Di Yi Cai Jing·2025-10-14 23:37Core Viewpoint - The overall price spread in the industry remains weak as of September, with a gradual recovery in the midstream sector. The CCPI-raw material price spread at the end of September 2025 is 2439, which is below the 30th percentile since 2012, indicating a significant impact from weak downstream demand and a clear "off-peak" characteristic in the industry [1]. Group 1: Industry Performance - The chemical product prices continue to show relative weakness, primarily due to the overall weak downstream demand [1]. - The products that saw price increases in September were mainly those with reduced supply and better overseas demand [1]. Group 2: Profitability and Future Outlook - The industry has likely reached a profitability bottom in recent years, and with policy guidance to reduce internal competition, supply-side adjustments are expected to accelerate, potentially improving profitability for bulk chemical products [1]. - In the medium to long term, the exit of high-energy-consuming facilities in Europe and the U.S., along with economic growth in Asia, Africa, and Latin America, will drive demand increases, making exports a significant growth engine for the domestic chemical industry [1]. - Since June 2025, the growth rate of capital expenditure in the industry has been declining, and with accelerated supply-side adjustments, the industry is expected to see an upturn in 2026 [1].