China Chemical Sector "China chemicals 101: A comprehensive sector playbook" Guo

研报英文原文证据摘录

China Chemical Sector "China chemicals 101: A comprehensive sector playbook" Guo

Global Research

21 May 2026ab

China Chemical Sector Equities

ChinaChina chemicals 101: A comprehensive sector

playbook Chemicals

Amily Guo

Analyst

amily.guo@ubs.com

Why should we gain insight into China's chemical sector? +86-105-832 8845

The chemical sector sits in the midstream of the real economy, serving as a bridge Jay LIN

between upstream resources (e.g. oil, coal and natgas) and downstream applications Analyst

(e.g. consumer, agriculture, real estate, auto and electronics). In response to investors' S1460525070001

frequent feedback on the sector's breadth, high number of stocks and tracking jay.lin@ubs.com

complexity, we compile this 100-plus page "China Chemicals 101" note to provide a +86-105-832 8044

comprehensive overview of China's chemical sector. Highlights include: 1) a structured Cheryl Wen

fundamental analysis framework covering sector cycles, investment thesis and policy Analyst

outlook; 2) an introduction to over 20 chemical subsectors and major chemical S1460525030002

companies in China. cheryl.wen@ubs.com

+86-21-3866 8916

Is China's chemical sector on the cusp of a new upcycle? Richard Li

In our annual outlook at the end of 2025, we anticipated a new upcycle for China's Analyst

chemical sector after 2026, driven by: 1) a continued decline in domestic chemical capex S1460121090003

amid an accelerating exit of overseas capacity (particularly in Europe); 2) profit recovery richard-ze.li@ubs.com

+86-21-3866 8802

in multiple subsectors following output cuts, as sector earnings hit a historical trough in

2025; and 3) we projected tighter approvals for new chemical capacity during the 15th Eason Tang