流程工业设备行业：周期筑底尾声，优质龙头的三大新机遇

Investment Rating - The industry is rated as "Buy" with expectations of stock performance exceeding the market by more than 10% within the next 12 months [119]. Core Insights - The process industry, which includes chemicals, steel, and petroleum, is characterized by complex processes and high customization, with a significant focus on capital and technology [119]. - Domestic companies are breaking technological monopolies through high R&D investments, accelerating the localization of key equipment [119]. - The trend towards modularization and skidded units significantly shortens construction periods, while the push for digitalization enhances the overall production process [119]. - The chemical industry is cyclical, and its fluctuations significantly impact the performance and layout of related equipment companies [119]. - The rise of Xinjiang's coal chemical industry, supported by abundant coal resources and favorable policies, presents new growth opportunities for equipment companies [119]. - The demand for equipment procurement in coal chemical projects accounts for 55% of total investment, providing market expansion and technological upgrade opportunities [57][119]. Summary by Sections 1. Overview of Coal Chemical Industry - The coal chemical industry benefits from low coal prices and local conversion demands, making it economically advantageous under high oil price conditions [119]. - The "14th Five-Year Plan" focuses on clean utilization and high-end development in Xinjiang's coal chemical sector, optimizing new capacity layouts [119]. 2. Economic Basis for Coal Chemical Development - The industry is characterized by a significant increase in coal-to-gas and coal-to-olefins production, driven by favorable economic conditions and policy support [46][57]. 3. Equipment Market Opportunities - The rapid rise of Xinjiang's coal chemical industry creates substantial market space and growth opportunities for equipment manufacturers [57]. - Equipment procurement is a major component of investment in coal chemical projects, leading to increased demand for high-tech products such as reactors, compressors, and control systems [57]. 4. International Expansion and Strategic Shifts - Companies are increasingly focusing on overseas markets as domestic markets become saturated, enhancing their global competitiveness through technology innovation and service network expansion [88][96]. - The trend of transitioning from product suppliers to comprehensive service providers is evident, with companies diversifying into gas operations and intelligent control systems [96][101].