Ge Long Hui·2025-10-14 23:53Group 1 - The overall price spread in the industry remains weak as of September, with the CCPI-raw material price spread at 2439, which is below the 30th percentile since 2012, indicating a significant impact from weak downstream demand [1] - The "peak season not peaking" characteristic is evident, with most chemical products showing relatively weak price performance; price increases in September were mainly due to supply-side reductions and strong overseas demand [1] - The industry is believed to be at the bottom of profitability, and with policy guidance to reduce internal competition, supply-side adjustments are expected to accelerate, potentially improving profitability for bulk chemical products [1] Group 2 - 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] - Capital expenditure growth in the industry has been declining since June 2025, and with accelerated supply-side adjustments, the industry is expected to see improved conditions in 2026 [1]