CITIC Securities: After the supply shock caused by the recent US-Iran conflict subsides, the petrochemical-related industries may experience a new wave of re-stocking demand.

According to a research report by CITIC Securities, since the second half of 2025, China's PPI growth rate has bottomed out and started to rise, and the inventory cycle has subsequently entered an upward channel. From historical data, since April, the United States and Iran have restarted negotiations, and crude oil futures prices have started to fall. It is possible that China's PPI growth rate may slow down around mid-year. However, we believe that the restocking behavior of enterprises may not necessarily end, especially as the inventory of the crude oil chemical industry chain has decreased significantly in the past 2 months. After the navigation of the Strait of Hormuz, these depleted inventories are likely to be replenished, and may even exceed the level before the conflict.