Industry view 1 this week: under the background of steady growth and export growth, continue to pay attention to the leader of undervalued value + growth. According to the data of the General Administration of customs, the total value of China’s goods exports in 2021 was 21.73 trillion yuan, a year-on-year increase of 21.2%. In 2021, the global economy as a whole shows a recovery trend. The world bank and the International Monetary Fund predict that the world economy will grow by more than 5%, and the World Trade Organization predicts that the volume of Global trade in goods will grow by 10.8%. Although the number of confirmed cases of the global epidemic shows an increasing trend, the mortality rate of the epidemic continues to decrease. Under the normalization of the epidemic, the global economic recovery is still resilient and the trend of economic recovery is irresistible. We believe that China’s chemical production capacity will continue to supply the world stably in the future. The economy will have a stable start in 2022, and the expectation of good economic development will continue to increase. Under the background of steady growth, sustained export growth and normalization of epidemic situation, we suggest to focus on the refining and chemical integration leader Hengli Petrochemical Co.Ltd(600346) , polyester filament leader Xinfengming Group Co.Ltd(603225) , and natural alkali leader Inner Mongoliayuan Xing Energy Company Limited(000683) , which is expected to benefit from the recovery of textile and clothing industry chain, undervalued value and growth attributes.
Industry view 2 this week: soda ash inventory decreased for two consecutive weeks. It is suggested to lay out the leading Inner Mongoliayuan Xing Energy Company Limited(000683) soda ash inventory continued to decline this week (January 10-january 14). According to the data of Baichuan Yingfu, as of January 14, the total inventory of soda ash enterprises was 1.503 million tons, a decrease of 6.61% compared with last week, and it has been stored for two consecutive weeks. In terms of demand, since 2022, flat glass enterprises have started normally, and there has been no large-scale cold repair. According to the data of Zhuo Chuang information, as of January 13, the daily melting capacity of float glass in China totaled 175225 tons, an increase of 400 tons / day compared with last week, and the demand for heavy alkali of flat glass increased compared with the same period in 2020. In terms of photovoltaic glass, recently, module manufacturers have prepared an appropriate amount of goods before the festival. In addition, some promotion policies of photovoltaic glass manufacturers have improved the trading situation of photovoltaic glass compared with the previous period. With the completion of downstream real estate and the recovery of photovoltaic industry chain, we are optimistic that the spot price of soda ash will stop falling and recover, and the price of soda ash will remain high in 2022. Beneficiary object: Inner Mongoliayuan Xing Energy Company Limited(000683) .
Industry news this week: Chinese enterprises have launched nylon 66 race track
[nylon 66 industry] Shenma Industry Co.Ltd(600810) plans to acquire adiponitrile technology, and aoshengde plans to build hexanediamine base. The production capacity of nylon 66 in China may increase significantly. According to Chem online, Shenma Industry Co.Ltd(600810) wholly owned subsidiary Aidian company plans to transfer the ownership of the technology of preparing adiponitrile by direct hydrocyanidation of 500t / a butadiene held by Zhongping Ziguang. In addition, aoshengde announced that it would build a new production base in Xuwei new area, Jiangsu Lianyungang Port Co.Ltd(601008) City, Jiangsu Province, China to produce hexanediamine and special chemicals. In recent years, Chinese enterprises represented by Huafon Chemical Co.Ltd(002064) , China National Chemical Engineering Co.Ltd(601117) , Shenma Industry Co.Ltd(600810) have made efforts to localize hexanedonitrile. We expect that the production capacity of Nilon 66 is expected to increase significantly in the future, and the downstream application fields will be greatly expanded, The space for enterprise growth will be further opened.
Beneficiary object
[chemical leading white horse] Wanhua Chemical Group Co.Ltd(600309) , Hengli Petrochemical Co.Ltd(600346) , Rongsheng Petro Chemical Co.Ltd(002493) , Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) , Jiangsu Yangnong Chemical Co.Ltd(600486) , Zhejiang Nhu Company Ltd(002001) , Sailun Group Co.Ltd(601058) etc; [chemical fiber industry] Xinfengming Group Co.Ltd(603225) , Huafon Chemical Co.Ltd(002064) , Tangshan Sanyou Chemical Industries Co.Ltd(600409) ; [soda ash industry] Inner Mongoliayuan Xing Energy Company Limited(000683) , Cnsig Inner Mongolia Chemical Industry Co.Ltd(600328) , Shandong Haihua Co.Ltd(000822) , Tangshan Sanyou Chemical Industries Co.Ltd(600409) , Chengdu Wintrue Holding Co.Ltd(002539) , Sichuan Hebang Biotechnology Co.Ltd(603077) etc; [fluorochemical] China Kings Resources Group Co.Ltd(603505) , Zhejiang Juhua Co.Ltd(600160) , Zhejiang Sanmei Chemical Industry Co.Ltd(603379) , Dongyue Group, Befar Group Co.Ltd(601678) etc; [phosphorus chemical] Chengdu Wintrue Holding Co.Ltd(002539) , Sichuan Development Lomon Co.Ltd(002312) , Hubei Yihua Chemical Industry Co.Ltd(000422) , Guizhou Chanhen Chemical Corporation(002895) etc; [silicon] Hoshine Silicon Industry Co.Ltd(603260) , Zhejiang Xinan Chemical Indusyrial Group Co.Ltd(600596) , Tangshan Sanyou Chemical Industries Co.Ltd(600409) etc.
Risk tip: the oil price has fallen sharply; Weak downstream demand; Macroeconomic downturn.
