化学品_中国 “反内卷” 目标瞄准有 20 年历史的 “旧产能”；青睐 ABS、橡胶，看好Global Chemicals_ China‘s “anti-involution” targets shutdown of 20 year “old capacity”; prefer ABS_Rubber with tailwinds for PE_PP_PVC_TDI depending on policy strength

J P M O R G A N Asia Pacific Equity Research 24 July 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Global Chemicals China's "anti-involution" targets shutdown of 20 year "old capacity"; prefer ABS/Rubber with tailwinds for PE/ PP/PVC/TDI depending on ...