Group 1 - The core viewpoint of the article indicates that the domestic CPI has returned to positive growth, while the PPI's decline is narrowing, suggesting an improvement in the overall supply-demand dynamics in the chemical industry [3] - As of December 4, 2025, the China Chemical Products Price Index (CCPI) stands at 3882 points, reflecting a 10.4% decrease from the beginning of 2025 [3] - The current PE (TTM) of the CITIC Basic Chemical Index is 43.8 times, which is at the 70.8% percentile since 2015, while the PB (LF) is 2.47 times, at the 41.6% percentile since 2015 [4] Group 2 - Capital expenditures in the chemical industry have decreased, with fixed asset investments in the chemical raw materials and products manufacturing sector dropping by 5.6% year-on-year from January to September 2025 [5] - The capital expenditure of listed companies in the basic chemical industry for the first half of 2025 was approximately 124.1 billion, a decrease of 12.5% year-on-year [5] - The Ministry of Industry and Information Technology has introduced a growth stabilization plan for the petrochemical industry, aiming for an average annual growth of over 5% in value-added from 2025 to 2026 [6]
【基础化工】供需拐点临近，看好化工行业景气持续修复——行业周报（20251201-20251207）（赵乃迪/蔡嘉豪/周家诺）
光大证券研究·2025-12-07 23:03