化工行业：省级地方两会落幕，探寻化工投资主线

Investment Rating - The report maintains a positive investment rating for the chemical industry, suggesting a focus on growth opportunities driven by government policies and market trends [2]. Core Insights - The chemical industry should focus on expanding domestic demand, fostering new productive forces, and transitioning to a green and low-carbon economy. Key areas of investment include refrigerants, modified plastics, PEEK, COC/COP, and waste plastic recycling technologies [5][6]. Summary by Sections Expanding Domestic Demand - Multiple local governments have prioritized expanding domestic demand and promoting consumption as key tasks for 2025. Policies such as the trade-in program for consumer goods are expected to boost sales in sectors like automotive and home appliances. This is anticipated to benefit upstream refrigerants and modified plastics [5]. - The supply of HFCs is expected to remain tight due to stable quota management policies, while demand for refrigerants is projected to grow under the expanded trade-in policies [5]. New Productive Forces - The development of new productive forces is linked to high-end new materials, with a focus on PEEK and COC/COP. The production of humanoid robots is expected to accelerate, creating significant demand for PEEK materials due to their superior properties [5]. - COC/COP materials are positioned as the preferred choice for AR/VR optical lenses, with domestic production expected to ramp up, driven by technological advancements and market demand [5]. Green and Low-Carbon Transition - The report highlights the importance of developing a circular economy for plastics, as many local governments are implementing solid waste management initiatives. Chemical recycling technologies are seen as a promising solution to reduce environmental pollution and carbon emissions [5]. - The focus on plastic recycling is expected to create substantial investment opportunities, particularly for companies leading in chemical recycling technologies [5]. Investment Recommendations - The report recommends focusing on investment opportunities in refrigerants, modified plastics, PEEK, COC/COP, and waste plastic cracking technologies. Specific companies to watch include Juhua Co., Sanmei Co., Yonghe Co., Guoen Co., Jinfa Technology, Nanjing Julong, Zhongyan Co., Water Co., Akolai, and Huicheng Environmental Protection [5].