【券商聚焦】中信建投:美国补库周期见顶 集运行业面临较大压力

金吾财讯
Nov 11, 2025

金吾财讯 | 中信建投发研报指,全球产业转移仍是趋势变量,从中日韩-东南亚-非洲/中东/南美的大迁移,造成次干、区域性航线与主干航线分化。美国补库周期见顶,2026年进入去库周期,2027年上半年前后库存周期见底。集运行业面临较大压力。

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