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The stronger situation in the chemical industry is irreversible

 Last Update: 2021-11-27
 Source: Internet
 Author: User

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We believe that the situation of stronger players in the chemical industry is irreversible, and the reasons for being more optimistic than the market are: 1) General background: We believe that the industry has experienced policy side (supply reform, deleveraging) and market side (China-US trade since 2016).

2020 is an economic uncertainty, look for a variety of α+β resonance.

2021 is the uncertainty of valuation, look for varieties with β-exceeding expectations.

Risk warning: economic recovery is not as expected, inventory depletion is not as expected, trade friction and other risks.

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