金吾财讯 | 中信证券表示，2025年能源化工在海内外政策不确定性加剧的情况下，仍然面临较大的挑战。
能源板块，该行认为2025年原油或迎来供需关系的拐点，由于全球需求低速增长，OPEC及美国、南美等地产量增长迅速，该行预计原油价格有望在65~75美元/桶之间波动。同时建议关注特朗普能源政策对美国产量的影响，特朗普对俄、对伊朗及委内瑞拉政策的变化，以及中国、美国等世界主要经济体需求的变化，以上因素将对油价进行扰动。该行预计2025年天然气价格区间为20-50欧元/兆瓦时，需关注需求复苏和供给扰动。
化工板块，该行聚焦格局较好、成本较低、出海带来增量的板块。
新材料板块，AI、新能源等引领的产业趋势势不可挡，材料是关键支撑。例如硅基负极、复合集流体、导电炭黑、先进封装、高频高速树脂、电子皮肤、SAF等方向。
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