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華泰證券:“反內卷”助供給優化,化工行業景氣迎修復
華泰證券研報表示,考慮年初以來化工行業資本開支增速顯著下降,低盈利下企業自主調整及“反內卷”助力,疊加內需復甦和出口亞非拉支撐,2025年下半年化工行業預計迎來景氣修復。短期關注需求旺季而供給受益於“反內卷”催化的子行業,如農藥/有機硅等,製冷劑配額制下企業演繹“反內卷”成功範例。中長期而言,龍頭企業依託技術/規模/管理等優勢,有望受益於新一輪供給優化和景氣復甦。
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