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1、Asia Pacific Equity Research24 July 2025J P M O R G A NThis material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China.This material or any portion hereof may not be reprinted,sold or red

2、istributed without the written consent of J.P.Morgan.Head of Asia Energy&Chemicals|Asia EV BatteryParsley Rui Hua Ong AC(65)6882-J.P.Morgan Securities Singapore Private Limited/J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedMichelle Wong(852)2800 J.P.Morgan Securities

3、(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedVicky Hsia(852)2800 J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedSumedh Samant,CFA AC(66-2)684 JPMorgan Securities(Thailand)LimitedSanjay Mookim AC(91-22)6157-J.P.Morgan India Private Limited,J.P.Morgan Tower

4、,Santacruz(E),Mumbai-400098,SEBI Registration:INH000001873,(91-22)6157-3000.Lei Mu(86-21)6106 SAC Registration Number:S1730521050002J.P.Morgan Securities(China)Company LimitedUS chemicalsJeffrey J.Zekauskas(1-212)622-J.P.Morgan Securities LLCEurope chemicalsChetan Udeshi,CFA(44-20)7742-J.P.Morgan Se

5、curities plcOn 18 July after market close,the China State Council Information Office held a press briefing where Xie Shaofeng,Chief Engineer at MIIT mentioned that MIIT will implement new growth stabilization work plans in 10 key industries,including steel,non-ferrous metals,chemicals and building m

6、aterials(news).This included a“Notice on Carrying out the Investigation and Evaluation of Old and Aging Equipment in the chemical industry”,where chemical capacities that have reached the designed lifespan for their equipment,or have been in operation for more than 20 years as of 30 May 2025 might b