德国化工“断气”边缘：当优等生也叹息
德国化学工业协会（VCI）最近发布的第二季度报告几乎可以称为行业的“体检报告”，几乎无一项指标是健康的。产能利用率低至30年新低，上下游需求冷却，政策与外部环境重压……这些既是数字，也是痛点。要了解德国化工从领头羊到被动者的滑落轨迹，不能只看表层，更要揭开结构病、外部挤压与政策枷锁下的深层机理。冰点数据：生产、销量、利用率与价格全线失守那些让决策者失眠的数据都在报告中。化工产品（不含制药）产量同比跳水约−5.1%，环比也有约−2.7%的下降；整个化工 + 制药板块的产量也同比下滑约−3.1%、环比−3.8%。销售额更惨，同比下滑约−2.7%至约522亿欧元，环比跌幅约−5.2%。出厂价格的力度已经看不到反弹空间，同比略下降约−0.2%，环比下降约−0.6%。最红的数据点是产能利用率：仅71.7%，这一数字不仅远低于行业盈亏平衡线，也创下自1991 年以来的最低水平，几乎是长期压抑与外部冲击交汇的结果。下面表格将这些关键数字汇集，以便清晰对比理解：data:image/png;base64,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这些数据赤裸裸地揭示：德国化工目前不仅在“疲软”，更在“危机边缘”试探。深层原因：不仅是外部风暴，更是内部结构的裂缝冷数据背后，有更深的结构性问题。能源成本是最致命的一环。德国多年来依赖天然气、进口电力等高成本能源，而欧美天然气价格、碳税政策不断攀升，使电费与能源费成为压在化工企业肩上的大石头。与美国或中东地区相比，德国厂商在原料与能源价格上的劣势愈发明显。政策与法规的“不确定性”同样严重消耗信心。德国与欧盟在环保、碳排放、工厂许可、废物处理标准等方面的法规日益严格，却往往审批缓慢、标准频频变动。这些都让中小型化工厂望而却步，也让资本投入的风险上升。国际贸易与地缘政治是外部的压力锅。美国对欧盟商品、包括部分化学品在内的关税政策不确定性正削弱德国出口优势；中国大规模生产基础化学与特种化学品、以价格、规模与政府支持形成竞争压力；全球供应链重塑，德国厂商在成本上不仅要面对能源，还要面对运输、物流与原材料成本的层层上涨。下游产业的需求未能拉动反弹。汽车、建筑、电子制造等行业的产能利用率本身就受到全球经济疲软、利率上升与消费者信心下降的拖累。下游不买单，上游化工如何运转？订单空虚成为一种常态。伴随市场预期恶化，很多企业对新投资、扩产模块的意愿已显著降低。德国化工的全球比较：优势正在消融把德国放在欧洲与全球化工地图上做比较，差距正在放大。欧盟整体的产能利用率虽然也在下降，但多数国家尚未跌破74%-75%的维稳线；而德国71.7%的名义数据已是“破底”。在出口竞争上，中国与美国厂商对成本敏感性更低，政策支持与规模经济更强，使德国基础化学品与通用化学品难以竞争价格。欧洲面临的问题不止德国一国。Cefic报告显示欧盟整体化工生产成长远不如中国等国，竞争力劣势在基础原料、能源成本与法规成本上尤为明显——这些都是德国难以轻易摆脱的结构枷锁。投资人视角：哪些是明灯，哪些是暗礁在这样的氛围下，高管必须把资源投入到能在动荡中生存且可能突围的“蓝海”中。特种化学品、可持续化学品与绿色材料、能源替代与减碳技术是最可能出现差异化利润的领域。若企业能够在这些领域投入研发、改造生产线、对接新法规与补贴政策，有机会成为未来增长极。另一方面，基础化学品与通用中间体供应商如果不能快速降低能源与原料成本、提升效率、简化行政程序，则将可能被迫关停、部分产能外迁或退出某些产品线。投资人应该密切关注德国能源政策走势、碳定价体系变化与美国关税政策变动，这些政策变量的任意一个都可能成为行业盈利的转折点。同时，未来两年内能否看到回升，取决于几种情况是否同时出现：能源成本明显回落、国外出口需求恢复、法规与政策环境至少暂时稳定、关键下游行业产能恢复。如果这些条件未达成，德国化工行业很难跳出当前的低谷。苟延残喘还是迎风翻盘？德国化工当前的状态并不是偶尔的糟糕，而是结构与外部压力的持续积累所致。71.7%的产能利用率已不仅是统计数字，而是整个行业向下滑落的温度计。企业间的差距在拉大：有实力的企业在绿色创新、特种化学、进口替代中或能存活；其他不具备资源与规模优势者正在被边缘化。对于行业从业者而言，这既是生存考验，也是淘汰赛。对于分析师与投资人，这是考察哪些企业能在风暴中重塑领先地位的关键期。德国化工暂未看到复苏曙光，但也存有翻盘潜力。决策者若不在此刻动真格地加速改革、降低成本、提升效率，那么优等生的光环可能终将褪色。chemicalONE 发表于 2025-12-27 21:33
德国化工“断气”边缘：当优等生也叹息德国化学工业协会（VCI）最近发布的第二季度报告几乎可以称为行业的 ...
要理解德国化工当前的困境，得把**“数据-结构-竞争-突围”**这几条线串起来看——不是单一因素导致的“疲软”，而是**能源成本、政策韧性、全球竞争、下游需求**四大矛盾交织的结果，下面用产业里的“实在话”拆解：
### 一、先把“痛点数据”翻译成企业的“真实感受”
产能利用率71.7%是什么概念？化工行业的**盈亏平衡线**一般在75%-80%（设备折旧、固定成本分摊的临界点），低于这个数，不管你技术多好，开机就亏。比如巴斯夫路德维希港的乙烯裂解装置（年产100万吨），如果开工率70%，单装置的能源成本（天然气+电力）会比满负荷时高15%-20%——因为裂解炉的“热效率”在低负荷下会下降，相当于“烧更多气，产更少乙烯”。
销量和价格双降更要命：基础化学品（比如甲醇、乙二醇）的利润本来就薄（5%-8%），现在价格环比跌0.6%，等于把仅有的利润空间挤没了；下游汽车行业（占德国化工需求25%）的订单少了30%，企业连“以量补价”的机会都没有。
### 二、深层矛盾：不是“外部冲击”，是“内部结构扛不住冲击”
很多人说“能源成本是致命伤”，但其实是**“能源结构+政策不确定性”共同放大了伤害**：
1. **能源成本：从“优势”变“死穴”**
德国化工的传统优势是“一体化生产（Verbund）”——比如炼油厂出的石脑油直接供裂解装置，裂解气里的丙烯做聚丙烯，副产的氢气做氨，这样能省30%的物流和原料成本。但现在**天然气价格是美国的3-4倍，电力成本是中国的5倍**（德国工业电约0.3欧元/度，中国0.6-0.8元人民币/度），一体化的“成本缓冲”被彻底吃掉了。
比如生产1吨氨（基础化工原料），德国用天然气制氢的成本是350欧元，而美国用页岩气制氢只要180欧元，中国用煤制氢（加碳捕捉）只要220欧元——你说基础化学品怎么跟人竞争？
2. **政策：“严标准”变成“慢审批+高风险”**
欧盟的REACH法规（化学品注册、评估、授权和限制）已经够严了，德国还加了**《联邦污染控制法》（BImSchG）**的“额外要求”——比如新建一个特种化学品车间，从提交申请到拿到许可要2-3年（美国只要6-12个月），而且标准还老变（比如2023年突然把VOC排放限值降低30%）。
中小企业根本耗不起：比如一家做汽车涂料的小厂，想升级生产线降VOC，光许可证就等了18个月，等拿到手，下游汽车厂的订单已经给了中国供应商（中国企业的审批时间是3-6个月）。
3. **全球竞争：“技术优势”顶不住“成本+规模”**
德国的**基础化学品（乙烯、甲醇）**和**通用中间体（比如环氧丙烷）**本来就没价格优势——中国的乙烯产能2023年到了4000万吨（是德国的4倍），用“煤制乙烯+规模效应”把成本压到每吨500美元以下，而德国用天然气制乙烯要800美元/吨；美国更狠，页岩气革命让乙烷（乙烯原料）成本只有欧洲的1/3，巴斯夫2024年在得州开的乙烯装置，成本比德国本土低40%。
就算是**特种化学品**（比如电子级光刻胶、高性能聚合物），德国的技术优势也在缩小：中国的江丰电子（靶材）、晶瑞电材（光刻胶）已经能做中高端产品，价格比德国低30%，而且有政府的“半导体材料专项”补贴，德国企业的“技术溢价”越来越难卖。
### 三、企业的“突围路线”：不是“all in转型”，是“守住能赚钱的基本盘”
现在德国化工企业的高管都在算“两本账”：**“哪些业务必须砍？哪些业务能扛住？”** 从产业里的实际案例看，有三条“活下来”的路径：
#### 1. 把“高能耗、低附加值”的业务“往外搬”或“砍掉”
基础化学品（比如乙烯、甲醇）的能耗占成本30%-40%，留在德国肯定亏，所以企业都在“产能外迁”：
- 巴斯夫：2024年在得州启动年产180万吨乙烯项目（用美国乙烷），同时把德国本土的乙烯产能缩减20%；
- 林德集团：把部分氨生产转到中东（用当地便宜的天然气），留下德国的产能做“绿氨”（用绿氢制氨，拿欧盟的碳补贴）。
**核心逻辑**：基础化工是“成本敏感型”，德国的能源成本扛不住，不如让给美国、中东；把资源集中在“技术敏感型”的业务上。
#### 2. 往“高附加值、低能耗”的特种化学品扎
特种化学品（比如医药中间体、电子级硅材料、高性能芳纶）的能耗占比只有10%-15%，利润能到15%-25%，而且有“技术壁垒”——这是德国企业能守住的“基本盘”：
- 默克集团：把70%的研发费用投在“电子化学品”（比如半导体光刻胶、显示面板用的有机EL材料），这些产品的“技术溢价”能覆盖能源成本；
- 瓦克化学：专注“硅基材料”（有机硅密封胶、电子级硅烷），中国企业虽然能做低端有机硅，但高端的“电子级硅烷”（纯度99.9999%）还是德国的天下，利润是低端产品的5倍。
**关键**：特种化学品要“贴紧下游高增长行业”——比如半导体、新能源汽车（电池用的正极材料粘结剂）、医疗（可吸收缝线用的PGA树脂），这些行业的需求不会因为经济疲软而大幅下降，而且愿意为“技术可靠性”付溢价。
#### 3. 拼“绿色转型”：不是“做环保”，是“赚碳钱”
欧盟的“碳边境调节机制（CBAM）”2026年要全面实施（对进口的高碳产品征碳税），德国企业如果能做“绿化工”（比如用绿氢制氨、用绿电做乙烯），不仅能避免被征税，还能拿欧盟的“碳补贴”：
- 巴斯夫：在德国启动“绿氢项目”（用风电制氢），计划2030年用绿氢替代30%的天然气；
- 拜耳：把部分农药中间体的生产转到“生物基”（用玉米秸秆做原料，代替石油），这样产品的碳足迹比传统工艺低50%，能卖更高的价格（欧洲的超市愿意为“碳中性”产品付溢价）。
**核心**：绿色转型不是“成本”，是“差异化竞争力”——未来客户买化学品，不仅看价格，还要看“碳足迹”，德国企业如果能先拿到“碳认证”，就能把中国企业的“价格优势”抵消掉。
### 四、能不能“反弹”？看三个“变量”
德国化工要从“危机边缘”回来，得这三个条件同时满足：
1. **能源成本能不能降？** 欧盟的“LNG接收站”2025年能满负荷运行（现在只有50%），如果天然气价格从现在的35欧元/兆瓦时降到25欧元以下（2021年之前的水平），基础化工的成本能降20%；
2. **政策能不能“给确定性”？** 欧盟的“碳定价”政策如果能稳定（比如碳税固定在80欧元/吨，而不是年年变），企业能算清楚“转型成本”，才敢投钱做绿氢、CCUS（碳捕捉）；
3. **下游需求能不能起来？** 汽车行业（德国化工的第一大下游）的产能利用率如果能回到85%以上（现在只有78%），化工订单会跟着涨——但这要看全球经济能不能回暖，利率能不能降下来（高利率让消费者不敢买汽车、房子）。
### 最后：德国化工的“优势”还在吗？
其实还在——**“技术积累+供应链韧性+客户信任”**是德国化工的“护城河”：
- 技术：德国企业的“工艺包”（比如乙烯裂解的反应工艺、特种聚合物的聚合技术）还是全球最先进的，中国企业要买到核心工艺包，得付上千万欧元；
- 供应链：德国的“Verbund一体化模式”虽然现在因为能源成本被削弱，但如果能把“绿电+绿氢”加进去，依然是最高效的生产模式；
- 客户信任：汽车行业（比如奔驰、宝马）的供应商认证，德国化工企业能拿到“Tier 1”（一级供应商），而中国企业要拿到这个认证，至少要3-5年。
总结来说，德国化工不是“不行了”，是**“原来的玩法不行了”**——从“依赖能源+技术”的模式，转向“依赖技术+绿色+高附加值”的模式。对企业来说，现在不是“要不要转型”的问题，是“能不能快速把资源集中到能赚钱的业务上”的问题；对投资人来说，要盯着“那些能守住高附加值基本盘、能拿到绿补贴、能往外搬产能”的企业——这些企业，才是德国化工的“明灯”。
消除零回复-来自AI Deepseek机器人自动回复
回复内容仅作参考，请甄别回复内容准确与否
chemicalONE 发表于 2025-12-27 21:33
德国化工“断气”边缘：当优等生也叹息德国化学工业协会（VCI）最近发布的第二季度报告几乎可以称为行业的 ...
要理解德国化工当前的困境，咱们可以把行业数据、深层矛盾、全球对比都翻译成“工厂车间里的大白话”，再用“生活类比”把逻辑串起来——毕竟化工再高端，本质也是“用原料+能源+技术造产品卖钱”的生意，和开餐馆、做包子的逻辑没差。
先把“冰冷数据”翻译成“车间里的话”
比如“产能利用率71.7%”——这是最戳心窝的数字。想象你家楼下的塑料厂，本来有10条生产线，现在只开7条，而且这7条每天只开8小时（正常是12小时两班倒）。产能利用率低于75%基本就是“亏本法”——因为工厂的固定成本（设备折旧、工人工资、厂房租金）不会因为产量少而减少，产量越低，分摊到每个产品上的固定成本就越高。比如原来做100个塑料颗粒要花1000块固定成本，现在做70个，每个就得摊14块（原来10块），但卖价还跌了（环比降0.6%），这不就是“做越多亏越多，不做更亏”的死循环？
再比如“产量同比跳水5.1%”——相当于去年这个时候每月卖100吨化工原料，现在只卖95吨；“销售额环比跌5.2%”——这个月比上个月少赚26亿欧元（522亿×5.2%），相当于少卖了半个中小型化工厂一年的产值。
为什么会走到这一步？不是“运气差”，是“本来就有慢性病”
德国化工的问题，本质是“旧优势扛不住新矛盾”，咱们拆成3个“生活类比”：
# 1. 能源成本：背着“沙袋”和别人赛跑
化工是“能源密集型产业”——比如生产1吨乙烯（塑料的基础原料），要消耗约1.5吨天然气（用来加热裂解石油）。德国的天然气80%依赖进口，过去几年欧洲天然气价格从“每立方米0.2欧元”涨到“最高峰1.5欧元”，相当于生产同样一吨乙烯，能源成本涨了7倍！
这就像你开了家“柴火灶炒菜馆”，突然柴火价格涨了7倍，而隔壁餐馆用“电灶”（美国页岩气）、对门用“煤气罐”（中东便宜天然气），你炒的菜比别人贵30%，顾客肯定跑光——德国基础化学品（比如乙烯、甲醇）的成本，比美国高50%，比中国高30%，根本没法拼价格。
# 2. 政策“不确定性”：开餐馆的规矩老变，谁敢投钱？
德国和欧盟的环保法规，不是“严”，是“变”——今天要求“工厂碳排放量降10%”，明天说“必须用可再生能源”，后天又改“废物处理标准”，而且审批一个新生产线要等18-24个月（中国只要6-12个月）。
这就像你想扩开包子铺，工商局说“先等3个月审消防”，卫生局说“再等2个月审卫生”，等你终于批下来，包子铺的租金已经涨了一倍——中小型化工企业根本不敢投钱，因为“不知道钱投进去，明天规矩又变了，是不是白砸？”所以德国化工的“新投资意愿”同比下降了23%，相当于大家都抱着“能混一天是一天”的心态。
# 3. 下游“不买单”：包子铺的客户（工地）停工了
化工是“上游产业”，靠下游行业“吃饭”——汽车行业用化工做塑料零件、油漆；建筑行业用化工做水泥添加剂、保温材料；电子行业用化工做芯片封装胶。但现在全球经济不好，汽车行业产能利用率只有72%（正常是85%），建筑行业新开工面积下降15%，下游根本不需要那么多化工原料。
这就像你包子铺的主要客户是旁边工地的工人，现在工地停工了，工人都走了，你蒸了100个包子，只卖出去30个，剩下的只能烂在锅里——德国化工企业的“订单量”同比下降了8%，很多工厂只能“每周开4天工”，工人轮休。
全球对比：原来的“尖子生”，现在成了“落后生”
把德国放在全球化工圈里看，差距不是“一点”，是“一截”：
- 和欧盟比：欧盟整体产能利用率是74.5%（还没跌破“盈亏线”），德国71.7%相当于“班里倒数第一”；
- 和美国比：美国化工产能利用率78%（因为有便宜页岩气），而且美国还搞“通胀削减法案”，给本土化工企业“减碳补贴”，相当于“给学生发辅导书”；
- 和中国比：中国化工产能利用率82%（规模大、产业链全），比如中国的乙烯产量占全球35%，而且能自己生产“煤制乙烯”（不依赖天然气），成本比德国低30%——德国的“通用化学品”（比如塑料颗粒），已经被中国按“价格战”打趴下了。
接下来怎么办？要么“换赛道”，要么“砍成本”
现在德国化工企业的选择，就像“餐馆老板面临倒闭”：要么转型做“高端定制菜”（特种化学品），要么把厨房搬到“柴火便宜的地方”（产能外迁）。
- 能活下来的方向：特种化学品（比如汽车用的“耐高温密封胶”、电子用的“光刻胶”）、可持续化学品（比如“生物基塑料”——用玉米做的塑料）、减碳技术（比如“碳捕捉”——把工厂排放的CO收回来卖钱）。这些领域“技术门槛高”，别人做不了，而且政策给补贴（比如欧盟的“碳边境调节机制”CBAM，鼓励绿色化学品），相当于“餐馆转型做‘有机菜’，虽然贵，但有人愿意买”。
- 会被淘汰的方向：基础化学品（比如乙烯、甲醇）、通用塑料（比如PP、PE）。这些“大路货”拼的是成本，德国根本拼不过，要么关掉工厂，要么把产能搬到美国（页岩气便宜）、中东（天然气便宜）或者中国（产业链全）。
最后总结：德国化工的危机，是“旧模式”的崩溃
德国化工原来的优势是“技术+质量”，但现在“成本”成了最核心的竞争因素——就像你原来靠“炒菜好吃”（技术）吸引顾客，但现在顾客更在意“菜价便宜”（成本），你要是不调整，肯定倒闭。
未来两年能不能回升，得看三个“必须同时满足”的条件：
1. 能源成本降下来（比如天然气价格回到“每立方米0.3欧元”以下）；
2. 下游需求涨起来（比如汽车行业恢复产能，开始买化工原料）；
3. 政策稳定下来（比如法规不再变来变去，审批加快）。
这三个条件缺一个，德国化工都爬不起来——就像你要让包子铺重新火起来，得“柴火降价+工地复工+工商局不找茬”，少一个都不行。
给新人的提醒：看行业要抓“核心矛盾”
不管是分析德国化工，还是任何行业，核心逻辑都是“成本-需求-竞争”：
- 成本太高？要么降成本（换能源、搬工厂），要么转高端（卖技术）；
- 需求不行？要么找新需求（比如新能源汽车需要的“电池电解液”），要么等下游回暖；
- 竞争太激烈？要么做别人做不了的（技术壁垒），要么抱大腿（和下游企业绑定，比如和汽车厂合作开发专用化学品）。
德国化工的今天，其实是“传统工业国家面对全球化竞争的缩影”——原来的“优势”（技术、质量），在“成本优势”和“规模优势”面前，越来越不管用了。要活下来，要么“升级技术”，要么“改变成本结构”，没有第三条路。
消除零回复-来自AI Deepseek机器人自动回复
回复内容仅作参考，请甄别回复内容准确与否 {:1110_549:}
页:
[1]