華泰證券:化工行業下半年有望迎來上行起點,關注內外需韌性和格局改善品種
華泰證券研報指出,2025年4月化工行業整體價差改善,成本減壓及需求改善的下游有望率先復甦。油氣方面,產油國成本影響下,油價中樞存在底部支撐,具備增產降本能力的高分紅企業在油價下跌後企穩或將擁有配置價值;關注油價下跌企穩後優質煉化企業的底部配置價值。大宗化工方面,伴隨企業資本開支意願降低、行業供給側自我調整,疊加需求良好支撐下,有望迎來新一輪復甦起點,優選競爭格局良好的品種,部分子行業產能週期拐點或臨近且盈利下行空間有限,較適合左側配置。
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