天风证券：关注化工行业硬资产和景气两条投资主线

Group 1 - The core viewpoint is that the domestic chemical industry's construction growth peaked in 2023 and is expected to decline to near zero by the second quarter of 2024, indicating a phase of peak construction [1] - The pressure from anticipated new capacity release is the main factor suppressing profit expectations in the chemical industry, necessitating observation of the alignment between demand recovery and supply capacity release [1] - The supply capacity structure has been optimized over the years, leading to an expansion of competitive advantages for leading enterprises, suggesting a focus on "hard assets" and cyclical investment themes [1] Group 2 - For high-quality development, attention is recommended on "hard assets" such as Wanhua Chemical and Longbai Group [1] - In terms of cyclical opportunities, sectors with strong demand resilience and potential recovery include agricultural chemicals and tire segments, with companies like Yuntianhua and Linglong Tire being highlighted [1] - The refrigerant downstream home appliance production is performing well, with product prices on an upward trend and supply quotas being restrictive, making companies like Juhua Co., Ltd. noteworthy [1] - The sugar substitute industry continues to grow at over 10% annually, with stable supply and demand for trichloroacetic acid, indicating a competitive duopoly that can lead to significant growth potential, with Jinhe Industrial being a key focus [1]