1. Under the downward cycle, the allocation value of core leading enterprises is prominent. At present, Baima, the leader of chemical industry, has high growth certainty and strong competitiveness, which has fully proved their competitiveness in history. Affected by the dual control of energy consumption and the difficulty of project approval, the growth rate of capital expenditure of leading white horse has been maintained at 2-3% in recent two years. The capacity of high-quality new projects of many leading chemical enterprises has not been released soon. After correcting the deviation of energy consumption policy, Under the guidance of the policy of “energy consumption of raw materials is not included in the total energy consumption control”, the recalculation of carbon emissions of the project will reduce the approval threshold of new capacity of leading Baima high-quality projects in the future, and the growth will be reflected again. At the same time, under the downward cycle, the competitive advantage of core leading enterprises is becoming more and more obvious, and the current valuation is obviously low, so it is recommended to focus on allocation. Key recommendations: Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) , Ningxia Baofeng Energy Group Co.Ltd(600989) and other coal chemical leaders, Wanhua Chemical Group Co.Ltd(600309) , Rongsheng Petro Chemical Co.Ltd(002493) , Hengli Petrochemical Co.Ltd(600346) , Jiangsu Eastern Shenghong Co.Ltd(000301) , Zhejiang Satellite Petrochemical Co.Ltd(002648) and other petrochemical leading enterprises.
2. Continue to be optimistic about upstream materials of new energy: 1) upstream materials of lithium battery materials industry chain: lithium battery binder and diaphragm coating material PVDF: pay attention to Dongyue Group, Lecron Industrial Development Group Co.Ltd(300343) , Zhejiang Juhua Co.Ltd(600160) , Guangdonghectechnologyholdingco.Ltd(600673) ; 2) Lithium iron phosphate and iron phosphate: pay attention to Guizhou Chanhen Chemical Corporation(002895) , Yunnan Yuntianhua Co.Ltd(600096) , Hubei Xingfa Chemicals Group Co.Ltd(600141) , Hubei Yihua Chemical Industry Co.Ltd(000422) , Chengdu Wintrue Holding Co.Ltd(002539) , and it is recommended to pay attention to Sichuan Development Lomon Co.Ltd(002312) , Shanghai Zhongyida Co.Ltd(600610) (Wengfu); 3) Electrolyte and additives: pay attention to Zhejiang Yongtai Technology Co .Ltd(002326) , Great Chinasoft Technology Co.Ltd(002453) \\ Liao Ning Oxiranchem Inc(300082) ; And Shandong Hualu-Hengsheng Chemical Co.Ltd(600426) , Zhejiang Satellite Petrochemical Co.Ltd(002648) extending to the field of downstream new materials; 4) Upstream materials of photovoltaic industry chain: EVA key recommendation Jiangsu Eastern Shenghong Co.Ltd(000301) , Levima Advanced Materials Corporation(003022) , n-type silicon wafer: Sichuan Hebang Biotechnology Co.Ltd(603077) ; 5) Photovoltaic reflective film: Zhejiang Hailide New Material Co.Ltd(002206) ; 6) Upstream materials of wind power industry chain: carbon fiber (carbon fiber targets such as Jilin Carbon Valley, Jilin chemical, Weihai Guangwei Composites Co.Ltd(300699) ), epoxy structural adhesive ( Kangda New Materials( Group) Co.Ltd(002669) ), polyether amine ( Yangzhou Chenhua New Material Co.Ltd(300610) , Wuxi Acryl Technology Co.Ltd(603722) , Zhejiang Huangma Technology Co.Ltd(603181) );
3. Pay attention to the sub industry of sustained prosperity and profit restoration. Vitamins ( Zhejiang Nhu Company Ltd(002001) , Zhejiang Medicine Co.Ltd(600216) , Zhejiang Garden Bio-Chemical High-Tech Co.Ltd(300401) , Brother Enterprises Holding Co.Ltd(002562) ); Soda ash ( Inner Mongoliayuan Xing Energy Company Limited(000683) , Shandong Haihua Co.Ltd(000822) , Tangshan Sanyou Chemical Industries Co.Ltd(600409) ); Pesticides ( Jiangsu Yangnong Chemical Co.Ltd(600486) , Shandong Weifang Rainbow Chemical Co.Ltd(301035) , Hailir Pesticides And Chemicals Group Co.Ltd(603639) , Limin Group Co.Ltd(002734) ); Caffeine ( Cspc Innovation Pharmaceutical Co.Ltd(300765) , Shandong Xinhua Pharmaceutical Company Limited(000756) ).
4. Promising consumer growth stocks and new materials growth stocks with high ceiling and stable profits: specifically promising: Shandong Head Co.Ltd(002810) (cellulose ether + artificial meat), Anhui Jinhe Industrial Co.Ltd(002597) (leading sugar free additives), national six industrial chain ( Actblue Co.Ltd(300816) , Luoyang Jalon Micro-Nano New Materials Co.Ltd(688357) , Valiant Co.Ltd(002643) , Xinxiang Richful Lube Additive Co.Ltd(300910) , Jiangsu Lopal Tech.Co.Ltd(603906) ), degradable & renewable plastics ( Shandong Ruifeng Chemical Co.Ltd(300243) , Beijing Sanlian Hope Shin-Gosentechnical Service Co.Ltd(300384) , Kingfa Sci.& Tech.Co.Ltd(600143) , Red Avenue New Materials Group Co.Ltd(603650) ). Semiconductor packaging material ( Great Chinasoft Technology Co.Ltd(002453) ), photoresist (Nanjing Everbright, Red Avenue New Materials Group Co.Ltd(603650) , Jingrui Co., Ltd.), semiconductor precursor ( Jiangsu Yoke Technology Co.Ltd(002409) ), military industry: special chemicals ( Haohua Chemical Science & Technology Corp.Ltd(600378) ), aramid ( Yantai Tayho Advanced Materials Co.Ltd(002254) ), carbon fiber ( Weihai Guangwei Composites Co.Ltd(300699) ). New display fields: optical film ( Sichuan Em Technology Co.Ltd(601208) ), organic light-emitting materials ( Valiant Co.Ltd(002643) , Great Chinasoft Technology Co.Ltd(002453) ), PI materials ( Rayitek Hi-Tech Film Company Ltd.Shenzhen(688323) ).
Risk warning: the macroeconomic growth rate is lower than expected; The product price fluctuates greatly; International oil prices fell sharply; The construction progress of new projects is less than expected; Repeated outbreaks, etc.
