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Investment Rating - The report maintains a "Positive" outlook on the basic chemical industry, particularly focusing on oxalic acid [5]. Core Insights - The demand for oxalic acid is expected to rise due to the growth in high-density lithium iron phosphate (LiFePO4) in the downstream market, presenting an upward opportunity for the industry [3][26]. - Key players in the oxalic acid market include Hualu Chemical (600426, Buy) and Wankai New Materials (301216, Buy), with other notable mentions being Xinjiang Tianye (600075, Not Rated), Fengyuan Co., Ltd. (002805, Not Rated), and Jinmei Technology (600844, Not Rated) [3][48]. Summary by Sections 1. Battery Leaders Increasing Investment in Oxalic Acid-Based High-Density LiFePO4 - The report highlights the strategic moves by leading battery manufacturers, such as CATL, to enhance their supply chain security for high-density LiFePO4, indicating a structural opportunity in the industry despite the overall market moving towards commoditization [12][8]. 2. Advantages of Oxalic Acid-Based LiFePO4 in High-Density Applications - Oxalic acid-based LiFePO4 demonstrates superior performance and process advantages, particularly in high-density applications, which are driven by the increasing demand for fast-charging and high-capacity energy storage solutions [16][22]. - The report notes that the demand growth rate for oxalic acid-based LiFePO4 is expected to surpass that of traditional LiFePO4, indicating a gradual increase in market penetration [16]. 3. Oxalic Acid Expected to Experience Upward Market Trends - The report anticipates a tightening supply-demand dynamic for oxalic acid, driven by its primary applications in rare earth, pharmaceuticals, and the rapidly growing renewable energy sector [26][27]. - The projected increase in production capacity for oxalic acid is limited in the near term, which is expected to contribute to a favorable market environment [39]. 4. Investment Recommendations - The report recommends investing in leading oxalic acid producers such as Hualu Chemical and Wankai New Materials, while also considering other related companies like Xinjiang Tianye and Jinmei Technology for their potential growth [3][48].