Summary of Conference Call on Chemical Industry Investment Opportunities Industry Overview - The chemical industry is currently experiencing historically low gross margins per ton due to rapid domestic capacity expansion leading to oversupply, while demand has not significantly decreased, indicating potential improvement in supply-demand dynamics in the future [1][2][3] - Companies are proactively reducing capital expenditures, with expectations of continued negative growth in capital expenditures for chemical listed companies from 2024 to 2026 [1][2] Supply and Demand Dynamics - Both domestic and international supply sides are showing signs of contraction. Domestically, companies are reducing capital expenditures due to poor profitability, while internationally, the Russia-Ukraine conflict has increased energy costs in Europe and led to operational difficulties for global chemical leaders, accelerating the shutdown of production lines [1][3] - The demand side is expected to recover, with the U.S. entering a rate-cutting cycle, followed by China and the UK, which may lead to a resonance in demand between China and the U.S. [1][3] Emerging Opportunities - New industries such as renewable energy, energy storage, photovoltaics, and AI are expected to drive incremental demand for chemical products, with the industry projected to enter an upward cycle from 2026 to 2027 [1][3] - Recommended sectors include: - **Bottom Elastic Products**: Organic silicon and industrial silicon benefiting from high energy consumption characteristics and energy-saving trends (e.g., Hengsheng Silicon, Xin'an Chemical, Xingfa Group) [1][4] - **Soda Ash**: Benefiting from anti-dumping policies despite expansion (e.g., Boyuan Chemical) [1][4] - **PTA and Polyester Filament**: Stable growth in end-user demand (e.g., Tongkun, Xinfengming) [1][4] Investment Recommendations - Focus on quality stocks with bottom valuations and potential volume growth, such as Wanhua Chemical, Hualu Hengsheng, Longbai Group, and Huahong New Materials [2][4][7] - Growth companies in tires and new materials are also worth attention, such as Sailun Tire, Xin Nuobang, and Shengquan Group, which benefit from AI, new energy development, and domestic substitution [5] Strategic Outlook for 2026 - The strategy for the petrochemical industry in 2026 will adopt a top-down framework due to prolonged low margins (10%-20%) and the completion of capital expenditures in 2023 and 2024 [6][7] - Anticipation of three rate cuts by the Federal Reserve in 2026, reducing rates to around 3%, is expected to support a soft landing for the global economy [6] Key Focus Areas in Petrochemical Sector - The PTA sector is highlighted as a key area of focus, with optimism regarding market corrections and support from national policies [7][8] - Attention should also be given to cyclical sectors, including private refining companies like Satellite Chemical, Baofeng Energy, and Hengli Petrochemical, which are expected to experience reversals [8] Additional Investment Opportunities - Other notable investment opportunities include the POE market and Xinjiang coal chemical stocks, which are expected to perform well due to stable operations and significant profit margin potential [11] - Companies like Aerospace Engineering and 3D Chemical are highlighted for their safety margins and potential valuation recovery due to supportive policies [11]

中国民航网 通讯员林大诚 报道：9月5日至10月5日，内蒙古空管分局全程参与并圆满完成呼和浩特盛乐 国际机场校飞保障工作，其中9月20日至24日专项完成空管核心设备投产校验，配合中国民用航空飞行 校验中心完成全流程校验飞行110小时，以专业保障为这座全自治区首座4F级机场筑牢空管安全防线， 为后续试飞与通航运营奠定关键基础。 9月至10月的全流程校飞阶段，分局持续衔接保障，配合校验中心完成机场导航设施、助航灯光、飞行 程序及道面性能的全面验证。面对天气变化、空域协调等挑战，技术人员严格执行每一个测试环节，确 保数据采集真实完整，最终助力机场于10月5日顺利完成全部校验飞行工作，标志着机场整体建设迈入 验收与运营筹备新阶段。 为做好本次检验飞行工作，内蒙古空管分局提前数月统筹部署，编制完成长达90页的《设备投产校验方 案》，明确飞行校验科目内容，并与检验飞行相关单位进行研讨，确保方案全面覆盖设备性能测试与未 来实际运行场景需求。分局技术团队与校验机组紧密协作，创新采用"多系统并行测试"模式高效推进校 飞工作。集约化测试方式不仅缩短了校验周期、减少飞行架次，更降低了人力物力投入，高质量完成全 部设备投产校验，所有 ...