2026年石化行业策略报告:上游油价触底、下游供给侧优化加速,产业链有望迎来共振周期

信达证券
Dec 12

(以下内容从信达证券《2026年石化行业策略报告:上游油价触底、下游供给侧优化加速,产业链有望迎来共振周期》研报附件原文摘录)本期内容提要:【上游】2026年原油基本面见底有望。2026年,我们认为,原油市场从明确的过剩转向边际收紧,但整体仍处于宽松环境。供给端,OPEC+转向温和增产模式,美国页岩油边际产量增长乏力。需求端,全球原油需求进入达峰前平台期,增长虽缓慢但仍有韧性(增量约80-100...

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