2016 年化纤产业链受益于下游纺织服装内需、出口增长，整体需求向好。其中涤纶板块因靠近终端纺服行业，率先开启回暖周期，带动产业链自下而上复苏。中游 PTA 板块产能出清近尾声，寡头垄断显雏形，企业盈利水平改善。搭乘政策鼓励民营力量进入炼化领域的东风，涤纶行业龙头纷纷进军上游 PX 领域，打造上下游一体化全产业链新格局。产业链利润结构将由现在的“哑铃型”向“扁平型” 转变，复苏进程滞后的中游 PTA 行业盈利将逐渐进入上升轨道。

云天化公告因供气单位暂停西南地区主要用气企业天然气供应，导致全资子公司云南水富云天化合成氨和尿素装置停产，预计 2017 年 12 月 31 日前不能复产。巴斯夫也于 12 日宣布重庆 MDI 生产遇到不可抗力，原因是其合成气供应商天然气供应短缺。今年天然气限气力度较往年明显加大。

Ready-mix concrete is manufactured in a factory or a plant, within certain specific guidelines, such as in the ratio of 3:2:1, i.e., 3 parts aggregates, 2 parts water, and 1 part cement, and then delivered to a construction site through a truck equipped with transit mixers. When aggregates are mixed together with dry Portland cement and water, the mixture forms a thick fluid mass that easily molds to a predefined shape. The cement reacts chemically with water and other ingredients to form a hard component that binds the materials together into a durable, harder material that has many uses.

The past century has seen the dominance of fossil fuels as the chief source of energy for the sustenance of the global economic machinery. Among these fuels, crude oil is one commodity that has controlled almost all the aspects of the energy business. Crude oil is defined as a mixture of compounds composed primarily of carbon and hydrogen in varying proportions, with the presence of inorganic compounds, such as nitrogen, sulfur and metals, such as vanadium, mercury. The crude oil, in discussion, is found in specific rock formations, called reservoirs, in the earth's crust. The depth at which these reservoirs occur can vary significantly — from pools that flow up to the surface to almost 15,000 meters underground. The method employed to get to these reservoirs of black gold is through drilling the surface until a pre-defined depth is reached.

Cement consumption in 2017 should grow in the mid- to high single digits, recovering some of the lost ground of 2016. The reactivation of public investment should be positive for cement demand. The gradual recovery of macroeconomic stability, including expectations of falling inflation, reduced interest rate volatility and more predictable fiscal policy, should be supportive of private investment and could lead to a renaissance of cement demand growth.

In this market research report, Technavio covers the present scenario and growth prospects of the global prepreg market for 2016-2021. The report also presents the vendor landscape and corresponding detailed profiles of the key five vendors operating in the market. The base year is taken as 2016 for the whole report and forecasts are made with respect to the base year.

The building and construction industry is witnessing substantial investment not only in emerging economies such as India and China but also in developed countries such as the US. The governments of China, India, Japan, the US, Turkey, France, the UAE, and Qatar are spending substantially in various infrastructure facilities. In addition, in countries such as Saudi Arabia, the UAE, and Qatar, the government's focus has shifted toward the non-oil sector, owing to which the investment contribution toward construction activities has increased substantially over the years.

中国尿素供给实际收缩近千万吨。由于 2016 年中煤炭价格上涨，以 及电价气价优惠相继取消，超过 2000 万吨产能固定床尿素成本劣势凸 显，停车增多。根据百川信息，中国尿素日产已经从 2016 年初 17-20 万吨/日下滑到 16 年下半年 14-15 万吨/日，并在 2017 年全年维持在 14 万吨左右。测算近千万吨产能停产近一年，产能收缩效应明显

个股方面，石化板块中康普顿、荣盛石化、光正集团、蓝焰控股、 恒力股份领涨，涨幅为 12.95%、11.97%、11.40%、10.37%和 6.12%， 洲际油气、齐翔腾达、石化油服、上海石化、中海油服领跌，跌幅为 5.39%、4.54%、4.21%、3.39%和 3.15%。 基础化工板块中万盛股份、*ST 河化、康达新材、尤夫股份、美 联新材领涨，涨幅分别为 20.99%、13.27%、12.79%、12.06%和 10.68%， 同德化工、国泰集团、*ST 天化、红太阳、吉林化纤领跌，跌幅分别 为 15.26%、13.28%、8.46%、7.31%和 6.84%。 关

一体化龙头企业的每股营收能力强于板块整体，尤其是在11年以后，化工板块整体每股营收下滑，而一体化龙头 企业每股营收继续维持较高增速。  从营业利润率上来看，同样有相似的觃律，一体化化工企业的净利润率显著高于板块整体，尤其是在15年之后， 一体化龙头企业利润率修复的速度显著高于板块整体修复速度

油价因减产延长短期上涨，中期震荡为主，替代板块迎来良机 减产协议两度延寿，原油价格短期上涨动力较足；中期来看，北 美页岩油增产以及石油国家之间囚徒困境仍将制约原油大幅上 涨，我们预测 2018 年油价将在 50-65 美元区间震荡，成本上涨将 向下放大传导，煤化工将优先受益，重点推荐煤制甲醇-烯烃、乙 二醇等板块。

板块方面，本周重点推荐 PC 板块、农化板块和维生素板块：进 口自泰国的双酚 A 裁定倾销、废塑料禁止进口、2018 年新增产能 仅有 20.5 万吨，2018 年 PC 供不应求加剧，价格涨幅有望超预期， 当前报价 32750 元/吨，重点推荐鲁西化工、江山化工；农药行 业供给侧受环保制约，且错峰季停产，需求端短期旺季来临，长 期企稳复苏，供需好转下价格普涨，重点推荐沙隆达 A（农药第 一股）、扬农化工（原药龙头）、兴发集团（草甘膦龙头）、辉 丰股份（草铵膦将投产）、广信股份（成长性极佳）；尿素行