内需、高股息等方向

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, and others [10]. Core Viewpoints - The report highlights significant price increases in products such as pure MDI and paraquat, while products like coal tar and ammonium nitrate have seen substantial declines [4][18]. - The ongoing geopolitical tensions, particularly the Russia-Ukraine conflict, have led to fluctuations in international oil prices, which are expected to stabilize between $65 and $70 per barrel in 2025 [6][18]. - The report suggests focusing on investment opportunities in domestic demand, import substitution, and high-dividend stocks, particularly in the context of the current uncertain international situation [6][18]. Summary by Sections Product Price Movements - Notable price increases this week include paraquat (6.67%), pure MDI (4.55%), and sulfur (4.35%) [4][18]. - Significant price declines were observed in coal tar (-6.76%), ammonium nitrate (-5.56%), and industrial-grade lithium carbonate (-5.26%) [5][18]. Industry Performance - The chemical industry is currently experiencing a weak overall performance, with mixed results across different sub-sectors due to past capacity expansions and weak demand [7][19]. - Some sub-sectors, such as lubricants, have performed better than expected, indicating potential areas for investment [19]. Investment Recommendations - The report recommends focusing on the glyphosate industry, which is expected to enter a favorable cycle due to declining inventory and rising prices [21]. - It also suggests selecting stocks with strong competitive positions and growth potential, such as Rui Feng New Material and Bao Feng Energy [21]. - The chemical fertilizer sector is highlighted for its resilience and domestic demand, with companies like Hualu Hengsheng and Xin Yang Feng recommended for investment [21]. Oil Price Outlook - Brent crude oil prices were reported at $65.50 per barrel, down 3.85% from the previous week, while WTI prices were at $61.87, down 3.34% [6][18]. - The report anticipates that geopolitical factors will continue to influence oil prices, with a focus on the potential for supply disruptions [22][23].