Thermochromic paints are permanent change inks that are high temperature activated, permanent change pigment used for quality purposes in manufacturing processes such as metalworking, annealing, welding, and riveting for quality purposes where color former and color developer are intimately mixed. It has several practical uses, such as alerting someone to a potentially hot surface using thermochromic paint, which is not only extremely practical but helps to avoid serious injuries. The ability of thermochromic paints to make instantly aware of the temperature is extremely useful. It can also be used as an option to use special paints on road signs to alert drivers to specific temperatures such as freezing.

PolyDADMAC stands for poly-diallyl dimethylammonium chloride. It is widely used in water and wastewater treatment and is sold as a liquid concentrate, with solids composing 10%-50%. This chemical works effectively as a primary coagulant and charge-neutralization agent. PolyDADMAC is also used in the papermaking process to control any disturbing substances while providing superior fixing of the pitch from mechanical pulp and of latex from coated broke.

相较西方工业国家，中国化工行业起步晚，底子薄，发展初期即遭到西方技术封锁，早期落后于西方数十年。改革开放后，国内煤化工和石油化工开枝散叶，构建出我国相对齐备的化工产业链，在此基础上我国化工各领域的龙头企业突破西方技术封锁并依托成本和产业链优势快速开疆拓土，最终夺得 MDI、钛白粉、化学纤维、氯碱、合成硅等众多产品或子行业的全球龙头位置。中国化工业的快速发展也使我国成为新世纪以来世界范围内多数化工品产能的主要增量，并作为后起之秀成为全球化工业越来越重要的参与者。

全球经济增速放缓，化工各子行业、各产品表现分化。2024 年 1-10 月，化学原料与化学制品制造业、化学纤维制造业、橡胶和塑料制品业累计营收分别同比增长4.30%、7.10%、4.70%，利润总额同比分别下降8.03%、提升34.41%、提升2.99%。从具体产品价格来看，截至 2024 年 11 月 17 日，重点跟踪的化工产品中有40.59%的产品年内均价较 2023 年均价有所上涨。

在北半球进入季节性淡季、OPEC+延长额外自愿减产以及俄乌冲突反复的共同影响下，11 月国际油价整体震荡运行。12 月初 OPEC+宣布延长三层减产措施，叠加中东地缘政治局势突变，以及欧盟将对俄罗斯石油出口实施 新一轮制裁，12 月 23 日 WTI/Brent 期货价格分别收于 69.24/72.63 美元/桶，较月初上涨 1.7%/1.1%。我们认为中国石油需求、OPEC+协同减产意愿以及美国供应增速仍为 24Q4-25H1 的重要边际影响因素，IEA 预计若2025 年 OPEC+继续维持额外自愿减产，全球供应仍将过剩 95 万桶/天。油价下跌企稳后优质炼化企业、具备成长能力的高分红企业或将显配置机遇。