《2025年政府工作报告》化工行业相关要点及解读：政策加力驱动内需复苏，材料升级助力产业发展

Investment Rating - The report maintains an "Outperform" rating for the chemical industry, indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [10]. Core Insights - The report highlights that policy support is driving domestic demand recovery, with consumption upgrades and technological advancements expected to jointly propel the development of the chemical industry. The current industry valuation is at a low level [1][5]. - The government work report emphasizes the importance of boosting domestic demand and outlines plans for a more proactive fiscal policy, including a proposed deficit rate of around 4% for 2025, which is an increase of 1.0 percentage points from 2024 [5]. - The report notes that the strategic position of emerging and future industries has been elevated, with a focus on new technologies and products, particularly in sectors like commercial aerospace and low-altitude economy [5]. - The report anticipates rapid development in recycled materials, with a goal to establish a comprehensive waste recycling system by 2025, aiming for an annual output value of the resource recycling industry to reach 5 trillion yuan [5]. Summary by Sections Policy Insights - The report discusses the implementation of a more proactive fiscal policy, including the issuance of 1.3 trillion yuan in long-term special bonds to support consumption upgrades [5]. - It highlights the increased emphasis on domestic demand, with plans to allocate 300 billion yuan in special bonds for consumer goods replacement programs [5]. Industry Outlook - The report projects that the chemical industry will benefit from a recovery in downstream demand, with the current price-to-earnings ratio (TTM) for the SW basic chemical sector at 21.73 times, which is at the 59.01 percentile of historical levels [5]. - It identifies key investment themes, including the rapid development of downstream industries and the potential for domestic substitution in semiconductor materials and new energy materials [5]. Investment Recommendations - The report recommends focusing on leading companies with performance elasticity and high-growth sub-industries, such as WanHua Chemical and Hualu Hengsheng, as they are expected to benefit from policy support and demand recovery [5]. - It also suggests that the oil and gas extraction sector will maintain high growth, with recommendations for companies like China Petroleum and China National Offshore Oil Corporation [5].