除了上述领域，关税暂停也为部分出口导向型企业提供了巩固和拓展国际市场的机遇。这些企业凭借丰 富的产品线与高附加值产品优势，有望进一步加速全球布局进程。同时，积极的信号有望沿产业链传 递，对改善行业整体运行效率产生正面影响。 然而，在关注利好的同时，也需清醒认识到行业面临的深层挑战。一方面，关税暂停清单覆盖范围有 限，部分产品仍维持高关税水平；另一方面，行业长期存在的供需错配、低端产品同质化竞争等根本问 题，不可能单靠短期关税调整得到彻底缓解。 长远来看，此次关税窗口期正是化工行业转型升级的关键契机。国内企业应以此为契机，一方面继续巩 固传统市场的客户资源，深化合作黏性；另一方面加大技术研发与产品创新投入，提升核心竞争力。唯 有将外部环境的暂时缓和转化为长期的技术优势与品牌竞争力，才能在复杂多变的贸易格局中站稳脚 跟，实现从出口回暖到高质量发展的跨越。 11月初，中美共同宣布对华24%对等关税继续暂停一年，美方同步取消10%所谓"芬太尼"关税。这一政 策调整为我国外贸环境的稳定提供了积极信号，为正面临成本与市场挑战的国内化工行业注入了信心与 动能。从细分领域看，聚氯乙烯(PVC)手套与钛白粉则分别凭借"直接受益 ...

Group 1 - The chemical sector continued its adjustment, with the CSI sub-industry chemical theme index closing down 4.30% last Friday and down 6.47% for the week, but still showing a cumulative increase of 27.66% since the second half of the year, outperforming the Shanghai Composite Index by over 16% [1] - The Tianhong Chemical ETF (159133) will be listed on November 25, having raised a net subscription amount of 549.89 million RMB during its fundraising period from November 10 to November 12, with a total of 549.91 million shares issued [1] - The Tianhong Chemical ETF tracks the CSI sub-industry chemical theme index, covering various segments of the chemical industry, including phosphorus chemicals, fluorine chemicals, phosphorus fertilizers, and potassium fertilizers [1] Group 2 - The basic chemical industry has seen an increase in profit growth in the first three quarters, continuing its bottom recovery, with the overall gross margin at 17.69% and net margin at 6.17% for the first three quarters of 2025, both showing a slight year-on-year recovery [2] - The profitability of sub-industries within the basic chemical sector has shown significant differentiation, with improvements noted in fluorine chemicals, potassium fertilizers, synthetic resins, chlor-alkali, and compound fertilizers [2]

Core Viewpoint - The current chemical industry in China is at a critical stage of transformation and upgrading, facing challenges such as structural overcapacity, weak demand, and declining profitability, but policies are guiding the industry's development [1] Group 1: Industry Challenges - The chemical industry is experiencing structural overcapacity [1] - There is a notable weakness in demand within the industry [1] - Profitability is on a downward trend [1] Group 2: Policy and Future Direction - Policies are providing clear direction for the development of the chemical industry [1] - Over the next five years, the industry aims to enhance global competitiveness through various strategies [1] - Key strategies include improving the self-control level of the industrial chain, promoting technological upgrades, enhancing quality and technical capabilities, and optimizing industrial layout [1] Group 3: Goals - The ultimate goal is to achieve industrial upgrading and rank among the top tier of global chemical industries [1]