央国企引领专题报告（化工篇）：牢筑压舱石，激发新动能

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [9] Core Insights - The deepening of policy reforms is expected to reshape the valuation of central state-owned enterprises (SOEs) in the chemical sector, which is crucial for supply chain security and green development [6][21] - A wave of mergers and acquisitions (M&A) is anticipated, with central SOEs likely to take the lead, driven by policy, industry, and funding factors [6][44] - The development of new productive forces is seen as a key path for high-quality growth in the chemical industry, focusing on safety production and upgrading equipment [7] - The chemical sector is actively pursuing low-carbon initiatives, particularly in hydrogen energy and carbon capture, utilization, and storage (CCUS) [7] - Effective market value management tools, such as share buybacks and equity incentives, are expected to drive value recovery for central SOEs [8] Summary by Sections Policy Deepening Reforms - The report emphasizes the importance of deepening reforms in central SOEs to enhance their core functions and competitiveness, especially in critical industries [19] - Central SOEs dominate the chemical industry, holding a significant market share and facing relatively low valuations compared to private enterprises [21][43] M&A Trends - The report identifies significant M&A opportunities in the chemical sector, with central SOEs expected to lead the next wave of consolidation [6][44] - Historical data shows that central SOEs have a strong track record in M&A activities, particularly during periods of economic downturn [59] Development of New Productive Forces - The focus on upgrading traditional chemical production and increasing R&D investment is highlighted as essential for enhancing supply chain resilience [7][21] Low-Carbon Initiatives - Central SOEs are positioned to lead the low-carbon transition in the chemical industry, leveraging their financial strength to invest in emerging technologies [7][43] Market Value Management - The report discusses the positive impact of market value management strategies on the performance and valuation of central SOEs in the chemical sector [8][43]