China Galaxy Securities research report indicates that the current prosperity of China's chemical industry is at a historical bottom. It is expected that by 2025, the central price of Brent crude oil will decline to USD 70 per barrel, which may alleviate cost pressures in the industry. However, the degree of recovery in industry prosperity is closely related to supply and demand conditions. On the supply side, the growth rate of capital expenditure in the chemical industry has slowed in recent years, but the existing and under-construction production capacity still needs time to digest. On the demand side, uncertainties in international trade frictions have increased, and chemical product exports are expected to face certain challenges. With continuous policy efforts, the focus will be on releasing domestic demand potential. In 2025, attention should be paid to three main lines: boosting domestic demand, domestic substitution of new materials, and resource products, to seize structural investment opportunities in the chemical industry