中信证券：能源化工反内卷持续发力 行业景气度有望持续提升

Core Viewpoint - The chemical industry is expected to see a gradual recovery in profitability as capital expenditure continues to weaken year-on-year, and the domestic push against "involution" progresses. The investment value of the chemical sector is anticipated to increase through 2026 [1]. Investment Strategy - Focus on high-energy-consuming products such as calcium carbide, caustic soda, and yellow phosphorus, which may become effective tools in combating "involution" [1]. - Identify segments where the initial effects of "involution" are evident, and self-discipline is steadily advancing [1]. - Monitor products that have fallen below or are close to the industry cash cost line, as capacity clearance is expected to accelerate, particularly for products from leading companies with significant cost advantages [1]. - Look for chemical products with sustained price increase potential driven by new demand or strong downstream demand [1]. - Pay attention to chemical products related to new materials and new applications [1].