化工行业转型升级研究专题：国民经济支柱性产业，转型升级持续推进

Investment Rating - The report maintains a positive investment rating for the chemical industry, emphasizing the ongoing transformation and upgrade of the sector [66]. Core Insights - The petrochemical industry is a pillar of the national economy, facing challenges such as structural contradictions in product supply, particularly a surplus of basic products and a shortage of high-end specialized products [66][94]. - The industry is undergoing a transformation towards high-end products and green development, driven by national policies aimed at promoting sustainable practices and reducing carbon emissions [99]. - The report highlights the potential for growth in high-end fluorine materials and the chemical recycling of waste plastics, indicating a broad market opportunity in the context of low-carbon development [5][74]. Summary by Sections Section 1: Industry Overview - The petrochemical industry is large but not strong, with significant room for improvement in product quality and innovation [66][94]. - In 2023, the petrochemical and chemical industry achieved a revenue of 15.95 trillion yuan, with a year-on-year growth of 8.4% [93]. Section 2: Structural Challenges - The industry faces a structural contradiction where basic chemical products are oversupplied while high-performance materials and fine chemicals are in short supply, leading to reliance on imports [94][66]. - The carbon emissions from the petrochemical sector exceed 1.5 billion tons, highlighting the need for significant reductions to meet national carbon neutrality goals [22][66]. Section 3: Policy and Transformation - Recent policies have been introduced to guide the transformation of the petrochemical industry, focusing on high-end product development and green practices [99]. - The report notes that the industry is gradually moving towards high-value-added segments, with leading companies expected to play a crucial role in this transition [33][45]. Section 4: Investment Opportunities - The report suggests focusing on companies involved in high-end fluorine materials and those engaged in the chemical recycling of plastics, as these areas are expected to see substantial growth [5][74]. - Specific companies recommended for investment include Juhua Co., Ltd., Yonghe Co., Ltd., and Acolyte [68]. Section 5: Future Trends - The demand for high-performance materials, particularly in emerging sectors like AR/VR and renewable energy, is anticipated to drive growth in the chemical industry [58][55]. - The report emphasizes the importance of innovation and domestic production capabilities to reduce reliance on foreign technology and materials [50][54].