关注反内卷低估值龙头及供需边际改善板块

方正证券12-21 10:32

25FY化工景气底部延续，市场风格景气投资与主题行情齐头并进。25Q3以来全球制造业景气回暖，但需求增速放缓，化工品PPI同比走弱。需求侧国内地产处于周期底部，新能源车销量维持高增长，社零增速稳中向好，促消费政策持续发力。供给侧中国已成为全球化工行业领导者，而近年来欧盟区制造业和化工业产能利用率下行，德国基础化学品产量持续下滑，国内相对维持稳定；Capex方面国内基化固投增速已转负，但供过于求对...

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