Huatai Securities Petrochemical Industry 2026 Outlook: New cycle gradually starting, new opportunities emerging.

Huatai Securities releases outlook for the petrochemical industry in 2026: the supply and demand of crude oil is under temporary pressure, bulk cyclical commodities are facing a turning point in recovery, and new materials and new technologies are shining. In terms of crude oil, OPEC+ production increases since the fourth quarter of 2025 may lead to a loose supply situation, but medium to long-term oil prices are expected to have a bottom support, combined with leading companies reducing costs and increasing production; in the bulk chemical industry, since the second half of 2025, the capital expenditure growth rate in the chemical raw materials and products industry has turned a corner, with domestic demand improvement and export support expected in 2026, and factors such as "anti-inner swirl" assisting in supply optimization, a new round of recovery is expected to come, high-quality chemical assets with global competitive advantages may see a value reassessment; in the fields of chemical products and fine chemicals, downstream demand improvement and margin recovery are parallel, combined with export and expansion driving growth; under the guidance of policies and industrial trends, new material innovations and domestic substitution in AI/new energy/robotics fields are expected to accelerate, and emerging technologies such as biomanufacturing are expected to develop faster.