25FY化工景气底部延续,市场风格景气投资与主题行情齐头并进。25Q3以来全球制造业景气回暖,但需求增速放缓,化工品PPI同比走弱。需求侧国内地产处于周期底部,新能源车销量维持高增长,社零增速稳中向好,促消费政策持续发力。供给侧中国已成为全球化工行业领导者,而近年来欧盟区制造业和化工业产能利用率下行,德国基础化学品产量持续下滑,国内相对维持稳定;Capex方面国内基化固投增速已转负,但供过于求对...
Source Link25FY化工景气底部延续,市场风格景气投资与主题行情齐头并进。25Q3以来全球制造业景气回暖,但需求增速放缓,化工品PPI同比走弱。需求侧国内地产处于周期底部,新能源车销量维持高增长,社零增速稳中向好,促消费政策持续发力。供给侧中国已成为全球化工行业领导者,而近年来欧盟区制造业和化工业产能利用率下行,德国基础化学品产量持续下滑,国内相对维持稳定;Capex方面国内基化固投增速已转负,但供过于求对...
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