Zheng Quan Shi Bao Wang·2025-09-04 23:52Core Viewpoint - The report from Huatai Securities indicates that the profitability of bulk chemical companies is at a bottoming stage in the first half of the year, with improvements driven by downstream products and fine chemicals due to sectors like automotive and home appliances [1] Industry Summary - In the second quarter, the oil and gas industry chain faced pressure, but signs of supply-demand improvement in some bulk chemical products have begun to emerge [1] - Profitability improvements for downstream products and fine chemicals are relatively limited due to export impacts [1] - It is expected that as the adverse effects of overseas tariff policies gradually dissipate and industry capital expenditures shift to a downward trend in the second half of 2025, along with improvements in exports to Asia, Africa, and Latin America, the industry’s prosperity is likely to gradually recover [1] Short-term Focus - Short-term recommendations include focusing on varieties with resilient domestic and external demand and improved competitive landscapes, such as refrigerants and amino acids, as well as downstream modified plastics and additives [1] Long-term Outlook - In the medium to long term, chemical companies with global advantages are expected to undergo revaluation after the industry’s prosperity reaches its bottom [1]