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油价下行周期
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国际油价或步入下行周期,化工行业板块分化明显
Sou Hu Cai Jing· 2025-10-21 22:47
Core Viewpoint - The international crude oil and chemical industry is expected to maintain a weak and volatile trend in the fourth quarter due to OPEC+'s continued production increase and the end of the peak oil consumption season [1] Oil Market Outlook - Oil prices are likely to remain weak and volatile in Q4 due to factors such as OPEC+ production increases and the conclusion of the peak consumption season [1] Chemical Industry Analysis - The chemical industry is currently in a cyclical low, transitioning from a late-stage recession to an early-stage recovery, with limited quarter-on-quarter improvement expected in Q4, although a slight year-on-year increase is anticipated [1] - Sub-industry performance is expected to diverge further, with segments like agrochemicals, fluorochemicals, and electronic chemicals benefiting from policy support and demand growth, showing potential for continued upward momentum [1] - Conversely, sectors such as titanium dioxide and vitamins are facing challenges due to capacity saturation and insufficient demand-side support [1]