Huatai Securities: With the continuous optimization of supply in the petrochemical industry, the industry outlook for 2026 is expected to improve.

Huatai Securities pointed out that the CCPI-raw material price difference at the end of February 2026 was 2470, which is at the lowest percentile since 2012. The willingness of enterprises to invest capital has gradually decreased, and the supply of the petrochemical industry is expected to gradually improve. In February, the price increase of products was mainly driven by factors such as tight supply and strong willingness of leading enterprises to increase prices. It is believed that industry profits have bottomed out in recent years, and under the guidance of policies such as "anti-inner spiral", the supply side is expected to adjust faster, and the profits of bulk chemical products may improve. In the medium to long term, with the exit of high-energy-consuming facilities in Europe and America and demand-driven growth in Asia, Africa, and Latin America, overseas exports will become an important growth engine for the domestic chemical industry; the growth rate of industry capital expenditure has been continuously decreasing since June 2025, and with the optimization of the supply side, the economic outlook for 2026 is expected to improve.