银河证券：化工行业关注结构性机会

Core Viewpoint - The report from Galaxy Securities suggests focusing on structural investment opportunities in the chemical industry, with expectations of cost stabilization and a potential industry cycle reversal by 2026 [1] Supply Side - Capital expenditure in the chemical industry is expected to experience negative growth starting in 2024, leading to gradual digestion of existing capacity [1] - The trend of "anti-involution" in China is accelerating the elimination of outdated overseas production capacity, which may lead to a contraction in supply [1] Demand Side - The draft of the "14th Five-Year Plan" emphasizes the need to expand domestic demand, setting the tone for the next five years [1] - The ongoing transition from old to new growth drivers in China, combined with the onset of a U.S. interest rate cut cycle, is expected to support growth in chemical product demand [1] Industry Outlook - The combination of supply-side resistance and new demand drivers is anticipated to accelerate the reversal of the chemical industry cycle by 2026 [1] - Structural investment opportunities in the chemical sector are recommended based on these dynamics [1]