本轮周期核心关注点在于十四五期间化工产能释放后的再平衡。化工行业新增产能已经进入释放阶段（2022Q4在建工程同比增速达到自2012Q3以来的最高点，化工行业进入新一轮资本开支密集期。增速在23Q1见顶开始回落，随后在建工程同比增速震荡下行，由22Q4峰值的48%回落至24Q4的9.6%，25Q1则自18年以来首次落入负数区间（全体上市公司）。），且此轮龙头公司新增产能投放占比大幅提高，供给的...
Source Link本轮周期核心关注点在于十四五期间化工产能释放后的再平衡。化工行业新增产能已经进入释放阶段（2022Q4在建工程同比增速达到自2012Q3以来的最高点，化工行业进入新一轮资本开支密集期。增速在23Q1见顶开始回落，随后在建工程同比增速震荡下行，由22Q4峰值的48%回落至24Q4的9.6%，25Q1则自18年以来首次落入负数区间（全体上市公司）。），且此轮龙头公司新增产能投放占比大幅提高，供给的...
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