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In order to ensure the realization of energy-saving and emission-reduction goals, the state has successively introduced policies and measures for energy conservation and emission reduction, which mainly include policies to reduce export tax rebate rate, increase of resource tax and other taxation adjustment policies, gradual pricing of energy product prices, implementation of green credit policies, Implement financial support policies. The impact of these policies and measures has been fully reflected in the three quarterly reports of listed chemical companies. Its main performance is:
Reducing the impact of export tax rebate policy: The policy of reducing export tax rebate rate has great impact on resource-based, high-energy-consuming and high-pollution chemical companies. The affected products mainly include barium carbonate, barium carbonate, phosphorus chemical industry, soda ash, titanium dioxide, manganese oxide, and dyes; the export tax rebate rates of most pharmaceutical and chemical raw materials products are also reduced to 5%. The sharp reduction in the export tax rebate rate has intensified the competition in the domestic chemical market, and a group of small-scale chemical companies that are technologically backward will be eliminated, thus prompting enterprises to place profit growth on technological innovation. Large-scale chemical companies with scale and cost advantages will Benefit from industry restructuring.
Impact of the Resource Tax Upgrading Policy: In recent years, the production capacity of high energy-consuming and high-polluting products in the chemical industry in China has grown too fast. Investment growth in nitrogen fertilizers, soda ash, caustic soda, calcium carbide and yellow phosphorus has increased at a rate of around 30%, resulting in Its industry has excess capacity. The resource tax increase policy is an important taxation method for energy conservation and emission reduction. The fuel tax and environmental tax will also be introduced in due course so as to further increase the regulation of tax leverage in energy conservation and emission reduction. Regulating energy conservation and emission reduction through taxation will prompt chemical listed companies to pay more attention to technological innovation and increase the efficiency of resource use, so that large chemical companies with technological innovation advantages will benefit from it.
The impact of gradual marketization of energy product prices: The gradual marketization of crude oil and other resource prices will directly increase the prices of basic raw materials such as ethylene, which will indirectly increase the cost of downstream chemical companies. As a result, companies in the petrochemical midstream and downstream industries will be affected. The development of "high energy consumption and high pollution" products in the chemical industry will be further curbed. The cost of environmental protection will increase significantly and the structural adjustment of the relevant sub-sectors will accelerate. Affected by the rising prices of crude oil, natural gas, and coal resources, the performance of listed companies in the midstream and downstream sectors of the industry will slow down, but companies that produce basic materials such as chlor-alkali, soda ash, spandex, and viscose will start with basic raw material prices. Rising Zhongda benefited.
Impact of Green Credit Policy: The State Environmental Protection Administration, the People's Bank of China, and the China Banking Regulatory Commission jointly issued the "Opinions on Implementing Environmental Protection Policies and Regulations to Prevent Credit Risks" in July, requiring strict control over loans to enterprises that do not meet environmental protection standards. Get back early. The green credit mechanism will curb the blind expansion of high-energy-consuming and high-polluting chemical projects, which will surely have a major impact on small and medium-sized chemical listed companies.
The impact of financial support policies: This year, the country has arranged a total of 21.3 billion yuan to support energy-saving and emission reduction. The implementation of the circular economy policy is conducive to long-term government support for leading companies in the chemical industry. Leading chemical companies with higher starting points for environmental protection such as Sinopec and Yantai Wanhua are expected to receive government financial support.
In short, the implementation of energy-saving emission reduction policies and measures is conducive to accelerating the industrial and regional adjustment within the chemical industry. With environmental protection and cost pressures rising, backward production capacity will gradually be eliminated, and the competitive advantage of chemical companies with scale and technological advantages in the industry will gradually be reflected. Those leading chemical companies with strong pollution control ability and high technological level will have more room for development. For example, Zhejiang Longsheng, Shandong Hailong, and Xinjiang Tianye have promising future development prospects. At the same time, the rapid development of the domestic capital market will accelerate the acceleration of the internal capital M&A activity in the chemical industry. The consolidation of enterprises in the industry will gradually start. A number of chemical listed companies, such as Xingxin Materials, Yuntianhua and Hubei Yihua, will rely on them. The strength of the Group has further grown.
Reducing the impact of export tax rebate policy: The policy of reducing export tax rebate rate has great impact on resource-based, high-energy-consuming and high-pollution chemical companies. The affected products mainly include barium carbonate, barium carbonate, phosphorus chemical industry, soda ash, titanium dioxide, manganese oxide, and dyes; the export tax rebate rates of most pharmaceutical and chemical raw materials products are also reduced to 5%. The sharp reduction in the export tax rebate rate has intensified the competition in the domestic chemical market, and a group of small-scale chemical companies that are technologically backward will be eliminated, thus prompting enterprises to place profit growth on technological innovation. Large-scale chemical companies with scale and cost advantages will Benefit from industry restructuring.
Impact of the Resource Tax Upgrading Policy: In recent years, the production capacity of high energy-consuming and high-polluting products in the chemical industry in China has grown too fast. Investment growth in nitrogen fertilizers, soda ash, caustic soda, calcium carbide and yellow phosphorus has increased at a rate of around 30%, resulting in Its industry has excess capacity. The resource tax increase policy is an important taxation method for energy conservation and emission reduction. The fuel tax and environmental tax will also be introduced in due course so as to further increase the regulation of tax leverage in energy conservation and emission reduction. Regulating energy conservation and emission reduction through taxation will prompt chemical listed companies to pay more attention to technological innovation and increase the efficiency of resource use, so that large chemical companies with technological innovation advantages will benefit from it.
The impact of gradual marketization of energy product prices: The gradual marketization of crude oil and other resource prices will directly increase the prices of basic raw materials such as ethylene, which will indirectly increase the cost of downstream chemical companies. As a result, companies in the petrochemical midstream and downstream industries will be affected. The development of "high energy consumption and high pollution" products in the chemical industry will be further curbed. The cost of environmental protection will increase significantly and the structural adjustment of the relevant sub-sectors will accelerate. Affected by the rising prices of crude oil, natural gas, and coal resources, the performance of listed companies in the midstream and downstream sectors of the industry will slow down, but companies that produce basic materials such as chlor-alkali, soda ash, spandex, and viscose will start with basic raw material prices. Rising Zhongda benefited.
Impact of Green Credit Policy: The State Environmental Protection Administration, the People's Bank of China, and the China Banking Regulatory Commission jointly issued the "Opinions on Implementing Environmental Protection Policies and Regulations to Prevent Credit Risks" in July, requiring strict control over loans to enterprises that do not meet environmental protection standards. Get back early. The green credit mechanism will curb the blind expansion of high-energy-consuming and high-polluting chemical projects, which will surely have a major impact on small and medium-sized chemical listed companies.
The impact of financial support policies: This year, the country has arranged a total of 21.3 billion yuan to support energy-saving and emission reduction. The implementation of the circular economy policy is conducive to long-term government support for leading companies in the chemical industry. Leading chemical companies with higher starting points for environmental protection such as Sinopec and Yantai Wanhua are expected to receive government financial support.
In short, the implementation of energy-saving emission reduction policies and measures is conducive to accelerating the industrial and regional adjustment within the chemical industry. With environmental protection and cost pressures rising, backward production capacity will gradually be eliminated, and the competitive advantage of chemical companies with scale and technological advantages in the industry will gradually be reflected. Those leading chemical companies with strong pollution control ability and high technological level will have more room for development. For example, Zhejiang Longsheng, Shandong Hailong, and Xinjiang Tianye have promising future development prospects. At the same time, the rapid development of the domestic capital market will accelerate the acceleration of the internal capital M&A activity in the chemical industry. The consolidation of enterprises in the industry will gradually start. A number of chemical listed companies, such as Xingxin Materials, Yuntianhua and Hubei Yihua, will rely on them. The strength of the Group has further grown.
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