创新产业链25H2投资策略:最坏时刻已过,积极关注出海与国内复苏

华安证券
Jul 22, 2025

(以下内容从华安证券《创新产业链25H2投资策略:最坏时刻已过,积极关注出海与国内复苏》研报附件原文摘录)CXO投资策略CXO行业内生动能的本质驱动是终端需求,随着产能与需求的动态协调推动周期变化。近两年行业需求仍有待修复,产能相对过剩,供需矛盾依旧存在,从周期角度看仍处于拐点待向上阶段。展望2025年及后续几年,1)需求端随着全球步入降息周期,已逐步复苏,业绩端陆续兑现;2)供给端因部分头部企业...

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