政策持续发力“反内卷”，产能过剩行业迎结构性改善契机

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2]. Core Viewpoints - The basic chemical sector has lagged behind the broader market, with a weekly increase of +0.8% compared to +1.4% for the Shanghai Composite Index and +1.5% for the ChiNext Index. Year-to-date, the basic chemical industry index has increased by +7.3%, outperforming both indices by 3.7% and 6.6% respectively [7][19]. - Recent government policies are aimed at addressing excessive competition and promoting structural improvements in the industry. The focus is on enhancing product quality and facilitating the exit of outdated production capacity [7][8]. - The report identifies five key investment themes within the chemical sector, including battery materials, industrial silicon and organic silicon, polyester filament, polyester bottle chips, and sucralose, highlighting the potential for structural improvements and demand recovery [7][8]. Summary by Sections 1. Core Viewpoints - The report emphasizes that the basic chemical industry is entering a phase of structural improvement due to government policies aimed at reducing excessive competition and promoting quality [7][8]. - It suggests that the industry is likely to experience a new long-term growth cycle, driven by improved supply-demand dynamics and the exit of outdated production capacity [16][17]. 2. Overall Performance of the Chemical Sector - The basic chemical industry index has shown a weekly increase of +0.8%, ranking 16th among 31 sectors, while year-to-date performance is +7.3%, indicating a recovery trend [19]. 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 224 stocks rose while 194 fell. The top performers included companies like 凯美特气 (+27.5%) and 科拓生物 (+21.9%) [28][29]. 4. Key News and Company Announcements - The report highlights the central government's focus on addressing low-price competition and promoting quality improvements in the chemical industry, which is expected to lead to a more orderly competitive environment [7][8]. 5. Product Price and Price Spread Analysis - The report provides insights into the price movements of various chemical products, indicating significant fluctuations in prices, with some products experiencing notable increases while others faced declines [7][8].