Group 1 - The core viewpoint of the report indicates that the chemical raw materials and chemical products manufacturing industry in China experienced revenue growth but profit decline in the first half of 2025, with total revenue of 44,635.9 billion yuan, a year-on-year increase of 1.4%, and total profit of 1,814.6 billion yuan, a year-on-year decrease of 9% [1] - The fixed asset investment in the chemical industry showed a year-on-year decline of 1.1% in the first half of 2025, indicating a potential slowdown in capital expenditure [1] - The Shanghai Composite Index rose by 2.76% from the beginning of 2025, while the basic chemical industry index increased by 7.38%, suggesting a relatively positive market sentiment towards the chemical sector [1] Group 2 - In the basic chemical sector, the industry achieved a revenue of 11,707 billion yuan in the first half of 2025, reflecting a year-on-year growth of 3.5%, and a net profit attributable to shareholders of 731.7 billion yuan, up 2.7% year-on-year [2] - The sales gross margin for the basic chemical industry was 17.2% in the first half of 2025, an increase of 0.47 percentage points year-on-year, while the net profit margin was 6.3%, up 1.25 percentage points year-on-year [2] - The oil and petrochemical sector, excluding the two major state-owned enterprises, saw a revenue decline of 7.3% year-on-year in the first half of 2025, with a net profit decrease of 13.5% [2] Group 3 - Recommended stocks in the chemical industry include Wanhua Chemical, Hualu Hengsheng, Juhua Co., Hengli Petrochemical, and others, which are expected to benefit from improving supply-demand dynamics [3] - Beneficiary stocks also include Meihua Biological, Dongfang Shenghong, and Yuntianhua, indicating a broader range of investment opportunities within the sector [3]

剔除中国石油、中国石化之后，具体情况如下：经营情况方面，2025年H1，石油石化行 业实现营收8893.7亿元，同比-7.3%；实现归母净利润818.1亿元，同比-13.5%。2025Q2，实 现营收4444.5亿元，同比-9.1%、环比-0.1%；实现归母净利润376.4亿元，同比-20.6%、环 比-14.8%。盈利能力方面，2025年H1，石油石化行业销售毛利率21.3%，同比+1.52pcts；归 母净利率9.2%，同比+0.96pcts。2025Q2，销售毛利率20.6%，同比-0.58pcts、环 比-1.39pcts；归母净利率8.5%，同比-1.22pcts、环比-1.46pcts。 推荐标的及受益标的 以下为研究报告摘要： 化学原料及化学制品制造业增收减利，固定资产投资完成额同比下降 据国家统计局数据，2025年H1中国化学原料及化学制品制造业营业收入44635.9亿元， 累计同比+1.4%；利润总额1814.6亿元，累计同比-9%；固定资产投资完成额累计同 比-1.1%。截至2025年06月30日，上证综指收于3444.4点，较期初（2025年01月01日）的 3351.8点上涨2.76% ...

Investment Rating - The investment rating for the basic chemical industry is "Positive (Maintain)" [1] Core Insights - The basic chemical industry achieved a revenue of 11,707 billion yuan in H1 2025, representing a year-on-year increase of 3.5%, while the net profit attributable to shareholders was 731.7 billion yuan, up 2.7% year-on-year [5][34] - The industry is expected to benefit from an improving supply-demand landscape, with specific companies recommended for investment [7] Summary by Sections Industry Overview - The chemical raw materials and chemical products manufacturing industry reported a revenue of 44,635.9 billion yuan in H1 2025, with a year-on-year increase of 1.4%, while total profit decreased by 9% to 1,814.6 billion yuan [4][26] - Fixed asset investment in the industry decreased by 1.1% year-on-year [4][26] - The basic chemical industry index outperformed the CSI 300 index by 7.35% during the same period [17][25] Basic Chemicals: H1 2025 - The basic chemical sector's revenue for H1 2025 was 11,707 billion yuan, with a net profit of 731.7 billion yuan [5][34] - The sales gross margin was 17.2%, an increase of 0.47 percentage points year-on-year, while the net profit margin was 6.3%, up 1.25 percentage points year-on-year [37] - Capital expenditure in the basic chemical industry was 1,070.5 billion yuan, down 12.8% year-on-year [40] Sub-industry Analysis - In H1 2025, 18 out of 29 sub-industries in basic chemicals reported revenue growth, with fluorochemicals leading at 25.2% [41] - The top ten sub-industries by net profit growth included pesticides, which saw a staggering increase of 204.5% [42] - In Q2 2025, 15 sub-industries experienced revenue growth, with fluorochemicals again leading at 28.5% [42] Recommended and Benefiting Companies - Recommended companies include Wanhua Chemical, Hualu Hengsheng, Juhua Co., and Hengli Petrochemical, among others [7] - Benefiting companies from the improving industry conditions include Meihua Biological, Dongfang Shenghong, and Yuntianhua [7]

Group 1 - The chemical industry is experiencing a significant upward trend, with the China Securities Subdivision Chemical Industry Theme Index (000813) rising by 1.45% as of August 21, 2025, and key stocks such as Zhongke Titanium White (002145) and Satellite Chemical (002648) seeing increases of 5.84% and 5.78% respectively [1] - The energy chemical sector has a substantial impact on the Producer Price Index (PPI), accounting for 25%-30% of its composition. The current negative PPI growth of -3.6% in July 2025 indicates that a rebound in energy chemical prices could be crucial for boosting overall industrial inflation [2] - The chemical industry is facing dual pressures of declining product prices and reduced capacity utilization, leading to a profit squeeze. By 2024, nearly 25% of chemical companies are projected to incur losses, with profits in the chemical raw materials and products manufacturing sector dropping by 9.0% year-on-year in the first half of 2025 [2] Group 2 - The supply-demand dynamics in the chemical sector are improving, with the current capital expenditure and fixed asset growth rates showing a downward trend since 2021. Demand is expected to gradually recover due to policy support for real estate stabilization and easing of tariffs between China and the U.S. [2] - The current price-to-book (PB) ratio for the chemical industry is 2.0, which is at the lower end of the range observed over the past decade. This suggests that stock prices may lead the fundamentals out of the cyclical bottom, indicating significant upside potential [2] - The China Securities Subdivision Chemical Industry Theme Index consists of seven sub-indices, including those for non-ferrous metals and machinery, and is designed to reflect the overall performance of listed companies in the chemical sector. As of July 31, 2025, the top ten weighted stocks in this index accounted for 43.54% of the total [3]