兴业证券：“反内卷”有望带来化工行业新变革 把握产业供给升级机遇

Group 1 - The core viewpoint of the articles indicates that the chemical industry is expected to benefit from the "anti-involution" policies, which aim to reduce excessive competition and promote a more sustainable market environment [1][3] - The "anti-involution" policy was first introduced in July 2024, emphasizing the importance of preventing "involution-style" competition, orderly exit of outdated production capacity, and green technology transformation [1] - The chemical industry is currently at a low point, but the implementation of "anti-involution" policies may lead to a recovery in chemical product prices due to improved supply-demand dynamics [3] Group 2 - Historical supply constraints have previously led to price increases in chemical products, with the supply-side reform initiated in late 2015 marking the beginning of a price recovery and profit restoration in the chemical sector [2] - The current environment shows a stabilization in both domestic and international investment and consumption, with the PMI indicators suggesting a potential recovery in global manufacturing [3] - The slowdown in the pace of new domestic capacity additions, coupled with the "anti-involution" policies, is expected to facilitate supply clearing and improve the overall market conditions in the chemical industry [3]