Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The report highlights an upward trend in the dye, PVA, and vitamin sectors, with price increases expected post-holiday. It emphasizes the importance of positioning in the spring chemical sector [2][3] - Oil prices are expected to remain in a relatively loose range, supported by a stronger bottom, with Brent crude projected between $55-70 per barrel. Coal prices are stabilizing, and natural gas costs are anticipated to decline due to increased export facilities in the U.S. [2][3] - The report suggests focusing on specific sectors such as textiles, agriculture, exports, and beneficiaries of "anti-involution" policies for investment opportunities [2][3] Summary by Sections Industry Dynamics - Current macroeconomic judgment indicates that oil supply is slowing due to OPEC+ production delays and peak shale oil output. Demand is stabilizing with global economic improvements, leading to a forecast of stable oil demand [3][4] - The chemical industry is experiencing a recovery phase, with PPI showing a slight increase and manufacturing PMI at 49.3%, indicating some volatility in manufacturing operations [4] Investment Analysis - The report recommends investments in the textile chain, agricultural chain, export chain, and sectors benefiting from anti-involution policies. Specific companies to watch include: - Textiles: Lu Xi Chemical, Tongkun Co., Rongsheng Petrochemical, Hengli Petrochemical - Agriculture: Hualu Hengsheng, Baofeng Energy, Yuntianhua, Xingfa Group - Exports: Juhua Co., Sanmei Co., Wanhu Chemical, and others [2][3] - Key materials for growth include semiconductor materials, panel materials, and biobased materials, with specific companies highlighted for each category [2][3] Key Company Valuations - The report provides a valuation table for key companies, indicating their market capitalization and projected earnings for 2024-2027, with recommendations for "Increase" or "Buy" ratings for several firms [15][16]

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [2][3] Core Insights - The chemical macroeconomic outlook indicates a stable increase in oil demand due to global economic recovery, with Brent crude oil expected to remain in the range of $55-70 per barrel [2][3] - The dye, PVA, and vitamin sectors are experiencing upward trends, with price increases anticipated post-holiday, highlighting the importance of positioning in the spring chemical sector [2][3] - The report suggests focusing on specific companies within the textile, agricultural, export, and "anti-involution" sectors for investment opportunities [2][3] Summary by Relevant Sections Chemical Macro Outlook - Oil supply is constrained due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with tariff adjustments and economic improvements [2][3] - Coal prices are expected to stabilize at a long-term bottom, and natural gas costs may decrease as the U.S. accelerates export facility construction [2][3] Price Trends and Recommendations - Dye prices are expected to rise significantly, with companies like Zhejiang Longsheng and Runtu Co. recommended for investment [2][3] - PVA prices have increased from 9,530 CNY/ton to 10,244 CNY/ton, indicating further upward potential, with a focus on Anhui Wuhua [2][3] - Vitamin E prices are projected to rise post-holiday due to production halts during the Chinese New Year, with New Hope Liuhe recommended [2][3] Investment Strategy - The report recommends a diversified investment approach across four main chains: textile, agricultural, export, and sectors benefiting from "anti-involution" policies [2][3] - Key companies to watch include: - Textile: LUXI Chemical, Tongkun Co., and Hengli Petrochemical - Agricultural: Hualu Hengsheng, Baofeng Energy, and Yuntianhua - Export-related chemicals: Juhua Co., Wanhua Chemical, and leading titanium dioxide producers [2][3] Growth Focus - Emphasis on self-sufficiency in key materials, particularly in semiconductor and panel materials, with companies like Yake Technology and Dingsheng Co. highlighted [2][3]

近日，在芜湖市海螺集团箬帽山矿区，一辆辆大型无人驾驶矿车往来穿梭，有条不紊地装料、运输、卸 料，一套操作行云流水。 作为全球水泥行业首个露天矿山矿车无人驾驶项目，海螺集团已实现全天候、全时段、全场景矿区无人 运输，切实增强了矿山的本质安全，截至目前，"海螺智矿"无人驾驶解决方案已在安徽、广东、辽宁、 陕西等多个省份投入运行。 科技创新，省属企业勇当"排头兵""主力军"。 海螺集团坚持把科技创新贯穿企业发展的全链条，持续推动传统产业转型升级。 "十四五"以来，海螺集团累计立项实施49个集团重大科技专项和340个年度科技创新项目，攻关研发了 全球水泥行业首个露天矿山矿车无人驾驶项目、行业首个"零外购电""全绿电"水泥工厂、全球首套二氧 化碳储能示范项目等重大创新成果，荣获中国工业大奖等荣誉。 "我们充分发挥科技创新作用，持续攻关核心技术，努力打造原创技术策源地。 "安徽叉车集团党委书记、董事长、总经理杨安国说，公司依托国家级企业技术中心和国家级工业设计 中心，承接10项省科技重大专项，攻克工业车辆在电驱动技术、主动安全等系列核心技术的突破和应 用，不断培育壮大新质生产力，连续33年位居国内同行业前列，在世界工业车 ...