According to a research report by China Securities, the process industry has a significant pro-cyclical nature, with a notable decline of over 20% in capital expenditure for the petrochemical industry in 2024. Investment planning in the coal chemical industry sector in north-west China is advancing vigorously, expected to bring marginal changes to the new market. In the existing market, the equipment renewal policy continues to exert influence, with subsidies gradually being implemented, providing medium and long-term resilience for equipment investment in the process industry. Process equipment, combining "dynamic + static" components, forms a vast system, involving numerous links such as compressors, pumps, seals, air separation equipment, valves, instruments, and control systems. Leading enterprises with domestic and international competitiveness have emerged in each of these areas. At present, when the fundamental recovery of the industry remains to be gradually verified, it is recommended to grasp the four logical mainlines of coal chemical industry, existing equipment renewal, going global, and domestic substitution.