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图1、2001年以来高油价的三个阶段包含油价冲高回落、维持高位两类
图1、2001年以来高油价的三个阶段包含油价冲高回落、维持高位两类
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所属报告:
国际宏观-高油价对企业盈利的影响-260410(25页).pdf
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时期,其中 2011-2012 年、2022 年存在地缘冲击。2000 年以来,有三段高油价时期,2007H2-2008冲( 冲高回落; 2011-2014冲( 维持高位 ;2021H2-2023H1冲( 冲高回落 。其中主导因素不同,2007H2-2008 年是需求+流动性主导,2011-2014 年中东地缘冲( 利亚内内、、伊制制) 压制供给+新兴市场需求拉动+QE 带来流动性宽松三重因素共振,2021H2-2023H1 俄乌冲突地缘因素主导。考虑到 2026 年 2 月底以来油价冲 高
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国际宏观-高油价对企业盈利的影响-260410(25页).pdf
图9、细分行业当中,精炼石油、水上运输、基础化学原料、合成材料、航空运输成本暴露较
图8、燃料加工、化工、化纤、橡塑、交运仓储邮政是对原油暴露最高的行业
图7、油气开采利润增速与国际油价增速走势高度一致
图6、油价与A股毛利率整体呈负相关,与规上工企毛利率相关性不明显
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