Establishments described in this report are primarily participating in the synthetic lubricants market. Synthetic lubricants are lubricants formulated with base oil coming from advance chemical industry like Esthers, PAO (Poly Alpha Olephine) - those synthetic base oils replace the mineral base oils from the crude oil in the formulation and have better performance.

Establishments described in this report are primarily participating in the spiral membrane market. A spiral membrane comprises of a number of membrane 'envelopes' with 2 membrane sheets separated by a permeate spacer mesh, each glued to a central permeate collection tube.

Establishments described in this report are primarily participating in the succinic acid market. Succinic acid is a dicarboxylic acid with the chemical formula (CH₂)₂(CO₂H)₂. The name derives from Latin succinum, meaning amber.

Establishments described in this report are primarily participating in the triacetin market. Triacetin, is the organic compound with the formula C 3H 5 3. It is classified as a triglyceride, i.e., the triester of glycerol. It is a colorless, viscous, and odorless liquid with a high boiling point and a low melting point.

Establishments described in this report are primarily participating in the tartaric acid market. Tartaric acid is a white, crystalline organic acid that occurs naturally in many fruits, most notably in grapes, but also in bananas, tamarinds, and citrus. Its salt, potassium bitartrate, commonly known as cream of tartar, develops naturally in the process of fermentation.

Establishments described in this report are primarily participating in the solvents market. A solvent is a substance that dissolves a solute, resulting in a solution. A solvent is usually a liquid but can also be a solid, a gas, or a supercritical fluid.

Establishments described in this report are primarily participating in the structural adhesives market. A structural adhesive can be defined as a load-bearing material with high modulus and strength that can transmit stress without loss of structural integrity.

Establishments described in this report are primarily participating in the smart coatings market. Smart coatings are special films with predefined properties that make them sense and respond to environmental and other external stimuli. The coatings' self-healing and self-repair properties make them suitable for corrosion protection, material protection and other surface improvement applications.

Establishments described in this report are primarily participating in the spray adhesives market. Spray adhesive may be used during scrapbooking. Spray adhesive is an adherent delivered in droplet form. There are many kinds, to meet the needs of many different applications. It can often be substituted for white glue, hot glue, tape, and other adhesives, as long as the materials to be bonded are taken into account.

Establishments described in this report are primarily participating in the textile chemicals market. a chemical that is used to break down fibres so that they can be removed for purposes of patterning

Establishments described in this report are primarily participating in the specialty tapes market. Specialty tapes have application-specific designs that enhance particular capabilities of the adhesive tape. This can include abrasion and chemical resistance, the adhesion properties, or any other features not commonly available in general varieties of adhesive tape.

需求短期内有望迎来转好，库存低位下，MDI、TDI 价格持续反弹。随着华东地区部分城市恢复正常经济活动，有望带来化工品需求的改善、且提振了现货市场买卖双方得信心。前期在疫情影响下，部分化工品产业链上下游持续去库，当前库存已处于低位，随着需求预期转好，供给端即将迎来集中检修，预计短期内供需将趋紧，盈利有望迎来改善。建议关注：MDI、TDI，相关标的：万华化学、沧州大化。

根据国泰君安宏观团队的观点，实现生产模式低碳化并非一日 之功，需要通过价格信号引导需求流向低碳领域，进而实现低 碳生产，其中的代价就是永久性的通胀中枢上移，我们称之为 “碳通胀”。

化工优质赛道发展前景广阔，市场面向全球，竞争格局稳定，盈利确定性高。行业领先企业在全球竞争中脱颖而出，核心优势显著，未来将能为投资者创造长期价值。地缘政治冲突激化，化工相关资源品供给受到较大影响，此外部分资源品种战略资源属性逐步显现，供给收缩大势所趋。资源品作为下游多数行业刚需，需求将稳步增长。2022年下半年资源品长期供需紧张的问题仍在，全球高通胀背景下，上游资源品高景气持续时间将远超预期。结合当前国际化肥市场供需失衡、天然气供需错配、国际油价高位盘整、资源品价格上涨等情况，我们重点关注钾肥、磷肥、纯碱、煤化工等高景气品种的投资机会。

海外成本高企或致供应受限，MDI 出口有望向好。截至2022 年6 月17 日，聚合MDI 收报18200 元/吨，处在历史价格的58.1%分位数，年初至今跌幅10.78%；纯MDI 收报21500 元/吨，处在历史价格的55.9%分位数，年初至今涨幅3.4%。短期MDI 出口增速虽有放缓，但国内以煤为主要能源的MDI 生产相比海外以天然气为主要能源的MDI 生产具有可观的成本优势。受原料、能源掣肘，海外MDI 装臵不可抗力事件频发，欧美MDI 价格不断走高。疫情背景下，我国聚合MDI 出口下降并不明显，根据百川盈孚数据，2022 年1-5 月国内聚合MDI 出口量约43.92 万吨，较去年同期下降3.6%。目前国内厂商均已复工，出口运输陆续恢复，叠加汇率影响，国内MDI 出口量有望向好。