行业周报：反内卷浪潮席卷而来，新一轮供给侧改革呼之欲出-20250706

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the wave of "anti-involution" sweeping through various industries, indicating a new round of supply-side reforms is imminent. The focus is on promoting product quality and orderly exit of outdated capacities [5][22] - The chemical industry is expected to see an optimization of supply-demand dynamics, with leading companies benefiting from improved management and energy control [5][22] Summary by Sections Industry Trends and Events - The chemical industry index underperformed the CSI 300 index by 0.74% this week, with 292 out of 545 stocks in the sector rising [17] - The report tracks price fluctuations in various chemical products, noting that 43 products increased in price while 120 decreased over the past week [18] Key Products Tracking - Refrigerants are experiencing a steady price increase due to quota implementation, with significant price rises observed for R22 (+77%), R32 (+272%), R125 (+107%), and R134a (+115%) since September 2023 [23][24] - The polyester filament industry is seeing a concentration in supply, with the top six companies holding over 80% of the market share. Future capacity growth is expected to slow to 3-4% annually [31] - The metal silicon and organic silicon sectors are witnessing upward price trends, driven by the photovoltaic industry and recent production cuts [35] Recommendations and Beneficiaries - Recommended stocks include leading chemical companies such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical, among others [6] - Beneficiaries of the anti-involution trend include companies in the refrigerant sector like Jinshi Resources and Juhua Co., as well as polyester filament producers like Xinfengming and Tongkun [6][31][35]