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CHANGJILI NEW ENERGY TECHNOLOGY

Chemicals: Macroeconomics weakened還生 in the fourth quarter, asset "bu黃會bble" facing burst

Time: 2021-08-16

In the first three西新 quarters, the overall domestic m紙船acroeconomy performed 雜樹well, not only achieving the可少 goal of a soft economic la聽自nding, but also continuing to maintai現文n a sound monetary poli行計cy and the full麗國 implementation of structural 議我adjustment policies, the GDP草歌 growth rate rebounded slightly. Stat的得istics show that in August 做市2017, the value added 身報of the industrial enterprises above 謝呢designated size increased by 6.0% yea可離r-on-year in real terms. From January t拍秒o August, the value added of indu年話strial enterprises above d事區esignated size increased by 6.7% year-醫件on-year. On the whole, th一村e production growth rate of high還銀-energy-consuming manufactur匠河ing has continued to fall, 兵聽but high-tech industries and eq來短uipment manufacturing內吧 have maintained rel一場atively rapid growt可家h, and related investment has als高那o accelerated to 器門emerging industries. The g樂弟rowth rate of Shuangchuang’s inv得舞estment continue信錢s to increase. With the術廠 industrial transformation and upgra明南ding, China’s econom月店y is accelerating the conversion of 學地new and old momentum.

In the chemical industry, due to 暗化the full implementati門我on of the specific measures of the env草開ironmental protection supe習線rvision policy 身人and the full clearance of backward pro化藍duction capacity, th體輛e prosperity of some industries has 服暗rebounded. In addition,友笑 the demand in emerging fie化就lds has increased si玩靜gnificantly, es店低pecially the coal and steel industries 近湖in the first half of the The compan下能y’s profitability and profitabili弟很ty have been continuously revi內有sed. The bull market created by bla議要ck products in the fi場了rst half of the year has caused a co弟笑llective turnaround in the indus但人try to win a goo農我d situation. With the support of the de問草stocking cycle, the company’s愛秒 operating conditions have b北章een improved. Overall improvement.

However, in the peak sea在月son for the tradit船玩ional demand of the Golden, Nine舊月, and Silver, 10 chemical indus冷腦tries, the market trend is not satisfa說這ctory. As domestic暗技 demand growth has no喝算 obvious bright spots, and the env光習ironmental protection policy stor科購m has subsided, 內樂the operating rate of 厭雜some industries has grad林民ually recovered and even reached h好微istorical highs, but the a笑購ctual consumption has not shown a signi工件ficant amount There are sig他靜ns of growth, so black prod讀門ucts bear the brunt of a sharp dive,畫睡 but the industry operating r劇司ate is still at a high level, and it商算 is likely to enter the des姐訊tocking cycle again in the 山請future. Therefore, the ov林光erheating phenomenon of some時我 industries in the first 飛林half of the year will be fur風白ther adjusted after entering下算 the fourth quarte綠劇r, which is not 錢朋conducive to the clearing of outd兒從ated production cap窗市acity, and is likely to lead to the fa場嗎ilure of the stage of supply-s你少ide structural adjus用還tment. Therefore, in the second half兵腦 of the year, the che頻到mical industry as a whole is in a 鐘房"cooling" stage, and th他學e falsely high 師友bubbles generated by various請兵 "conceptual" speculations will be dige靜紅sted by the market itself.

From the perspective of頻道 the external environment,電自 the U.S. balance sheet contraction is樹來 expected to continue 有輛to strengthen, but th冷要e actual economic recovery momentu暗林m is still weak, and the risk of shocks服雨 to emerging economies still exists.看些 Other major foreign trade areas such 冷錢as Europe are fac志去ing an exit from the 能鐘monetary easing空志 cycle, coupled with tra北鐘de protectionist barriers. The gl有南obal spread will continue to put 吧照pressure on domestic and f用美oreign exports, and the 開筆growth rate is expected t街窗o continue to decline in the four男放th quarter.

It can be seen that in the 聽了second half of the year, the domesti體新c macroeconomic 舊妹growth rate will con筆友tinue to operate at the b子門ottom of the L-shape會空, and the emerging就音 sectors are not enough to 能刀support effective demand and can熱朋 occupy a major proportion. The str飛有uctural imbalance in t銀習he traditional sectors is diffic年喝ult to effectively 為笑reverse in the short term. T從請he specific industry as a whole will 得輛be in a cooling cycle線場, which will affect the industrial va請西lue-added data and事謝 it is likely to appear weak.做飛 In the absence of new kinetic e業的nergy and the emergence of bright務放 spots in consumption gro城動wth, the investment growth rate of th黑輛e chemical industry will continue 照器to decline and is likely 了化to continue a negative growth si樂冷tuation. In the fourth 錢相quarter, it is expected tha村商t the center of gravity of the chemi要光cal product mar有年ket will drop to seek bottom support, 腦影and it is likely that 放計the black series will continue拿場 to be led. In addition, the ove上腦rall destocking cycle is議時 expected to be relatively prolong湖購ed, and the expected cycli的熱cal decline in the b書化enefits of enterprises in the i務說ndustry, and the price bu綠歌bble and falsely 都開high profit margi都離ns in some industries 又關will return rat遠遠ionally and be effectively com就志pressed.

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