广发证券：化工周期供需破晓 成长材料升级

Group 1 - The chemical industry is characterized as a typical cyclical sector, usually experiencing a five-year cycle consisting of four stages: "profit upturn - capacity expansion - profit bottoming - capacity clearance / demand expectation improvement" [1] - With capital expenditure growth turning negative, anti-involution trends, overseas interest rate cuts, and domestic demand expansion, the company is optimistic about the chemical industry's "dawn" at the beginning of the 14th Five-Year Plan [1] - The ongoing global technological revolution is accelerating, presenting new opportunities for material transformation [1]