高性能、低成本，石墨烯迎来大发展。随着技术的不断成熟，目前石墨烯粉体及薄膜的价格已大幅下降。从我们调研来看，石墨烯粉体价格已经降 至 10 万元/吨甚至更低，不到 5 年前的 1/10；石墨烯薄膜的价格也已经降至与主要竞争材料 ITO 膜相当的水平（100~200 元/平米），且预计随着工艺和设备的改进未来还存在进一步下降的空间。随着成本的持续下降、以及下游各项应用陆续落地，石墨烯作为高性能添加材料进行应用推广的可行性快速提高。

展望 6 月份，主要下游化工行业有望继续平稳运行，政策提振后市预期，化工行业供需两端将继续小幅回暖，产品价格将以窄幅震荡为主。现代煤化工“十三五”指南发布，未来我国现代煤化工仍将以示范为主，控制规模总量和发展节奏。此外，随着集成电路支持政策稳步推进，作为关键性材料的电子化学品发展前景广阔。

目前阶段化工板块建议投资者关注两类投资机会，第一类是新材料板块中估值和成长匹配性高的优质龙头企业，以及以新能源汽车材料（锂电池材料、碳纤维汽车轻量化等）、新型显示材料（OLED、裸眼3D 等）、半导体材料为方向的产业链高景气的新材料标的。第二类则是化工板块中少数能够走出贯穿全年的周期景气板块。

本文从氧化铝价格、产量、铝土矿进口量、氧化铝进口量、氧化铝市场的平衡等方面对 2015 年中国氧化铝市场进行了回顾。安泰科预计 2016 年氧化铝产量将达到 6250 万吨，价格将在供需基本面好转后有所回升，全年大致运行区间为 1600～2400 元/吨。

在中国经济增速放缓，许多行业结构性过剩矛盾凸显的背景下。2015年11月10日，中央提出“供给端改革”的政策消化过剩行业产能。自此， “供给侧改革”不断深化，成为一条中长期投资主线。

OLED 材料是用于生产 OLED 面板的各类材料。OLED 技术性能优越，是最具潜力的新型显示技术。目前 OLED 主要应用于手机、智能可穿戴设备、 VR 等中小屏幕领域，随着技术革新，未来将在电视、笔记本等大屏领域大展身手，市场空间广阔。国内外面板厂商看好 OLED 市场前景，纷纷大幅扩产，将有力拉动 OLED 上游材料需求的增长。国内龙头公司将在 OLED推进浪潮中，分得盛宴，获得快速成长。我们重点推荐万润股份、康得新，建议关注瑞联新材、濮阳惠成和新纶科技。

半导体化学品是半导体制造和封装环节必不可少的材料。全球半导体行业平稳发展，并且持续向中国迁移，极大带动了中国半导体化学品行业的发展。中国半导体化学品的自给率低，在下游旺盛需求和政策助力下，将迎来进口替代的良机，有望孕育出一批细分子行业的龙头企业。我们重点推荐鼎龙股份、飞凯材料、强力新材和康得新（投资芯片企业，偏下游），建议关注上海新阳、南大光电、光华科技、巨化股份和金宏气体。

经济L型背景下，化工行业整体需求难言乐观，周期品总体机会难现。部分小品种有望出现供给收缩侧带来的投资机会，例如金属钠、细分甜味剂等；此外，棉花大周期下，继续看好高开工、低库存的粘胶短纤。

Bio-polypropylene belongs to the family of polyolefins, which is produced from renewable or plant-based sources such as sugar cane, starch, etc. Bio-polypropylene derived from sugar cane generally exhibits mostly the same characteristics as polypropylene from fossil feedstock. It is a thermoplastic polymer that is perceived for its tensile strength, firmness, and resistance to heat. This plastic can also be co-polymerized to enhance its tensile strength and toughness. Biopolypropylene is utilized essentially for injection molding and thermoforming applications and can be transformed into a range of parts that are utilized in durable applications in the automotive and packaging industries, among others.

Calcium carbonate is an inorganic mineral. It is classified into two types: GCC and PCC. Calcium carbonate is used as a commercial and industrial filler in the paper and plastic industries, as an additive for thermoplastics, and in PVC applications. Calcium carbonate fillers make the quality of paper smooth and light and also deliver good printing properties. The mineral has various other uses in the healthcare, food and beverage, and paints and adhesives industries as a filler colorant, supplement, acidity regulator, and as a constituent raw material.

Powder coatings are used in free-flowing powder form; they differ from water/solvent-borne coatings in that they do not need a liquid suspension base. The market for powder coatings has grown considerably over the past few years owing to their several benefits such as finish excellence, ease of application, energy efficiency, eco-friendliness, and cost-effectiveness. Powder coatings develop higher resistance and greater film thickness than water/solvent-borne coatings because they are cured at elevated temperatures. These coatings are also safe to use as they eliminate the need for a solvent; solvents evaporate during the drying process and violate the stringent VOC regulations that have been implemented in many parts of the world. Vendors are now developing processes that reduce curing temperature, especially for the application of powder coatings on plastic and MDF, as it optimizes production and increases the efficiency of powder coatings.

Automotive coatings enhance appearance and durability of vehicles by providing protection from harsh external factors such as UV radiation, high temperatures, and foreign particles such as stones, rubble, and debris. Refinish coatings are used in the automotive OEM aftermarket industry during vehicle repairs and refinishing. Collision repair centers and automotive body shops are the end users of these coatings. Success of these products depends on their reliability, OEM color matching, distribution network, quick cycle times, and sustainability.

Styrenic block copolymers, commonly known as SBC, belong to the family of thermoplastic elastomers. SBCs are consumed in bulk compared to other thermoplastic elastomers and have properties similar to rubber, though they are processed as thermoplastics. SBC is added in additives and other high-performance polymeric compounds for the formulation of the final end-products. The major end-use markets of SBC include the Footwear industry, the Paving and Roofing industry, the Medical and Personal Care industries, and several others. SBCs possess unique properties such as recyclability, elastic quality, and good flexibility at lower temperatures.

Propylene oxide is a chemical intermediate used in the polyurethane and solvents industry. It is manufactured from raw materials such as propene, isobutene, and oxygen. It is also used in the etherification of wood, purification of organosilicon compound mixtures, and disinfection of crude oil products. In 2015, the global production of propylene oxide was 10.37 million metric tons. We expect the production of propylene oxide to increase during the forecast period owing to rising consumption from polyether polyols and propylene glycols manufacturers, among others.

初步分析了涪陵重化工产业现状面临的困境，剖析了问题的根本原因。结合涪陵重化工业发展所面临的机遇和挑战，对涪陵重化工业的发展提出了四点建议：一是以科技创新为核心驱动力，推动结构调整，产品转型升级；二是践行绿色制造，节能减排，切实保护三峡库区环境；三是借助页岩气资源优势，规划发展天然气产业链；四是对新进企业进行整体规划布局，集约集群，形成集聚效应。

截至 2015 年底，我国聚苯乙烯生产企业近 60 家，总产能为 1007 万吨/年。其中， GPPS/HIPS 产能约 372 万吨/年， EPS 产能约 635 万吨/年。 2015 年产量约 645 万吨，同比增长了 17.3%。我国 GPPS/HIPS 的主要应用领域是电子电器、日用品和办公用品； EPS 主要消费领域是建筑用保温材料和包装材料等。 2015 年聚苯乙烯价格先抑后扬，而后呈下行态势，一直持续到年底。未来聚苯乙烯总体消费结构将不会有大的变化，仍将继续以电子电器为主。随着经济发展和人民生活水平的提高，电视机、电冰箱和空调器等家电将朝大型化发展，小型家电对于聚苯乙烯的需求将逐步减少。未来的出口增速将会明显放缓。

3 月份，中国的石化产品迎来全面反弹，且多数涨幅较大，据卓创资讯监测的 124 个化工品数据显示，仅 23 个产品下跌，占比 18.5%； 97 个产品收涨，占比 78.2%； 4 个产品收稳，占比 3.2%。 124 个产品中下跌品种的平均跌幅为 3.27%，上涨品种的平均涨幅为9.49%。进入 3 月后，在原油的带领下，众大宗商品迎来新一轮的反弹。自 2 月中旬至 3 月底，国际原油已上涨 50%，伴随国际油价的大幅反弹，全球大宗商品市场迎来 2016 年首轮大范围反弹上涨。大量资金流入商品市场，据预估这是 2011 年以来最强的一波反弹。目前市场对此持有三种看法，一种认为本轮的反弹预示新一轮大宗商品长阳行情的到来；一种则认为本轮反弹是报复性反弹及空头回补，且大部分资金进入的是黄金等贵金属市场中，说明市场对于大环境仍不看好，至少仍持有谨慎的心理；再一种认为商品价格目前已经到达阶段性高点，接下来将出现回头走势。