研報掘金丨華泰證券:中國石化盈利有望持續改善,維持“買入”評級
華泰證券研報指出,Q4以來伴隨北半球進入季節性淡季,Brent季度均價同環比-10.7%/-6.0%至74.01美元/桶,在全球供給整體顯現寬鬆背景下,油價中樞短期或面臨下行壓力。煉油及化工方面,Q4以來國內PMI迴歸榮枯線以上,基建活動及物流運輸顯現轉暖跡象,柴油及部分煉化產品價差有所修復。認為中國石化(600028.SH)上下游協同優勢顯著,25年伴隨需求復甦以及部分產品供給格局優化,盈利有望持續改善,維持“買入”評級。
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