如何看待周期行情持续性？

Summary of Conference Call Records Industry Overview New Energy Sector - New energy installations need to maintain an annual increase of over 200GW to meet consumption demands, with policy support focusing on nearby consumption, integrated water-wind-solar development, and offshore wind power development [1][2] - The coupling of eastern industrial transfer with new energy is crucial for creating green industrial clusters, emphasizing direct green electricity connections and renewable energy heating and cooling as important development directions [1][2] Gas Industry - The gas industry has benefited from cold waves and a decrease in primary energy prices, with eastern gas companies performing well [1][4] - CPI turning positive and expectations of economic rebound suggest rapid growth in gas demand, indicating a positive outlook for the gas industry [1][4] Cleanroom Engineering Market - The cleanroom engineering market is expected to exceed 350 billion yuan by 2026, driven primarily by the electronics industry, especially the semiconductor sector [1][5] - Companies like Shenghui Integration and Yaxiang Integration are performing well and actively expanding into overseas markets [1][6] - Significant growth in cleanroom engineering is anticipated in 2025, with Yaxiang Integration achieving nearly 40% growth in Q3 and Shenghui Integration signing new contracts worth 2.25 billion yuan, a 70% year-on-year increase [1][7] Real Estate Market - The overall real estate market is in decline, but structural data shows signs of improvement [1][11] - It is expected that policies will primarily focus on stabilizing the market in 2026, with a narrowing of sales decline and potential improvements in new construction, although completion area faces significant pressure [1][11][12] Coal Industry - Coal production in October was 410 million tons, continuing a negative growth trend for four consecutive months, with an annual production estimate of 4.8 billion tons [1][18] - Domestic coal prices are expected to remain stable with a slight upward trend due to winter storage demand and increased thermal power generation [1][18][19] Chemical Industry - The chemical industry is showing signs of recovery from anti-involution policies, with CPI turning positive and PPI declines narrowing [1][20] - The energy chemical sector is crucial for industrial product inflation, and the industry is expected to have upward elasticity due to improved demand structure and capital expenditure trends [1][21] Key Points and Arguments New Energy Consumption - The National Development and Reform Commission and the Energy Administration have introduced measures to promote diversified consumption paths for new energy [2] - By 2030, China aims to achieve 3.6 billion kilowatts of wind and solar installed capacity, requiring annual additions of over 200GW [2] Cleanroom Engineering Growth - The cleanroom engineering market has grown from less than 80 billion yuan in 2015 to nearly 250 billion yuan, with a compound annual growth rate exceeding 15% [1][5] - The semiconductor and high-end manufacturing sectors are major drivers of demand for cleanroom engineering [1][5][10] Gas Industry Performance - Companies like Shouhua Gas have seen stock price increases due to demand surges from cold weather, with expectations of a cold winter in 2025 boosting gas demand [4] - Eastern companies are performing well, while the central and western regions face challenges [4] Real Estate Market Trends - Despite weak overall performance, there are signs of improvement in structural data, with expectations of a narrowing sales decline in 2026 [11][12] - New construction is expected to improve, while completion areas face significant pressure due to past low construction volumes [12][14] Coal Price Outlook - Domestic coal prices are expected to rise steadily due to winter demand and limited supply growth [18][19] - The focus on thermal power generation and coal chemical demand will provide support for coal prices [19] Chemical Industry Recovery - The chemical industry is expected to benefit from anti-involution policies, with significant impacts on industrial product inflation and corporate profitability [20][21] - The sector is showing signs of upward elasticity due to improved demand and capital expenditure trends [21] Additional Important Insights - The cleanroom engineering sector is experiencing strong growth in international markets, particularly in Southeast Asia, driven by domestic semiconductor companies expanding overseas [8][9][10] - The coal industry is facing a tight supply-demand balance, which is expected to support prices despite short-term fluctuations [19] - The chemical industry is at a low valuation point, suggesting potential for recovery and growth in profitability [21]