交通运输:大宗供应链拐点渐近 加速出海增动能

长江证券
Nov 17, 2025

大宗供应链拐点渐近,加速出海增动能大宗供应链企业是资金驱动的业务模式,资金体量决定业务规模,周转效率显著影响企业盈利能力,宏观需求是影响贸易周转需求的重要变量。当前,我们认为大宗供应链行业处于“商品价格”与“企业盈利”的双重底部,周期拐点初步临近:一方面,复盘历史,大宗供应链公司利润表现与PPI 具备一定的正相关性,大宗供应链公司在“通胀”的环境下,盈利往往处于上行通道中。2025 年7 月以来,...

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