基础化工2025中期投资策略：供给优化的弹性B，需求驱动的优质a

• The report discusses the structural optimization of the supply side in the chemical industry, emphasizing the potential for supply compression in sectors like silicone, membrane materials, chlor-alkali, and dyes, with representative companies such as Hesheng Silicon Industry and Zhejiang Longsheng highlighted[178][178][178] - It identifies the demand-driven alpha opportunities in the chemical industry, focusing on health additives and sugar substitutes, driven by new consumption trends and regulatory support, with key players like Bailong Chuangyuan and Jinhe Industrial noted for their differentiation capabilities[178][178][178] - The report highlights the acceleration of domestic substitution in China's chemical new materials sector, with a self-sufficiency rate of approximately 56%, and identifies opportunities in high-end engineering plastics, semiconductor materials like photoresists, and thermal interface materials, with companies such as Kingfa Sci & Tech, Shengquan Group, and Tongcheng New Materials as key beneficiaries[178][178][178]