Investment Rating - The industry investment rating is maintained as "Positive" [10][18]. Core Viewpoints - Oil prices have slightly decreased this week, but the focus remains on agricultural chemicals due to the ongoing spring farming season [10][18]. - The report emphasizes the importance of companies with strong fundamentals and low correlation to oil prices, suggesting a bottom-fishing strategy [10][18]. - Recommendations include companies like Wanhua Chemical, Huangma Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, highlighting their respective strengths and market positions [10][18]. Summary by Sections Oil and Chemical Price Information - As of May 30, Brent oil price decreased by 1.35% to $63.90 per barrel, with concerns about supply growth impacting the market [14]. - U.S. crude oil commercial inventory stood at 440.4 million barrels, a weekly decrease of 2.8 million barrels [14]. - Among 188 monitored chemical products, hydrochloric acid saw the highest weekly price increase of 35.4%, while acrylic acid experienced the largest decline of 9.7% [15][16]. Price and Spread Changes - The top three products with the highest weekly price increases were hydrochloric acid (up 35.4%), liquid chlorine (up 21.8%), and international potassium chloride (up 8.4%) [10][15]. - The highest price spread increases were seen in the following products: BDO spread (up 71.6%), lithium hexafluorophosphate spread (up 54.9%), and carbon black spread (up 39.3%) [10][19]. - Monthly price changes showed hydrochloric acid leading with a 43.4% increase, while the BDO spread saw a significant monthly increase of 588.0% [10][19].

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights a rebound in oil prices due to easing U.S. tariff policies and tightening supply expectations. It emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. The report also recommends paying attention to domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring farming season [13][15]. Summary by Sections 1. Core Views - The report suggests maintaining a focus on leading companies with strong fundamentals and low correlation to oil prices, while also monitoring domestic demand and new material substitution opportunities [13][15]. - Recommended companies include: - Huangma Technology: A leader in specialty polyether, showing signs of recovery from previous macro demand pressures [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [14]. - Guoguang Co., Ltd.: A leader in differentiated formulations in the plant growth regulator sector [14]. - Hualu Hengsheng: Benefiting from recovering core product prices and declining coal prices, leading to improved price differentials [14]. 2. Oil and Chemical Price Information - As of April 16, Brent oil prices increased by 4.9% to $67.96 per barrel. Despite the IEA lowering oil demand growth forecasts, market concerns over U.S. tariff policies eased, contributing to the price increase [15]. - The report monitors 188 chemical products, with the top three price increases being: - Trichloroethylene: Up 16.3% - Butane: Up 8.9% - WTI: Up 7.7% - The top three price decreases were: - Liquid chlorine: Down 62.3% - D4: Down 17.8% - Anthracene oil: Down 12.4% [16][17]. 3. Price Spread Information - The top three price spread increases for the week were: - Carbon black spread: Up 64.5% - Calcium carbide PVC spread: Up 57.8% - Monoammonium phosphate: Up 14.5% - The top three price spread decreases were: - Butyl acrylate spread: Down 50.7% - Hydrogen peroxide spread: Down 44.4% - MTP spread: Down 30.2% [19][20].