<form id="lhlrn"></form><noframes id="lhlrn">

    行業觀點

    2015年原油等大宗商品價格維持低位,下游需求增速明顯放緩,行業整體去庫存,產能過剩壓力如影隨形。化工行業最近幾年的形勢就是中國宏觀基本面的一個縮影,行業繼續在底部經受錘煉考驗。

    困則思變,2015年行業中部分企業率先扛起了轉型的大旗,跨界并購,上下游整合、兼并重組的大戲接踵而至,精彩紛呈。行業在波瀾不驚的基本面下,暗流洶涌,資本市場的表現則更加波瀾壯闊。2015年暴漲暴跌后,故事歸故事,事實終將是事實。2016年,市場風險偏好降低后將重歸理性,真成長、真改革將在大浪淘沙的市場洗禮后,受到真正認可。

    投資策略

    關注原油價格的低位回升:2015年,油價和大宗商品暴跌使得行業成本降低,短期利潤出現一定回升。但30美元的油價將會導致原油的供給加速收縮,供應增量將創出5年以來的新低。因此行業的供需差有望改善。而過低的油價也將會引發地緣政治問題,進一步影響油價的走勢。而一旦出現原油價格的恢復性反彈,化工產品的價格也將出現較為明顯的上行,由于目前行業的庫存水平普遍較低,因此行業補庫存的需求在油價反彈的情況下將可能一觸即發,并可能引發一波包括PTA、滌綸、炭黑等在內的化工周期股的行情。

    關注供給側改革對化工行業的深遠影響:供給側改革的實施落地則將對于飽受產能之困的周期行業產生長期而深遠的影響,對行業未來預期的改變會成為影響周期股股價的主要因素。我們認為在市場集中度較高,行業中大部分企業已經不堪重負,環境保護壓力較大的化工子行業中,供給側改革更能帶來基本面方面反轉的可能性,并改變市場的預期。關注PTA行業,草甘膦行業。

    關注國企改革落地的機遇:2014年提出國企改革的大方向,2015年國企改革逐步推進,2016年將是國企改革各項政策逐步落地的一年。建議關注有明確預期的國企改革相關公司,主要關注中化集團國企改革(中化國際、江山股份、揚農化工)。另外中國建材和中節能作為央企國企改革試點企業,旗下的上市公司也值得關注。分別為中國巨石(中建材旗下)和萬潤股份(中節能旗下)。

    關注未來有轉型預期的公司:由于2015年市場對于轉型公司關注度空前提高,相關公司的估值水平和市場預期都大幅提升。我們需要尋找有預期差的未來的轉型公司,關注紅太陽和浙江金科。 風險提示 n 市場風險偏好大幅降低對于行業平均估值水平的壓制風險。

    改革不達預期的風險。



     


    • 上一篇:
    • 下一篇:
    電話/傳真:0536-5329890/0536-5329701 ©2015-2016 山東海化股份有限公司 版權所有 魯ICP備09091972號
    新2彩票

      <form id="lhlrn"></form><noframes id="lhlrn">
      www.68277222.com | WWW.690393.COM | www.77114u.com | 6261xx.com | www.81520w.com | www.534457.com | 7555y.com | www.77803q.com | www.501866.com | 36400044.com | www.9818e.cc | zhcp31.com | www.610160.COM | WWW.157349.COM | 88535s.com | www.93gj03.com | www.717229.com | 05596.com | www.ya130.com | ribo60.cc | www.c32kk.com? | WWW.515009.COM | 4270nn.com | www.6011888.com | www.579199.com | 1077lll.com | WWW.79373.COM | 89777i.com | www.js9999.bet | www.186126.com | 22296hh.com | WWW.403046.COM | 8896779.com | www.91233k.com | 91838.com | www.17k0048.com | WWW.429914.COM | 2018185188.com | WWW.747067.COM | bet28.com | www.55676w.com | www.226065.com | 685511q.com | WWW.400632.COM | 3435c.com | www.6769a1.com | 3405yyy.com | www.hyi682.com | 20654.com | www.80188n.com | www.693930.com | 48330M.com | WWW.560286.COM | 55331382.com | WWW.111706.COM | 4036e.com | WWW.571909.COM | 30007b.com | www.2350n.com | 365225a.com | www.55238h.com | 18775u.com | www.zzyl63.com | 8777877.com | www.t98478.com | 9949w.com | www.g63568.com | www.822992.com | www.xpj8558.com | bm78.com | www.p77929.com | 500500.com | www.77803q.com | 86811a.com | www.gyfc5.com | hgbet.com | www.5441u.com | swtynnn.com | www.axc2.com | 88905050.com | WWW.686035.COM | hg7033.cc | WWW.763466.COM | 8977vv.com | WWW.870147.COM | www.99113l.com | www.371679.com | www.2021z.com | www.34088.com | www.14168d.com | 8yth.com | www.6832i.com | 6766mm.com | WWW.907277.COM | 3245j.com | WWW.881690.COM | www.500cp.cc | www.666614.com | www.6613633.com | 1133589.com | WWW.385520.COM | WWW.774413.COM | gh7105.com | WWW.275605.COM | 5309f.com | WWW.287126.COM | www.cai31.cc | 118tkzl.com | www.16065v.com | fff01234.com | WWW.350260.COM | 6261ii.com | WWW.870491.COM | 23800e.com | www.976115.com | www.00772t.com | www.50788u.com | www.55717p.com | 4405596.com | www.hy2733.com | 7616.com | WWW.202344.COM | js345.com | 0044200.com | www.42042.cc | 28288y.com | WWW.489378.COM | www.5189222.com | 11229193.com | WWW.90346.COM | 1156zz.com | 59964cc.com | www.75wcp.com | nyty08.com | www.669537.com | www.735518.com | 4195q.com | WWW.329517.COM | www.pj5060.com | 0652c.com | WWW.871817.COM | www.biying920vip.com | 7726nnn.com | WWW.365761.COM | www.4833042.com | bet577v.com | WWW.111563.COM | www.350c5.com | 7779p.cc | www.962505.com | www.jsbet008.com | 3890n.com | www.284488.com | www.39500t.com | 88x88.com | www.324277.com | www.3416o.com | oo2649.com | 8018522.com | WWW.785875.COM | www.sscb88.cc | 58222bb.com | WWW.71213.COM | www.62778833.com | 82299.com | www.999818.com | WWW.890740.COM | www.4972g.com | 1408c.com | WWW.850277.COM | www.558105.com | xpjgo6.com | www.43818i.com | WWW.894459.COM | www.203163.com | 52688q.com | WWW.660803.COM | www.98528c.com | vns5.vip | xpjdc.tw | WWW.162697.COM | www.61655r.com | swin3.com | www.55060c.com | 4689.com | WWW.711201.COM | www.vip9583.com | 38749.com | www.606285.com | www.qmfc2.com | www.5309678.com | 2851s.com | www.80767o.com | WWW.501379.COM | www.60886e.com | h1915.com | www.xg001.com | WWW.686035.COM | www.37377j.com | 55818k.com | feicai0718.com | WWW.803241.COM | www.99jtj.com | www.4996zz.com | ggg67890.com | 339649.com | WWW.195179.COM | www.6364o.com | www.0636777.com | 574747com | www.kj368.com | WWW.3018.COM | WWW.50002.COM | www.qiji222.com | 111122qq.com | 85698n.com | jianwei.com | WWW.63291.COM | www.c71.cc | www.91779o.com | df8x.com | js66.com | js395.com | WWW.862445.COM | WWW.634886.COM | www.111999qipai.com | nn2205.com | p838.com | 566671100.com | WWW.28887.COM | 97799w.com | w00351.com | www.7893.ag | www.v88139.com | www.cn365i.com | www.hg98b.com | www.3478w.cc | www.489858.com | 72345.com | 87965vv.com | 0123bd.com | WWW.250267.COM | WWW.730954.COM | www.390737.com | www.365077.bet | y68147.com | 3304e.com | 3434rrr.com | www.530255.com | WWW.767643.COM | www.66ffg.com | www.535220.com | www.4136o.com | 500000419.com | 07100.com | xx888g.com | 43193.com | www.826556.com | WWW.113488.COM | WWW.690877.COM | www.7256.com | www.xyh6002.com | www.twcp02.com | 55vv8332.com | 2037.com | 30688j.com | 56988mm.com | 87680g.com | www.34502.com | www.376817.com | WWW.260216.COM | WWW.116843.COM | WWW.773047.COM | www.5xag.com | www.57578b.com | www.db486.com | www.45598h.com | www.136686.com | 8290d.com | 0245u.com | 5219r.com | 4637799.com | 626920.com | hcp7777.com | 5144m.com | 32424f.com | www.34788e.com | www.255811.com | www.695899.com | www.766898.com | WWW.37873.COM | WWW.42066.COM | WWW.806266.COM | WWW.82244.COM | WWW.930353.COM | WWW.558614.COM | WWW.657555.COM | WWW.687841.COM | WWW.223087.COM | WWW.55358.COM | www.hczx4.com | www.qilc3.com | www.sxyl1.com | www.c1379.com | WWW.485905.COM | WWW.787054.COM | WWW.874906.COM | WWW.135830.COM | WWW.258567.COM | WWW.443224.COM | WWW.111067.COM | WWW.599595.COM | WWW.517886.COM | WWW.523782.COM | WWW.389566.COM | WWW.331350.COM | www.791637.com | www.545568.com | www.203882.com | www.8555.hk | 7727.com | 918.com | 80188.com | 51133ss.com | 3522cc.com | 55bb8332.com | www.668cp88.com | www.6880ee.com | www.0600n.cc | www.b773776.com | www.6364a.com | WWW.798203.COM | WWW.675152.COM | WWW.125210.COM | www.88djcp.com | www.106280.com | 7811uu.com | 1665kk.com | 4022nn.com | yh888v.com | www.a11166.com | www.44118r.com | www.1666c.com | WWW.411899.COM | WWW.123787.COM | WWW.590578.COM | www.81520a.com | 5622o.com | 55797p.com | 7744ccc.com | www.cp0058.com | www.78680p.com | www.5095l.com | WWW.308543.COM | WWW.709034.COM | www.296233.com | 2776p.com | 69441199.com | 5295e.com | www.33678qq.com | www.50026n.com | WWW.793389.COM | www.981500.com | 987499.com | 2490d.com | 11005w.com | www.9570112.com | www.77801s.com | WWW.383505.COM | www.995771.com | 6396s.com | xgsaimahui.com | aa2205.com | www.xpj618.com | www.50064z.com | WWW.30479.COM | www.552703.com | 3056.com | gg00558.com | www.5900666.com | www.371r.cc | WWW.806041.COM | 6hgp.com | ee4119.com | www.808888g.com | www.57578d.com | WWW.129905.COM | 552553.com | 8159m.cc | www.777jyh.com | www.8499n.com | WWW.788981.COM | 429588.com | 9646o.com | www.bscpjj.com | www.36787h.com | WWW.200258.COM | 4775.com | 772061.com | www.7920i.com | WWW.318667.COM | www.310477.com | i86811.com | www.xfc88.com | www.5854l.cc | www.890702.com | 8159ccc.cc | 272k.net | www.12455x.com | WWW.908679.COM | wfcp111000.com | 22296pp.com | www.hg3006.tw | WWW.301882.COM | r86811.com | 3005.am | www.50054y.com | WWW.400446.COM | 66300vip30.com | www.751cp55.com | www.qilc9.com | www.560621.com | qq444000.com | www.44118d.com | WWW.33072.COM | q759.top | 64111o.com | www.41518.com | www.631257.com | 61999yy.com | www.js68678.com | WWW.336678.COM | 4270ss.com | jnn003.com | www.084wy.com | www.560161.com | 435796.com | www.e94600.com | WWW.71213.COM | 7380.com | www.4058i.com | WWW.806816.COM | 66335002.com | www.b526688.com | WWW.573109.COM | wap.334466.net | 44077p.com | www.hc5859.com | 3344444.com | 2698w.com | www.hmfc8.com | 031999.com | BY30837.com | www.8999ka.com | www.81233e.com | 69096g.com | www.556zf.com | www.938751.com | 1cp077.com | www.22211d.com | www.550249.com | ppp7570.com | www.9155b.cc | www.9545a.com | 0600p.cc | WWW.140019.COM | 13222w.com | www.9570100.com | WWW.146755.COM | 8547z.com | www.504446.com | www.223085.com | 500000795.com | WWW.33700.COM | 131pp.net | www.704902.com | WWW.654769.COM | 38244v.com | www.01czj.com | 301111.com | www.bwin950.co | WWW.257517.COM | 04666t.com | www.782w.com | 07377.com | www.xj6008.com | WWW.47174.COM | 88851z.com | WWW.519871.COM | 3121ll.com | www.3421x.com | www.574177.com | 76543i.com | WWW.480870.COM | 2757y.com | www.81678g.com | 838001.com | www.4996dl.com | www.938621.com | 55bb8332.com | WWW.329948.COM | 81366i.com | www.3890z.com | 500000897.com | www.r999994.com | www.182498.com | www.561518.com | WWW.871405.COM | chengxinbo.net | WWW.165062.COM | uc.cc | www.bai84.com | 6146k.com | www.379801.com | zbouyang.cn | www.j2894.com | www.167356.com | www.5099dd.com | www.755814.com | www.35252v.com | WWW.554077.COM | 2643v.com | WWW.293385.COM | xpj5007.com | WWW.327568.COM | 338333.com | WWW.61262.COM | 51133vv.com | WWW.55587.COM | 452.com | WWW.64602.COM | 7989pcom | WWW.2106.COM | blhvip222.com | WWW.342666.COM | 2383.com | WWW.835310.COM | 4182008.com | WWW.452112.COM | 8am.cip | WWW.787154.COM | 3846rrr.com | WWW.140572.COM | 55797j.com | WWW.98488.COM | by309.com | WWW.805329.COM | www.a9478.com | www.635850.com | www.4996yn.com | www.60108u.com | 9068tt.com | www.2632t.com | 2613l.com | WWW.661939.COM | 11cc8332.com | WWW.81855.COM | oo1331.com | www.524947.com | www.2544g8.com | 7196hh.com | www.71233c.com | 8661588.com | WWW.787606.COM | h2146.com | WWW.149933.COM | www.27363b.com | www.115779.com | www.flb908.com | qg0707.com | www.5658.cc | 3522jj.cc | WWW.335553.COM | www.77731.com | www.030953.com | www.8084.com | 112i.net | WWW.519103.COM | 33432r.com | www.690802.com | www.8577d.cc | 22883l.com | WWW.117366.COM | 14683333.com | WWW.731011.COM | www.4058jj.com | 7737.com | WWW.252076.COM | hd6766.com | www.652531.com | www.86339v.com | 40420099.com | WWW.472007.COM | 32355oo.com | www.34559.com | www.9522888.com | 83138j.com | WWW.654661.COM | www.pj88n.com | 4195d.com | WWW.163102.COM | 2934z.com | www.189909.com | www.68689r.com | 8037j.com | WWW.240165.COM | www.0088hgdd.com | xin98776.com | WWW.531833.COM | www.4058gg.com | 80850ee.com | WWW.28033.COM | www.068526.com | 2381r.com | WWW.207654.COM | www.73990g.com | 88wb8.com | WWW.495446.COM | www.30350p.com | 88993e.com | WWW.786718.COM | www.d63568.com | 23478222.com | www.833314.com | www.91233z.com | youfa55.vip | www.50024e.com | www.cp8018.cc | 4123hh.com | 272ee.net | WWW.419646.COM | www.g7764.com | 4195l.com | WWW.838769.COM | www.9646h.com | 45637p.com | www.81678a.com | WWW.276156.COM | www.97cp456.com | 9365.la | WWW.598833.COM | www.x98478.com | few12we.com | www.71233u.com | WWW.263102.COM | www.610160.COM | 6446vip.com | WWW.75767.COM | www.50024g.com | 2805t.com | p88890.com | WWW.519295.COM | www.1466b.com | dfst688.com | 49038.com | WWW.126091.COM | www.63606l.com | pj88dd.com | 33353339.com | WWW.543800.COM | www.110589.com | 496.es | 11422m.com | WWW.352848.COM | www.66136.com | 500000316.com | 5906FF.com | WWW.720553.COM | www.8499t.com | www.baifu35.com | 9123567.com | www.127283.com | WWW.505596.COM | www.4102p.com | 6261ii.com | hutu87.com | WWW.544099.COM | www.cly3.com | www.08bet8.com | 4036nn.com | 3mgmzzz.com | WWW.627524.COM | www.63500.cc | www.47700.net | 77777ylg.com | 37111u.com | WWW.508026.COM | www.gczj5.com | www.302572.com | 7742x.com | 1594003.com | www.671966.com | WWW.549735.COM | www.js89r.vip | 111122jj.com | 88851h.com | www.779889.com | WWW.169345.COM | www.5441n.com | www.4058w.com | swin6.com | 444000e.com | www.168339.com | WWW.429914.COM | www.08588k.com | www.8j3.com | 55402hd.com | y5429.com | 004888.com | www.911096.com | WWW.327988.COM | www.81608d.com | www.c44dd.com | 4116x.com | 4066d.com | www.031069.com | WWW.652027.COM | WWW.491279.COM | www.738586.com | www.w3065.com | 838388b.com | 00773y.com | 090858.com | www.975367.com | WWW.303861.COM | www.35918r.com | www.3824.com | sun7766.com | p2146.com | ww01365.com | 2851l.com | www.126293.com | WWW.678314.COM | WWW.259012.COM | www.6364t.com | www.55676c.com | www.ly19.com | 28288i.com | 0343q.com | 00773n.com | www.49166.com | www.910424.com | WWW.809212.COM | WWW.889282.COM | www.833369.com | www.4196x.com | wpmtp.com | 33382v.com | b99345.am | wxc0122.com | da472.com | www.4k44.com | www.607992.com | WWW.903075.COM | WWW.767188.COM | www.c6378.com | www.66376z.com | www.56011h.com | www.6hg6668.com | www.u4042.com | 2019v.cc | 22299hh.com | 8037mm.com | nn500n.com | 316p.cc | dh742.com | 0747aa.com | 3189z.com | 35442555.com | www.5862.com | www.309831.com | www.898418.com | WWW.362987.COM | WWW.689244.COM | WWW.645898.COM | WWW.899841.COM | www.hm3988.com | www.5091n.com | www.60007f.com | www.b98478.com | www.8998955.com | www.06660.com | www.4102i.com | www.60886y.com | www.91779i.com | www.77658zz.com | www.848777c.com | www.bet91482.com | www.3157a.com | www.28000w.com | www.71071b.com | www.5099bb.com | www.89599r.com | www.8473f.com | www.848777f.com | www.89677q.com | www.6880oo.com | www.h1432.com | www.pjc55.vip | www.5446m.com | www.7920q.com | www.9996qq.com | www.72211.com | www.182323.com | www.50732r.com | www.5086z.com | www.c5638.com | WWW.114756.COM | WWW.586731.COM | WWW.202895.COM | WWW.310799.COM | WWW.279960.COM | WWW.609575.COM | WWW.359539.COM | www.860958.com | www.620477.com | www.391438.com | www.068657.com | www.6767673.com | 4270cc.com | 4036y.com | 9068qq.com | p14666.com | 87965uu.com | 8742xx.com | www.5099zz.com | www.9895p.com | www.4331q.com | www.07163j.com | WWW.376975.COM | WWW.531372.COM | WWW.40852.COM | www.916370.com | www.314577.com | 086738.com | 15856r.com | 83138o.com | ddcp22.com | WWW.400458.COM | WWW.316391.COM | WWW.7907.COM | www.226075.com | 01885p.com | 30007.com | 4590016.com | 2267p.com | www.5446ll.com | www.07770.comm | www.41518g.com | WWW.23208.COM | WWW.796880.COM | WWW.242529.COM | www.166127.com | 9949n.com | ff7742.com | 4295599.com | www.5981o.com | www.hg3006.tw | WWW.921928.COM | WWW.574611.COM | www.709812.com | 78646.com | 2546b.com | vip332.net | xx5144.com | www.7708598.com | www.99638p.com | WWW.884405.COM | WWW.161724.COM | www.5041234.com | 99w99.vip | m3405.com | www.559159.com | www.87087.com | WWW.818127.COM | WWW.611743.COM | www.236380.com | 4997i.com | 40033.com | www.5504i.com | www.798345.com | WWW.318764.COM | WWW.50535.COM | www511456.com | 66648k.com | yh8899.bet | www.094546.com | www.k795.com | WWW.800714.COM | www.217650.com | 33115aa.com | 4995l.com | www.71071c.com | www.50064f.com | WWW.594163.COM | www.366098.com | 7172244.com | 7742uu.com | www.4521w.com | www.ya238.com | WWW.142933.COM | aocaitong.net | 5350u.com | www.138136.com | www.61655r.com | WWW.675007.COM | www.52072x.com | 56988yy.com | 5517.com | www.7239j.com | WWW.647744.COM | 130222a.com | nn500o.com | www.9c567.com | www.68682r.com | WWW.529171.COM | 605555.com | 77606j.com | www.yy1234.com | www.109ak.com | WWW.184784.COM | 7989m.com | 5659822.com | www.178337.com | WWW.7138.COM | www.032288.com | 0234nn.com | www.8863tt.com | www.33997g.com | WWW.530073.COM | 22698hh.com | g61653.com | www.668679.com | WWW.657419.COM | aocaitong.net | 28288k.com |