中信建投：VC、EC环节盈利能力有望提升，关注弹性标的

智通财经03-30

智通财经APP获悉，中信建投发布研报称，1-2月溶剂、添加剂价格有所回落。近期受中东地缘政治影响能源成本上涨，推动石化路线的溶剂价格上涨。测算EC、EMC的成本提升基本已传导至下游，PO法制备的DMC由于联产物丙二醇价格提升盈利能力反而有所提升，短期VC、FEC盈利能力有所回落。结合供需，中信建投认为2026年EC、VC环节处于紧平衡状态，随着旺季来临VC、EC盈利能力有望进一步提升。同时PO法...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2623623369?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-30 08:04","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2623623369","market":"us","top_or_hot":-1,"title":"中信建投：VC、EC环节盈利能力有望提升，关注弹性标的","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中信建投发布研报称，1-2月溶剂、添加剂价格有所回落。近期受中东地缘政治影响能源成本上涨，推动石化路线的溶剂价格上涨。测算EC、EMC的成本提升基本已传导至下游，PO法制备的DMC由于联产物丙二醇价格提升盈利能力反而有所提升，短期VC、FEC盈利能力有所回落。结合供需，中信建投认为2026年EC、VC环节处于紧平衡状态，随着旺季来临VC、EC盈利能力有望进一步提升。同时PO法...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1421430.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中信建投：VC、EC环节盈利能力有望提升，关注弹性标的</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中信建投：VC、EC环节盈利能力有望提升，关注弹性标的\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-30 08:04 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1421430.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中信建投发布研报称，1-2月溶剂、添加剂价格有所回落。近期受中东地缘政治影响能源成本上涨，推动石化路线的溶剂价格上涨。测算EC、EMC的成本提升基本已传导至下游，PO法制备的DMC由于联产物丙二醇价格提升盈利能力反而有所提升，短期VC、FEC盈利能力有所回落。结合供需，中信建投认为2026年EC、VC环节处于紧平衡状态，随着旺季来临VC、EC盈利能力有望进一步提升。同时PO法...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1421430.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1815336091.USD","symbol_name":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AUP\" (USD) INC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1421430.html","article_id":"2623623369","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2623623369","pubTimestamp":1774829054,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"测算EC、EMC的成本提升基本已传导至下游，PO法制备的DMC由于联产物丙二醇价格提升盈利能力反而有所提升，短期VC、FEC盈利能力有所回落。2）DMC：PO法盈利显著提升，EO法略有下降。EMC主要原材料为DMC、乙醇，该行测算当前单吨EMC税后净利约为200元，较三月初基本持平。4）VC：受EC涨价影响盈利能力有所下降。锂电需求逐步复苏，叠加EC、VC全年处于紧平衡状态，该行认为这两个环节的盈利能力有望提升。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"601066":"中信建投","LU1815336091.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AUP\" (USD) INC","BK4201":"综合性石油与天然气企业","LU0757428866.USD":"THREADNEEDLE (LUX) GLOBAL SMALLER COMPANIES \"AE\" (USD) ACC","BK4124":"机动车零配件与设备","EC":"哥伦比亚国家石油","VC":"伟世通","IE00BZ199S13.USD":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) ACC","BK0276":"资本市场"},"translate_title":"CITIC Construction Investment: Profitability of VC and EC links is expected to improve, paying attention to flexible targets","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601066":1.5,"VC":1.5,"EC":1.5},"content_text":"智通财经APP获悉，中信建投发布研报称，1-2月溶剂、添加剂价格有所回落。近期受中东地缘政治影响能源成本上涨，推动石化路线的溶剂价格上涨。测算EC、EMC的成本提升基本已传导至下游，PO法制备的DMC由于联产物丙二醇价格提升盈利能力反而有所提升，短期VC、FEC盈利能力有所回落。结合供需，中信建投认为2026年EC、VC环节处于紧平衡状态，随着旺季来临VC、EC盈利能力有望进一步提升。同时PO法制备DMC的企业由于联产物丙二醇价格提升有望获得超额利润。中信建投主要观点如下：结合供需，该行认为2026年EC、VC环节处于紧平衡状态，随着旺季来临VC/EC盈利能力有望进一步提升。需求端：锂电新周期越发明确，储能需求逐步照进现实。该行预计2026年全球锂电池需求3065GWh，同比增长34%，带动电解液需求快速提升。中期来看，该行预计至30年锂电池整体需求维持19-20%的同比增速。供给端：溶剂环节，该行预计26年EC/DMC/EMC有效供给为93/129/134万吨，对应供需比约106%/127%/162%。添加剂环节， 26年该行预计VC/FEC有效供给约11/5万吨，对应供需比约107%/118%。基本面：需求复苏叠加能源成本提升溶剂价格上涨。25年Q4储能需求爆发，带动溶剂、添加剂价格攀升，其中EC上涨近2000元/吨，涨幅达41%，VC价格上涨12万/吨，涨幅高达218%。26年1-2月行业淡季叠加12月价格暴涨行业屯库影响，溶剂、添加剂价格有所回落。3月以来，受中东地缘政治影响，能源价格持续上涨，带动石化路线的溶剂产品价格上涨。其中，EC价格从3月初的低点5800元/吨上涨至7600元/吨，涨幅达31%。盈利能力：EC/EMC成本基本传导至下游，PO路线制备的DMC盈利能力显著提升，添加剂短期盈利能力有所下降。1）EC：成本基本传导至下游。单吨EC需要消耗0.52吨环氧乙烷，环氧乙烷价格每提升1000元对应EC生产成本提升520元。该行测算当前单吨税后净利约为855元，较三月初基本持平。2）DMC：PO法盈利显著提升，EO法略有下降。①PO法：核心原材料为环氧丙烷、甲醇，同时能产出联产物丙二醇。该行测算当前单吨PO法生产的DMC税后净利约为940元，较三月初提升700元/吨（主要系丙二醇上涨4900元/吨）。②EO法：核心原材料为环氧乙烷、甲醇，同时能产出联产物乙二醇。该行测算当前单吨EO法生产的DMC税后净利约为425元，较三月初略有下滑。3）EMC：成本基本传导至下游。EMC主要原材料为DMC、乙醇，该行测算当前单吨EMC税后净利约为200元，较三月初基本持平。4）VC：受EC涨价影响盈利能力有所下降。核心原材料为EC、三乙胺、DMC，该行测算当前单吨VC税后净利约为6.2万元。5）FEC：受EC涨价影响盈利能力有所下降。核心原材料为EC、氟化钾，该行测算当前单吨FEC税后净利约为1.8万元。锂电需求逐步复苏，叠加EC、VC全年处于紧平衡状态，该行认为这两个环节的盈利能力有望提升。同时PO法制备DMC由于联产物丙二醇价格提升有望获得超额利润。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2623623369","isCrawlerRequest":true}