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中国银河证券:看好下半年化工品的结构性机会及行业估值修复空间
Mei Ri Jing Ji Xin Wen·2025-08-19 00:22

Core Viewpoint - The current valuation of the basic chemical industry is at a low level since 2014, indicating medium to long-term investment value [1] Supply Side - In recent years, capital expenditure and the growth rate of new capacity in the chemical industry have slowed down, but existing and under-construction capacity will still require time to digest [1] Demand Side - In the second half of the year, as the effects of policy stimulus gradually become apparent and the recovery momentum of terminal industries strengthens, the potential of domestic demand is expected to be fully released [1] Investment Opportunities - The company is optimistic about structural opportunities in chemical products and the potential for industry valuation recovery in the second half of the year [1]