Group 1 - Since 2022, the chemical industry has faced price declines due to new capacity coming online and falling crude oil prices, leading to a decrease in overall profitability as companies adopt a price-for-volume strategy to capture market share [1] - In 2024, most chemical product prices are stabilizing at the bottom, but profitability remains under pressure. However, with the introduction of growth stabilization measures, there is potential for the elimination of outdated capacity, which could marginally improve the supply-demand balance and enhance product profitability [1] - According to Huatai Securities, by the second half of 2025, the profitability of bulk chemicals is expected to hit a ten-year low due to weak demand and the tail end of supply-side increases, similar to the industry losses seen at the end of 2015 [1] Group 2 - The fixed asset completion growth rate in the chemical raw materials and products industry is projected to turn negative starting June 2025, following three years of profit stagnation. Additionally, new capacity for bulk chemicals is expected to be limited in 2026-2027 [1] - The chemical industry is currently at a dual inflection point of capacity and inventory cycles, with a potential upward trend anticipated as domestic and international demand recovers in 2026 [1] - According to GF Securities, the chemical industry typically follows a five-year cyclical pattern, transitioning through phases of profit growth, capacity expansion, profit bottoming, and demand recovery, with optimism for the current phase due to factors like negative capital expenditure growth and global technological advancements [2] Group 3 - Relevant Hong Kong-listed companies in the chemical industry include Sinopec (00386), Sinopec Oilfield Service (01033), Sinopec Engineering (02386), Shanghai Petrochemical (00338), Sinopec Kantons (00934), China Sanjiang Fine Chemicals (02198), and Wuhan Organic Chemicals (02881) [3]
港股概念追踪|石化化工行业下行周期迎来拐点 机构普遍看好行业趋势走高（附概念股）
智通财经网·2026-01-19 00:40