化工行业2025年政府工作报告解读：多维度赋能，探寻化工结构性机会

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [2] Core Viewpoints - The chemical industry is a pillar of the national economy, characterized by a large economic scale, long industrial chains, diverse product types, and extensive coverage [5][4] - The 2025 government work report emphasizes expanding domestic demand, modern industrial system construction, food security, and green low-carbon development, suggesting investment opportunities in specific sub-sectors [4][5] Summary by Relevant Sections Consumption - The 2025 government work report proposes to boost consumption and expand domestic demand, including a special bond of 300 billion yuan to support the replacement of consumer goods [6] - The report anticipates steady growth in demand for upstream modified plastics and refrigerants due to policy stimulation [6][10] Modern Industrial System Construction - The report highlights the cultivation of emerging industries and the ongoing "Artificial Intelligence +" initiative, which is expected to enhance demand for high-end chemical materials and accelerate domestic substitution processes for materials like PEEK and COC/COP [6][21] Food Security - The government aims for a grain production target of approximately 1.4 trillion jin in 2025, with fertilizers playing a crucial role in agricultural productivity [29] - The report suggests that the fertilizer market concentration is likely to increase, benefiting large fertilizer producers with integrated advantages and strong R&D capabilities [30] Green Low-Carbon Development - The report indicates a commitment to solid waste management and promoting the use of recycled materials, aligning with the development of chemical recycling technologies for waste plastics [7][39] - The chemical recycling of waste plastics is seen as a key method to reduce carbon emissions and enhance recycling rates [37][39] Investment Recommendations - The report recommends focusing on investment opportunities in modified plastics, refrigerants, PEEK, COC/COP, fertilizers, and chemical recycling of waste plastics, highlighting specific companies such as Guo'en Co., Jinfa Technology, Nanjing Julong, and others [40]