银河证券：看好下半年化工品结构性机会及行业估值修复空间

Core Viewpoint - The chemical industry is experiencing a slowdown in capital expenditure and construction capacity growth, but existing and under-construction capacities will take time to digest. Demand is expected to strengthen in the second half of the year due to policy stimulus and recovery in terminal industries, indicating potential for domestic demand to be fully released [1] Group 1: Supply Side - Capital expenditure and construction capacity growth in the chemical industry have been slowing down in recent years [1] - Existing and under-construction capacities will require time for digestion [1] Group 2: Demand Side - The second half of the year is anticipated to show improved demand as the effects of policy stimulus become evident [1] - Recovery momentum in terminal industries is expected to gradually strengthen [1] - There is potential for domestic demand to be fully released [1] Group 3: Investment Opportunities - The report highlights three investment themes for the second half of the year: 1. Focus on domestic demand to capture growth certainty opportunities [1] 2. Pay attention to supply-side constraints to explore cyclical elasticity opportunities [1] 3. Empower new productive forces, with an acceleration in domestic substitution of new materials [1]