According to the Huatai Securities Research Report, along with a significant decline in the industry's capital expenditure growth rate, combined with “anti-internal volume” to help supply side collaboration and clear backward production capacity, domestic demand is expected to gradually recover, exports to Asia, Africa, and Latin America are also expected to provide support. The commodity industry is expected to gradually pick up, but terminal order acceptance and cost compliance are still constrained. In terms of oil and gas, considering the repeated geographical situation, the recovery of Middle Eastern oilfield production capacity, and subsequent reserve replenishment needs, we expect that international oil prices will still be supported within 1-2 years. The average price of Brent crude oil futures in 26-27 may be 90/77 US dollars/barrel. In terms of bulk chemicals, the Middle East conflict has damaged supply in the global chemical industry chain, and downstream inventories are gradually being eliminated. Global demand for chemical restocking is expected to drive the industry boom back up. In terms of fine chemical materials, domestic tires are expected to continue to increase global share based on cost performance advantages. Farming demand and soybean meal substitution support amino acid demand, and AI computing power, advanced manufacturing processes, advanced packaging, and domestic substitution jointly drive demand for semiconductor materials.

According to the Huatai Securities Research Report, along with a significant decline in the industry's capital expenditure growth rate, combined with “anti-internal volume” to help supply side collaboration and clear backward production capacity, domestic demand is expected to gradually recover, exports to Asia, Africa, and Latin America are also expected to provide support. The commodity industry is expected to gradually pick up, but terminal order acceptance and cost compliance are still constrained. In terms of oil and gas, considering the repeated geographical situation, the recovery of Middle Eastern oilfield production capacity, and subsequent reserve replenishment needs, we expect that international oil prices will still be supported within 1-2 years. The average price of Brent crude oil futures in 26-27 may be 90/77 US dollars/barrel. In terms of bulk chemicals, the Middle East conflict has damaged supply in the global chemical industry chain, and downstream inventories are gradually being eliminated. Global demand for chemical restocking is expected to drive the industry boom back up. In terms of fine chemical materials, domestic tires are expected to continue to increase global share based on cost performance advantages. Farming demand and soybean meal substitution support amino acid demand, and AI computing power, advanced manufacturing processes, advanced packaging, and domestic substitution jointly drive demand for semiconductor materials.