[Huatai Securities: oil and Gas Industry chain highlight Chemical Industry waiting to be repaired] May 29, Huatai Securities Research report pointed out that since 23Q1, the overall price spread of the chemical industry has rebounded from the bottom of 22Q4, and the chemical raw materials and products industry has turned into an active de-stocking cycle. With the marginal improvement of domestic demand under policies such as steady growth and supply optimization after destocking of the industry, we believe that the chemical industry as a whole has ushered in bottom repair. As far as the plate is concerned, the long-term capital expenditure of crude oil is insufficient and superimposed on the supply side. After the supply of refined oil has contracted, the recovery in demand will drive the economy higher, and it is expected to continue in the next two years. The recovery of demand in the bulk chemical sector after inventory removal will lead to profit improvement, and sub-industries with optimized patterns may be the first to benefit and pay attention to domestic competitive advantage companies. From the perspective of industrial growth, we should pay attention to the field of neck jam, special auxiliaries and new technologies driven by carbon neutralization.