【券商聚焦】华泰证券:下半年化工行业预计迎来景气修复

金吾财讯
14 Jul

金吾财讯 | 华泰证券研报表示,考虑年初以来化工行业资本开支增速显著下降,低盈利下企业自主调整及“反内卷”助力,叠加内需复苏和出口亚非拉支撑,2025年下半年化工行业预计迎来景气修复。

该机构指,短期关注需求旺季而供给受益于“反内卷”催化的子行业,如农药/有机硅等,制冷剂配额制下企业演绎“反内卷”成功范例。中长期而言,龙头企业依托技术/规模/管理等优势,有望受益于新一轮供给优化和景气复苏。

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