Core Viewpoint - The chemical industry is experiencing a strong resurgence in the A-share market, driven by external factors such as interest rate cuts and internal factors like supply-side reforms and structural improvements in the industry [1][2][3]. Group 1: Market Performance - As of September 17, 2025, the basic chemical sector has seen a 52.37% increase over the past year, ranking 13th among 31 industries, and a 24.83% increase year-to-date, surpassing the 15.66% increase of the CSI 300 index [1]. - The current price-to-book ratio of the chemical industry is approximately 2.28 times, indicating a low valuation at the 37.38 percentile over the past decade, suggesting a favorable long-term investment opportunity [2]. Group 2: Policy and Structural Changes - The "anti-involution" policy in China is expected to optimize the supply structure of the chemical industry by curbing excessive competition and guiding companies towards high-end and green development, thereby enhancing overall profitability [2]. - Measures such as capacity clearance and energy consumption restrictions are being implemented to phase out outdated capacities, concentrating resources on technologically advanced and efficiently managed enterprises [2]. Group 3: Competitive Advantages - China's chemical industry has developed significant competitive advantages, filling gaps in the international supply chain and potentially reshaping the global chemical industry landscape [3]. - The industry is characterized by a highly fragmented structure with numerous sub-industries, providing diverse investment opportunities across different economic cycles [5]. Group 4: Future Growth Potential - Growth stocks within the chemical sector, particularly in fine chemicals and new materials, are expected to have substantial room for domestic substitution, with electronic chemicals highlighted as crucial for addressing domestic semiconductor challenges [6]. - The demand for key materials in the military and new energy sectors is also projected to grow rapidly, further driving the industry's expansion [6]. Group 5: Investment Strategies - Despite the investment opportunities in the chemical sector, public funds have historically maintained a low allocation to this sector, indicating a potential for active management strategies to capture structural opportunities [7]. - The "Noan Lixin Mixed Fund" has focused 59.22% of its core positions on the chemical industry, reflecting a strategy to leverage economic improvements and cyclical growth opportunities [8].

近期，占尽市场高光的不只科技成长。随着A股板块轮动，以化工行业为代表的周期股也在持续发力。 Wind数据显示，截至2025年9月17日，在申万一级31个行业中，基础化工以近一年52.37%的涨幅排名 13，今年以来以24.83%的涨幅排名11，超越同期沪深300指数15.66%的涨幅。 那么，这个在资本市场上此前几乎处于"小透明"的小众板块，究竟为何能够强势崛起？ 内外合力驱动，恰逢其时 9月18日凌晨，美联储如期宣布将联邦基金利率目标区间下调25个基点至4.00%-4.25%。随着降息信号的 释放，市场普遍预期2025年9月进入降息周期，同时国内也有释放利率调降空间的预期。 化工作为资本密集型重资产行业，企业在产能扩张、技术升级和环保改造等环节需要投入大量资金。降 息周期中，企业融资成本下降，有利于改善现金流，降低财务负担，可释放更多资源用于再投资和创新 研发，为行业长期发展注入动力。 同时，降息周期通常会强化大宗商品的金融属性，化工行业作为顺周期板块，有望受益于流动性宽松带 来的估值提升。Wind数据显示，截至2025年9月17日，中证细分化工产业主题指数的市净率约为2.28 倍，位于近10年来37.38 ...