从资本开支看，哪些行业提升空间仍大？

熊园观察2021-05-09

我们在去年底报告《从资本开支看，哪些行业可能加速修复？》中提出，资本开支是经济内生动力的直接反映，也是观察各行业景气程度的重要参考，并从内生动力和疫后恢复情况2大维度、6个指标入手，当时研究发现化工、有色、钢铁等行业将加速修复（目前已得到验证）。本文延续此前分析框架，基于最新经济数据、上市公司2020年报和2021年一季报，对各行业资本开支情况作出更新和分析。核心结论： 1、整体制造业的资本开支...

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阿麦小乔
·2021-05-10
埋伏
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LyndaQ
·2021-05-10
醫藥領域$恆瑞醫藥(600276)$
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1
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Weimar
·2021-05-10
贊
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2
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- SP2021:
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  2021-05-10
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hhyw
·2021-05-10
IT 業嗎？2000年的瘋狂時代又來了???
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3
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股匯紅不讓
·2021-05-10
步步爲營
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dwh790101
·2021-05-10
[微笑]
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YALING
·2021-05-10
[強]
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SP2021
·2021-05-10
贊
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- Weimar:
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  2021-05-10
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向上学习
·2021-05-10
[強]
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- 向上学习:
  [微笑] [微笑]
  2021-05-11
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- J_CHS:
  [强]
  2021-05-11
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- CPY91:
  [微笑]
  2021-05-10
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小虎发财
·2021-05-10
贊
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- 小虎发财:
  ?
  2021-05-10
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- Weimar:
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  2021-05-10
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- SP2021:
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KeithHan
·2021-05-09
? ? ? ?
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- wormsccc:
  ???
  2021-05-10
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tth
·2021-05-09
Able 啦
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- 瀚妈:
  ok
  2021-05-09
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tianyang1234
·2021-05-09
[微笑]
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紫心旋
·2021-05-09
贊
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- tianyang1234:
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  2021-05-09
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有爱的骡
·2021-05-09
這個風格有點像中金研報
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  2021-05-10
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sptang
·2021-05-09
?
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投资J
·2021-05-09
O
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kenny99
·2021-05-09
Good good good
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HPROHR
·2021-05-09
Ok
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jiunnpin
·2021-05-09
?
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href=https://mp.weixin.qq.com/s/YQn_uu2tpmYKiOa8pke4pg><strong>熊园观察</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>我们在去年底报告《从资本开支看，哪些行业可能加速修复？》中提出，资本开支是经济内生动力的直接反映，也是观察各行业景气程度的重要参考，并从内生动力和疫后恢复情况2大维度、6个指标入手，当时研究发现化工、有色、钢铁等行业将加速修复（目前已得到验证）。本文延续此前分析框架，基于最新经济数据、上市公司2020年报和2021年一季报，对各行业资本开支情况作出更新和分析。\n核心结论：\n1、整体制造业的资本开支...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/YQn_uu2tpmYKiOa8pke4pg\">Source 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improvement?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/a5312a19cd6e945203d8aca82ea93962","symbols_score_info":{"399001":0.9,"399006":0.9,"000001.SH":0.9},"content_text":"我们在去年底报告《从资本开支看，哪些行业可能加速修复？》中提出，资本开支是经济内生动力的直接反映，也是观察各行业景气程度的重要参考，并从内生动力和疫后恢复情况2大维度、6个指标入手，当时研究发现化工、有色、钢铁等行业将加速修复（目前已得到验证）。本文延续此前分析框架，基于最新经济数据、上市公司2020年报和2021年一季报，对各行业资本开支情况作出更新和分析。\n核心结论：\n1、整体制造业的资本开支仍处于修复进程中，化工、有色、钢铁如期加速修复。\n2、我们认为“盈利涨势强劲、产能利用率高位、库存低位回升、资产负债率低位”的行业，增加投资的内生动力更强。据此看：上游的化工（化学制品、化纤）、有色、黑色（钢铁）等行业的内生动力仍然最强，医药行业也较强；中游和下游的多数行业暂时较弱。\n3、综合看，有色、化工资本开支增速仍处于相对低位，未来提升空间相对更大，需关注环保政策扰动。\n报告摘要：\n一、目前各行业资本开支的修复情况如何？\n>整体制造业资本开支仍处于修复进程中。对比2021年Q1与2019年末的增速差：1）从固投看，多数行业2021年Q1复合平均增速仍低于疫情前，化纤、造纸、医药、电气机械、运输设备、有色、黑色等行业增速高于疫情前；2）从资本支出(净额)看，多数行业2021年Q1复合平均增速已高于疫情前，但建材、采掘、汽车、建筑装饰等行业增速仍明显较低。\n>化工、有色、钢铁如期加速修复。对比2021年Q1与2020年Q3的增速差，化工、有色、钢铁三大行业的资本开支均加速上行，验证了我们此前判断。此外，关注四种现象背后的经济含义：1）交运设备、造纸、电气设备的资本开支增速持续提升，反映景气度维持高位；2）医药、电子、汽车的固投和资本支出增速走势背离，可能与无形资产投资增加、集中度提升有关；3）服装和纺织资本开支走势分化，反映疫情受控影响；4）机械、建材的资本开支也有所加速，应是反映了全球资本开支周期回升、建筑业施工加快。\n二、目前各行业资本开支的内生动力如何？\n延续此前分析框架，制造业投资的内生动力取决于投资意愿和投资能力，进而取决于企业盈利、产能利用率、库存水平、负债率等方面：\n>企业盈利：上游强势、中下游明显承压，反映了PPI-CPI剪刀差持续扩大的影响；上游多数行业和下游的医药、家具、造纸盈利涨势仍强。\n>产能利用率：多数行业小幅回落，可能与季节性因素有关；上中游产能利用率仍处高位，化纤、专用设备、纺织逆势提升。\n>库存水平：上中游多数已在补库，下游维持中位水平震荡；化纤库存水平较低，上游的橡胶、黑色、有色和多数中游行业库存增速已在高位。\n>资产负债率：上游多数下行，中下游分化较大；石油煤炭加工、化学制品、黑色、有色金属、交运设备、医药、电子行业的资产负债率处于低位。\n我们认为盈利涨势强劲、产能利用率高位、库存低位回升、资产负债率低位的行业增加投资的内生动力更强。据此看：上游的化工（化学制品、化纤）、有色、黑色（钢铁）行业增加投资的内生动力仍然最强，医药行业也较强；中游多数行业受制于利润承压、库存高位，下游多数行业受制于利润承压、资产负债率高位，增加投资的内生动力可能暂时较弱。\n三、总结论：整体制造业资本开支仍处修复进程，有色、化工提升空间相对更大，环保政策是扰动\n综合看，整体制造业资本开支仍处修复进程，化工（化学制品、化纤）、有色、黑色（钢铁）、医药正处加速修复进程、内生动力仍强，其中：黑色（钢铁）、医药资本开支增速已达到近年来高点，未来提升空间可能有限；有色、化工资本开支增速仍处于相对低位，未来提升空间可能相对更大；特别提示，需关注后续环保政策对上游行业资本开支的压制。\n风险提示：疫情演化超预期，外部环境恶化超预期，政策收紧超预期。\n正文如下：\n一、目前各行业资本开支实际恢复情况如何？\n1、整体制造业资本开支仍处于修复进程中\n用最新一期（2021.3）与2019年末的增速差衡量疫情后资本开支的恢复情况，制造业资本开支整体仍处于修复进程中，恢复正常水平的行业比例提升，但仍有较多行业低于疫情前。具体而言：\n>从固定资产投资看，多数行业2021年Q1较2019年同期复合平均增速仍低于疫情前，其中仅化纤、造纸、食品加工、医药、电气机械、运输设备、有色、黑色增速高于疫情前。\n>从资本支出（净额）增速看，多数行业2021年Q1较2019年同期复合平均增速已经高于疫情前，其中家电、计算机、轻工、电子、交运、医药、电气设备增速较疫情前涨幅明显；机械设备、通信、钢铁、纺服、有色也恢复较好；化工跌幅明显收窄；建材、食品、军工、采掘、汽车、建筑装饰等行业仍明显低于疫情前。\n\n2、化工、有色、钢铁如期加速修复\n回顾我们去年年底的判断，即综合各行业资本开支的内生动力和实际恢复情况来看，化工、有色、钢铁等行业将加速修复。截止2021年一季度，化工、有色、钢铁三大行业的资本开支均加速上行，验证了我们此前判断：\n>从固定资产投资增速来看，化纤、有色、化学制品、黑色金属业固投增速较去年Q3分别提升了16、12、10、3个百分点，化工和有色是固投增速升幅最大的几个行业之一；\n>从资本支出（购建固定资产、无形资产和其他长期资产支付的现金）增速来看，钢铁、化工、有色资本支出增速也较去年Q3分别提升了28、18、2个百分点。\n此外，四种现象背后的经济含义值得注意：\n>交运设备、造纸、电气设备行业此前资本开支已经在加速，近期增速多继续提升，显示相关行业景气度持续较高；\n>医药、电子、汽车行业的固投增速和资本支出增速走势分化，其固投增速回落或基本持平，但资本支出增速仍明显提升，其背后可能包括两方面原因：一是三大行业增加了在知识产权等无形资产的投资，如长春高新、比亚迪等公司最近半年的无形资产增速大幅高于固定资产增速；二是可能反映了市场集中度的提升，资本开支向上市企业集中。\n>服装和纺织资本开支增速走势分化，服装业升而纺织业降，反映了疫情受控的影响。\n>机械设备、建材行业资本开支增速也有所加速，可能反映了全球资本开支周期回升以及建筑业施工加快的影响。\n\n\n\n\n\n二、那些行业资本开支的内生动力仍强？\n延续此前分析框架，制造业投资的内生动力取决于投资意愿和投资能力，进而取决于企业盈利、产能利用率、库存水平、负债率等方面：\n1、企业盈利：上游强势、中下游明显承压；上游多数行业和下游的医药、家具、造纸涨势仍强\n整体看，多数行业利润增速已超过2019年水平，上游对中下游利润的挤压明显，其中：\n>上游原材料业：化学制品、化纤、橡胶塑料、黑色、有色金属冶炼业利润增速升至近年来高位，且涨势仍然强劲；\n>中游装备业：增速普遍趋于放缓；\n>下游消费品业：医药、家具、造纸涨势仍强。\n\n2、产能利用率：多数行业小幅回落，上中游仍处高位，化纤、专用设备、纺织逆势提升\n>上游原材料业、中游装备业的多数行业的产能利用率均处于近年来高位，其中化纤、专用设备业逆势提升；\n>下游消费品业的产能利用率多数回落，纺织业逆势提升。\n\n3、库存：上中游多数已在补库，库存水平接近高位；下游维持中位水平震荡\n>上游原材料业多数行业库存增速触底回升，橡胶塑料、黑色、有色等行业库存增速较高，化纤行业库存增速仍处于低位。\n>中游装备业多数行业库存增速较高，其中金属制品、专用设备、电气机械、仪器仪表行业持续补库；通用设备、交运设备业高位震荡；\n>下游消费品业多数行业库存增速维持中位水平震荡。\n\n4、资产负债率：上游多数下行，中下游分化较大；石油煤炭加工、化学制品、黑色、有色金属、交运设备、医药、电子处于低位\n>上游原材料业负债率多数下行，橡胶、非金属矿物处于近年来高位，石油煤炭加工、化学制品、黑色、有色金属业处于历史低位。\n>中游装备业的金属制品、通用、专用设备处于近年来高位，交运设备处于低位，电气机械、仪器仪表处于中位水平；\n>下游消费品业的医药、电子处于低位，食品制造、纺织、家具、造纸业处于高位。\n\n综上所述：\n1）盈利：上游强势、中下游明显承压；上游多数行业和下游的医药、家具、造纸涨势仍强；\n2）产能利用率：多数行业小幅回落，上中游仍处高位；化纤、专用设备、纺织逆势提升；\n3）库存：上中游多数已在补库，库存水平接近高位，下游维持中位水平震荡；化纤库存水平较低，上游的橡胶塑料、黑色、有色和多数中游行业库存增速已在高位；\n4）资产负债率：上游多数下行，中下游分化较大；石油煤炭加工、化学制品、黑色、有色金属、交运设备、医药、电子业的资产负债率处于低位。\n我们认为盈利涨势强劲、产能利用率处于高位、库存处于低位或在已开始补库、资产负债率处于低位的行业增加投资的内生动力更强。\n据此看：上游的化工（化学制品、化纤）、有色、黑色金属加工业增加投资的内生动力仍然最强，医药行业也较强；而中游行业受制于利润承压、库存高位，下游多数行业受制于利润承压、资产负债率处于高位，增加投资的意愿可能暂时较弱。\n综合来看：\n1、整体制造业资本开支仍处修复进程；\n2、目前内生动力较强的行业包括化工（化纤、化学制品）、有色、黑色金属、医药，这几个行业的资本开支也正处于加速修复过程，其中：黑色、医药资本开支增速已达到近年来高点，未来提升空间可能有限；有色、化工资本开支增速仍处于相对低位，未来可能仍有较大空间。\n风险提示:\n1、疫情超预期演化：近期印度疫情大幅爆发，如后续病毒发生变异、疫苗效果不及预期，导致全球疫情再度大幅恶化，可能拖累经济复苏和资本开支。\n2、外部环境恶化超预期：如拜登政府对华超预期强硬等，中美摩擦可能进一步恶化，打击企业投资信心。\n3、政策收紧超预期：碳减排目标下，如环保政策超预期收紧，可能抑制企业投资意愿。","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":190197359,"gmtCreate":1620604589671,"gmtModify":1704345286271,"author":{"id":"3573267026077628","authorId":"3573267026077628","name":"阿麦小乔","avatar":"https://static.tigerbbs.com/234561fa04246ad0d2b52dbc39a5b523","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3573267026077628","idStr":"3573267026077628"},"htmlText":"埋伏","listText":"埋伏","text":"埋伏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190197359","repostI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