金吾财讯 | 华泰证券表示，7月11日欧盟委员会披露针对中国出口赖氨酸的反倾销终裁税率，税率范围47.7%-58.2%，较初裁税率（58.3%-84.8%）有所下调。反倾销税率下调对短期企业出口修复预计略有助益。由于中国为全球赖氨酸主要生产国，海外企业供应有限且国内集中度高、卖方话语权较强，该机构预计反倾销税或逐步传导至欧盟养殖企业。但考虑终裁税率水平整体仍较高，国内企业赖氨酸直接出口欧盟或仍有一定阻力，贸易格局重塑和国内企业加速出海布局或仍是中长期解法。短期关注受益于反倾税率显著下调的龙头企业，中长期而言，粮食安全背景下，氨基酸有望持续受益于豆粕减量替代、亚非拉出口增长及竞争格局优化等因素，而贸易壁垒存在下企业加速出海有望缓解下游对供应链稳定性的担忧，率先出海布局的企业有望受益。
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