展望:26 年有望迎来上行起点,关注内外需韧性和格局改善品种25 年初以来地产等需求呈现企稳态势,家电产量、汽车销量等数据保持增长。我们认为,伴随2025 年以来行业资本开支增速显著下降,叠加“反内卷”有望助力供给端协同及落后产能出清,而内需有望进一步复苏及出口亚非拉等支撑需求,大宗化工品有望逐步复苏。油价长期存在成本底部支撑,具备增产降本能力及天然气增量的高分红企业具有配置机遇,推荐中国石油(A...
Source Link展望:26 年有望迎来上行起点,关注内外需韧性和格局改善品种25 年初以来地产等需求呈现企稳态势,家电产量、汽车销量等数据保持增长。我们认为,伴随2025 年以来行业资本开支增速显著下降,叠加“反内卷”有望助力供给端协同及落后产能出清,而内需有望进一步复苏及出口亚非拉等支撑需求,大宗化工品有望逐步复苏。油价长期存在成本底部支撑,具备增产降本能力及天然气增量的高分红企业具有配置机遇,推荐中国石油(A...
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