Group 1 - The report highlights that the "anti-involution" policies are being implemented, which are expected to benefit the chemical industry. The central government has emphasized the need for industry self-discipline and the elimination of inefficient production capacity [1][10][11] - The chemical industry is identified as a "disaster area" for involution competition, with some product sales prices significantly below production costs, leading to prolonged losses. Under the backdrop of national measures to address this issue, these industries are expected to rebound [2][11] Group 2 - The report notes that the chemical new materials sector on the North Exchange experienced a weekly increase of 1.71%, with all sub-sectors showing positive growth. The sectors with the highest weekly increases include professional technical services (+4.19%) and textile manufacturing (+2.90%) [3][21][22] - Individual stocks within the chemical new materials sector that performed well include Zhongyu Technology (+16.79%), Litong Technology (+9.98%), and Huitong New Materials (+7.34%) [3][25][26] Group 3 - The report provides insights into the price trends of chemical products, indicating fluctuations in various materials. For instance, Brent crude oil prices decreased by 1.2%, while TDI prices increased by 2.6% and natural rubber prices rose by 3.4% [29][32][37] - The report also mentions that the prices of polyethylene increased by 0.6%, while ABS prices fell by 0.7% [45][49] Group 4 - The report includes a company announcement regarding KQ Co., which has postponed its fundraising project to September 2026 to ensure the project's effectiveness and mitigate risks [4][53] - Minshida reported a revenue of 237 million yuan for the first half of 2025, representing a year-on-year growth of 27.91%, with a net profit of 63.03 million yuan, up 42.28% year-on-year [4][54]
北交所策略专题报告：“反内卷”加速供给侧产能出清，化工行业景气有望修复
KAIYUAN SECURITIES·2025-07-27 11:15