The CITIC Securities Research Report said that in 2022, under the influence of multiple factors such as repeated epidemics in parts of the country and global political turmoil, the chemical industry faced multiple pressures such as blocked downstream demand and high energy costs. Looking ahead to 2023, we believe that the chemical industry will generate new investment opportunities through “change” and “no change”. The “change” comes from the fact that after the change in the epidemic prevention and control policy was driven by domestic demand dominated by macroeconomic policies, driven by real estate and infrastructure, with consumption recovery as the goal. Therefore, we suggest adapting to the general trend of recovery in domestic demand and laying out industrial chain repair and market repair. “No change” is reflected in the continuing interest game during the global energy transformation process and continuous resistance from the periphery during China's rise. The core breakthrough of the conflict still comes from domestic technological innovation to finally achieve the country's energy, material safety, and industrial transformation and upgrading. Therefore, we firmly believe that technological iterations will continue throughout the year or even longer. The main line of growth.