Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - The report emphasizes that despite the postponement of the IMO net-zero framework vote, the trend towards green and low-carbon industries remains unchanged. The opposition mainly comes from the US and oil-producing countries in the Middle East, while the EU and China are aligned in their support for the framework. This indicates that even if the framework is not fully implemented globally, significant markets like the EU and China will still see good development opportunities [7] - The report highlights the potential for a recovery in the petrochemical and chemical industries driven by "anti-involution" policies, with key stocks including Sinopec, Hengli Petrochemical, and Wanhua Chemical being recommended for investment [3] Summary by Sections Investment Suggestions and Targets - The report recommends investing in Wankai New Materials (301216) for its leading position in the green polyester industry. It also suggests buying stocks in pesticide formulation companies like Runfeng Co. (301035), Guoguang Co. (002749), and Hailier (603639), which are less affected by trade disputes. Additionally, it identifies several petrochemical companies, including Sinopec (600028), Hengli Petrochemical (600346), and Rongsheng Petrochemical (002493), as potential beneficiaries of the expected industry recovery [3] Industry Development Trends - The report discusses the impact of the IMO meeting on green methanol expectations, noting that while there are concerns about market development certainty, the overall growth of the green low-carbon industry is expected to continue. The report points out that the development of green aviation fuel (SAF) and recycled plastics will not be affected by the IMO vote delay, as these areas are driven by global decarbonization policies and environmental concerns [7]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The basic chemical industry is facing short-term challenges due to renewed US-China trade disputes, which have raised concerns about demand and led to a significant drop in international oil prices, with Brent crude oil prices falling by 4.8% [8] - Despite short-term pressures, the long-term outlook for the petrochemical industry remains positive, as high tariffs from trade disputes are unlikely to have a lasting impact, and domestic companies have gained valuable experience in navigating such challenges [8] - The green low-carbon sector is expected to become a new industry trend, with significant market potential for green methanol, bio-aviation fuel, and green polyester, which are anticipated to achieve rapid growth as they align with sustainable development goals [8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216) for its leading position in the green polyester industry. Other recommended stocks include: - Runfeng Co., Ltd. (301035) - Guoguang Co., Ltd. (002749) - Hailier (603639) - Sinopec (600028) - Hengli Petrochemical (600346) - Rongsheng Petrochemical (002493) - Wanhua Chemical (600309) - Huayi Group (600623) [3]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The "Stabilizing Growth Work Plan" for the petrochemical industry has raised expectations, focusing on enhancing technological innovation, expanding effective investment, and fostering market demand [8] - The green low-carbon industry, particularly green polyester, is expected to experience rapid growth due to new technologies and significant market potential [8] Summary by Sections Investment Recommendations and Targets - The report favors companies that have strategically positioned themselves in the green polyester sector, such as Wankai New Materials (301216, Buy). Other recommended stocks include Sinopec (600028, Buy), Hengli Petrochemical (600346, Buy), Rongsheng Petrochemical (002493, Buy), Wanhua Chemical (600309, Buy), and Huayi Group (600623, Buy). Additionally, companies in the pesticide formulation segment like Runfeng Co., Ltd. (301035, Buy), Guoguang Co., Ltd. (002749, Buy), and Hailier (603639, Buy) are also highlighted [3] Industry Overview - The petrochemical industry is currently facing significant oversupply, making rapid recovery through market-driven policies challenging. However, the long-term outlook for the industry is improving, with lower valuations for leading chemical stocks providing good investment opportunities [8] - The green low-carbon sector, including green methanol, bio-aviation fuel, and green polyester, is gaining market attention due to its vast market space and the need for sustainable development. Companies that capitalize on these trends are expected to achieve rapid growth [8] Recent Developments - The recent "Stabilizing Growth Work Plan" emphasizes controlling new refining capacity and supporting key products in electronic chemicals and high-end polyolefins, while also fostering new application scenarios in emerging fields like renewable energy and low-altitude economy [8]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The green low-carbon related industries, including green methanol, bio-aviation fuel, and green polyester, are gaining market attention due to their vast market potential and the need for sustainable development [8] - The green polyester sector is particularly favored as new technologies are expected to drive rapid growth, allowing for the replacement of virgin materials and opening up significant new market opportunities [8] Summary by Sections Investment Recommendations and Targets - The report recommends buying shares of Wan Kai New Materials (301216), which is well-positioned in the green polyester industry. Other recommended stocks include Sinopec (600028), Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Wanhua Chemical (600309), and Huayi Group (600623) due to expected recovery in the petrochemical and chemical sectors driven by "anti-involution" policies. Additionally, it suggests buying shares of pesticide formulation companies such as Runfeng Co., Ltd. (301035), Guoguang Co., Ltd. (002749), and Hailier (603639) [3]