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【石油化工】电石、氯碱工业:“反内卷”加速供给侧出清,龙头竞争力有望提升——反内卷稳增长系列十二(赵乃迪/周家诺/蔡嘉豪/王礼沫)
光大证券研究· 2026-01-07 23:04
点击注册小程序 查看完整报告 特别申明: 本订阅号中所涉及的证券研究信息由光大证券研究所编写,仅面向光大证券专业投资者客户,用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户,请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限,若给您造成不便,敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 3、液碱:景气度触底,静待行业供给端改善 2025年底,液碱单吨毛利润为744元,位于2021年以来较低水平,行业景气度触底。供给端,2025年我国 烧碱总产能为5166万吨,同比增长2.46%,其中行业前六大企业产能合计666万吨,行业CR6集中度仅为 12.9%,产能格局较为分散。液碱行业景气度触底带来成本端竞争加剧,"反内卷"背景下落后产能加速出 清,供给端改善有望驱动行业景气度上行。 4、PVC:基建地产需求待复苏,"反内卷"叠加环保趋严推动产业结构转型升级 PVC下游消费结构中(消费量口径),建材行业仍是PVC主要应用领域,管材管件及型材门窗合计占2025 年消费量的41%,表明PVC需求与地产、基建行业密切相关。受基建地产景 ...
惊心动魄!化工板块冲高回落,主力25亿抢筹!磷矿需求爆发在即,机构高呼化工景气复苏预期持续
Xin Lang Ji Jin· 2025-11-20 12:01
Group 1 - The chemical sector experienced significant volatility on November 20, with the chemical ETF (516020) initially rising by 1.83% before closing down 1.34%, resulting in a daily fluctuation of over 3% [1] - Key stocks in the sector, including fluorine chemicals, civil explosives, and lithium batteries, saw notable declines, with companies like Duofluoride and Guangdong Hongda hitting the daily limit down, and others like Xinjubang and Hangyang falling over 6% [1] - The chemical sector has garnered attention recently, particularly in the phosphorus chemical industry, with expectations of increased demand for energy storage leading to a potential rise in phosphorus ore demand by 440 million tons by 2025, representing over 4% of current total production [2][3] Group 2 - The basic chemical industry reported revenue of 1.71 trillion yuan in the first three quarters of 2025, a year-on-year increase of 2.8%, with net profits rising by 7.5% to 114 billion yuan, and a net profit margin improvement of 0.3 percentage points to 7.0% [3] - The basic chemical sector has seen significant capital inflow, with a net inflow of 25.87 billion yuan on a single day, ranking third among 30 major sectors, and a total net inflow of 2.017 trillion yuan over the past 60 days, placing it second [4] - Future prospects for the chemical industry appear positive, with expectations of improved supply-demand dynamics and potential valuation increases, suggesting a dual uplift in performance and valuation for the sector [5]