Group 1 - The textile chemicals industry is undergoing transformation driven by regional shifts, technological innovation, and an emphasis on sustainability, with sustainability being the core driver for the future of textile chemicals [1] - In 2024, the global consumption of specialty chemicals for textile yarn preparation, fabric formation, and finishing is projected to reach 4.9 million tons, with a market value of $21 billion [1] - Asia remains the primary production and consumption region for textile chemicals, particularly in China, South Asia, and Southeast Asia, with South Asia and Southeast Asia, the Middle East, and Africa expected to grow at rates significantly higher than the global average of 2.7% over the next five years [1] Group 2 - Technological advancements, including digital dyeing, enzyme-based finishing agents, blockchain traceability, and AI-driven formulations, are reshaping the textile chemicals landscape, although challenges such as raw material price volatility, a shortage of green chemistry talent, and geopolitical tensions persist [2] - The demand for specialty textile chemicals is complex and closely related to overall textile production, with specific chemicals required varying by fiber and fabric type, end textile products, dyes, pigments, and production machinery [2] - Dyes and pigments are the most used chemicals in textile processing, driven by the growth of the fashion industry and consumer preferences for vibrant colors and durable textiles, with dyes expected to account for nearly 35% of global textile chemical consumption in 2024 [2]

Core Viewpoint - The supply side of non-financial enterprises in the A-share market is still in a bottoming phase, with both inventory and capacity remaining weak, but there are signs of marginal recovery on the demand side [1][3][6]. Supply Side Analysis - The supply side is characterized by weak replenishment and expansion intentions, with inventory growth for Q1 2025 at -1.63% year-on-year and stock growth at -4.46%, both showing declines compared to 2024 [1][3]. - The capacity utilization rate for Q1 2025 is at 2.32, down 0.04 from 2024, marking 12 consecutive quarters of decline since mid-2022 [3]. - Expansionary capital expenditure for Q1 2025 has a year-on-year decline of 20.69%, the first negative value since 2018, indicating weak investment intentions among listed companies [3]. Industry Focus - Key industries to focus on include those with relatively tight supply and good profitability, those that have shown signs of recovery from the bottom, and those still on the left side of the turning point but entering the later stages of clearing [1][10]. - Specific industries identified for potential support to performance include metal products, broiler farming, entertainment products, and gaming, with only the entertainment products sector showing high levels of expansionary capital expenditure [1][70]. Detailed Industry Breakdown Cyclical Sector - Industries with tight supply include those with high capacity utilization and low inventory, indicating potential for profitability improvement [12]. - Industries at the bottom include construction materials, chemicals, and photovoltaic power, which are experiencing supply structure optimization [12][25]. Manufacturing Sector - Tight supply industries include cable components, photovoltaic auxiliary materials, and metal products, with low expansionary capital expenditure [26][40]. - Bottomed industries include the new energy chain and military electronics, which are likely to face hard constraints on future production capacity [26][37]. Consumer Sector - Tight supply industries include broiler farming and entertainment products, with the latter showing high expansionary capital expenditure [41][54]. - Bottomed industries include pharmaceuticals and food processing, with signs of marginal improvement in capacity utilization and profitability [41][49]. TMT Sector - Tight supply industries include gaming, with low expansionary capital expenditure, indicating hard constraints on future supply [55][69]. - Industries at the bottom include electronic components and security equipment, with potential for recovery in capacity utilization and profitability [55][63].

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