國金證券:中國化纖產業龍頭已成稀缺資產
國金證券指出,中國已成為全球化纖生產中心,其綜合優勢不僅沒有縮小,反而快速擴大,而東南亞僅擁有中低端產能,其成本優勢正逐漸削弱且劣勢遠超市場預期。中國化纖產業鏈在貿易摩擦影響下向東南亞發生結構性轉移的可能性極其微小。中國聚酯類化纖龍頭在產業鏈各環節的集中度都在提升,從產業鏈完整度看具備高競爭壁壘,屬於典型的緊靠必須消費品的稀缺核心資產。建議關注:產業鏈一體化且集中度快速提升的化纖龍頭:恆力石化、恆逸石化、榮盛石化、桐昆股份。
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