国盛证券:全球化工行业资产开支见顶 地缘冲突加速周期复苏

智通财经
Oct 08
【国盛证券:全球化工行业资产开支见顶 地缘冲突加速周期复苏】国盛证券研报表示,化工行业固定资产投资增速持续回落,未来新增供给压力逐步减弱。伴随高成本产能退出、行业库存消化以及地缘冲突压缩有效供给,看好化工行业周期复苏,建议关注以下主线:1.头部企业有望释放盈利弹性;2.油气资源、民营大炼化和煤化工资产有望迎来价值重估;3.供给约束较强、库存和盈利率先改善的高景气子行业;4.“双碳”“反内卷”等政策推动新增投资约束和存量产能优化;5.AI、半导体、新能源和储能等下游需求增长,推动含氟高分子、电子化学品、半导体材料等细分领域扩容和国产替代加速。

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