2024 chemical industry strategy: upstream search for differentiation, downstream search for high elasticity
Consumption led the recovery of demand, automotive textile clothing momentum is good, the post-cycle category marginal improvement
Consumption has led us to a recovery in demand. From January to October in 2023, the total amount of social organizations in China was + 6.9% year-on-year, showing a moderate recovery trend. In terms of items, the consumption of textile clothing, petroleum products and automobiles recovered well. From January to October, the total was 10.2%, 6.4% and 5.3% respectively, which was better than the average growth rate of total retail sales of enterprises above designated size (5.2%). While furniture, home appliances, decoration materials and other real estate cycle categories are weak, but there have been signs of marginal improvement.