中信证券：2026年化工板块投资价值有望持续提升

Core Viewpoint - The profitability of chemical companies is expected to gradually bottom out and recover, driven by a backdrop of weakening industry capital expenditure and the domestic push against "involution" [1] Group 1: Investment Opportunities - Focus on high-energy-consuming products such as calcium carbide, caustic soda, and yellow phosphorus, which may become effective tools against "involution" [1] - Attention to segments where self-discipline is steadily advancing and initial results of the "involution" countermeasures are visible [1] - Certain products have fallen below or are close to the industry cash cost line, with leading companies having significant cost advantages [1] - Chemical products with strong demand or new demand drivers that have the potential for sustained price increases [1] - Chemical products related to new materials and new applications [1]