化工行业：中央经济工作会议解读-构建发展新格局，探寻成长新动能

Investment Rating - The report maintains a "Recommended" rating for the chemical industry, emphasizing a focus on domestic demand expansion, new material domestic substitution, and low-carbon initiatives [2][4]. Core Insights - The report highlights the importance of expanding domestic demand and suggests that the chemical industry should focus on three main investment themes: the development of the western region, the long-term prosperity of refrigerants, and the growth of modified plastics [2][3]. - It emphasizes the potential of COC/COP materials in the AR/VR sector, noting that domestic companies are making progress in the industrialization of these materials, which are currently dominated by foreign firms [3]. - The report also discusses the ongoing low-carbon transition and the potential for a circular economy in plastics, particularly through waste plastic cracking technology, which could significantly enhance recycling rates and reduce carbon emissions [3]. Summary by Sections Domestic Demand Expansion - The report stresses the need for policies that stimulate consumption and investment efficiency, with a focus on the western development strategy and the potential increase in demand for civil explosives in that region [3]. New Material Substitution - It points out the high barriers to entry in the COC/COP market, with significant foreign dominance, and suggests that domestic companies are beginning to make strides in this area, particularly for AR/VR applications [3]. Low-Carbon Initiatives - The report advocates for the development of a circular economy in plastics, highlighting the importance of waste plastic cracking technology as a sustainable solution to environmental challenges [3]. Investment Recommendations - The report recommends specific companies to watch, including Guangdong Hongda, Yipuli, Juhua Co., Sanmei Co., Yonghe Co., Guoen Co., Jinfa Technology, Nanjing Julong, Akol, and Huicheng Environmental Protection [4].