KAIYUAN SECURITIES·2025-08-31 06:06Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the chemical industry is experiencing a recovery, particularly in the refrigerant and polyester filament sectors, with strong performance reported in the first half of 2025 [4][21][23]. Summary by Sections Industry Performance - The chemical industry index underperformed the CSI 300 index by 1.6% this week, with the chemical industry index reporting a slight increase of 1.11% [15]. - The China Chemical Product Price Index (CCPI) reported a decrease of 0.55%, indicating mixed price movements across the sector [15][20]. Key Company Reports - Refrigerants: - Juhua Co., Ltd. reported a revenue of 13.331 billion yuan in H1 2025, up 10.36% year-on-year, with a net profit of 2.051 billion yuan, up 146.97% [21]. - Sanmei Co., Ltd. achieved a revenue of 2.828 billion yuan in H1 2025, up 38.58% year-on-year, with a net profit of 999.5 million yuan, up 159.22% [21]. - Polyester Filament: - Xinfengming reported a revenue of 33.491 billion yuan in H1 2025, up 7.10% year-on-year, with a net profit of 709 million yuan, up 17.28% [23]. - Tongkun Co., Ltd. reported a revenue of 44.158 billion yuan in H1 2025, down 8.41% year-on-year, with a net profit of 1.097 billion yuan, up 2.93% [23]. Market Trends - The report indicates that the polyester filament industry is expected to see improved profitability due to a favorable supply-demand balance, especially with the upcoming peak demand season [23][26]. - The report also notes that the long filament industry is experiencing a gradual reduction in inventory levels, which is expected to support price stability [23][32]. Recommended Stocks - Recommended stocks include leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical, among others [5]. - Beneficiary stocks include companies like Xinfengming and Tongkun Co., Ltd. in the polyester filament sector [26][29].