Sulfuric acid is one of the most important industrial chemicals and is used for various applications including fertilizers, chemical production, and metal processing. The global sulfuric acid market is expected to grow at a CAGR of 2.62% during the forecast period. Sulfuric acid finds the largest application in the fertilizer industry for the production of phosphoric acid through wet-process. Sulfuric acid is used in the production of many chemicals such as hydrochloric acid, nitric acid, and sulfate salts.

Vinyl acetate is an organic compound, which is commonly used for the production of polyvinyl alcohol (PVOH), polyvinyl acetate (PVA), ethylene vinyl acetate (EVA), and ethylene vinyl alcohol (EVOH). Vinyl acetate is also known as vinyl acetate monomer. Vinyl acetate is a flammable, colorless liquid with a pungent odor. The vapors of vinyl acetate are heavier than air. These vapors can produce irritation in the respiratory system and eyes in humans. Long-term exposure may result in cough, hoarseness, and upper respiratory tract irritation. Vinyl acetate is not classified for carcinogenicity by United States Environmental Protection Agency (EPA).

Methanol is a volatile, colorless, toxic, and flammable liquid. It is processed using a mixture of hydrogen and carbon monoxide, which collectively, is called as synthesis gas or syngas. This syngas is produced by heating hydrocarbon-rich substances with metal catalysts. Usually, the hydrocarbon used is natural gas (methane). Currently, most methanol production facilities make use of coal and natural gas as hydrocarbon sources. Methanol is also made from feedstock such as fossil fuels, including natural gas and coal.

The specialty paper segment is a niche section in the global paper market. Specialty paper is used to produce tailored and high-value solutions for writing, printing, packaging, and labeling applications. Specialty pulp and paper chemicals are used in the pulp and paper industry to manufacture specialty paper. Aluminum sulfate, chlorine dioxide, hydrochloric acid, hydrogen peroxide, and KemBorino are some of the specialty chemicals. Specialty paper chemicals reduce the consumption of energy and water and raw materials by reducing paper weight without hampering the functional and optical properties of the paper. Furthermore, these chemicals will increase the recycling rate of wastepaper.

Flat glass commonly comes in a sheet form and is produced in a flat state. These glass components are mainly used in the construction, automotive, solar glass, and other end-use industries. Flat glass components are used in windows, doors, facades, decorations, windshields, partitions, electronic equipment, interior fittings, and furniture. It is manufactured by the float glass process.

The global sweetener market is growing at a moderate rate (4.47%) owing to the growing concerns about excessive intake of sugar. Consumers are purchasing products that have low sugar and calorie content to maintain a suitable body weight and avoid health problems such as obesity, high/low blood pressure, and tooth decay. Sweeteners are now becoming common in homes across the globe, appearing in many “sugar-free” or “diet” candies, cookies, and beverages. Players are thus using sweeteners across industries, including confectionery, bakery, beverages, cereal, ice cream, and dairy. Non-nutritive sweeteners, both low-calorie and zero-calorie variants, are replacing sugar and corn syrup in food and beverage, healthcare, and personal care products. Significant investments in state-of-the-art equipment and new technologies and the introduction of new crop varieties have resulted in increased zero-calorie sweetener production.

我们监测的最新中信建投化工景气指数为10.80，上周景气指数-9.09,化工景气指数上周短暂转负后再度转正, 二级市场基础化工指数（中信）跌1.87%，上证跌0.86%。

行业景气底部回升，盈利水平改善。化工行业历经多年低迷后产品价格自2016 三季度开始底部回升，行业景气持续复苏，2017 年前三季度，以化学原料及制品行业为例，行业整体实现营业收入6.95 万亿元，同比增长10.4%，利润总额为4521 亿元，同比增长33.4%。

2018 年PVC 价格有望见底回升。我们预计，需求向好、氯碱行业环保升级与成本上行等因素将支撑PVC 价格中枢上行，2018 年PVC均价超过6700 元/吨，相比2017 年上涨5%。看好电石-PVC 装臵一体化的公司，推荐鸿达兴业，建议关注中泰化学等。

只有钾肥、复合肥、氟化工、无机盐价格上涨，分别上涨了9.06%、1.50%、0.32%和0.21%；有机硅、树脂、绵纶、聚氨酯、橡胶制品跌幅居前，分别下跌了6.94%、4.93%、4.70%、4.00%和3.92%。一年以来，其他化学制品、塑料制品、纯碱、氮肥和磷化工涨幅居前，分别上涨了16.65%、14.35%、10.92%、6.93%和5.04%；有机硅、无机盐、磷肥、橡胶制品和粘胶跌幅居前，分别下跌了39.04%、34.26%、33.81%、32.53%和31.29%。

炼油与乙烯均为重资产的投入，规模化与产品协同的要求，未来炼化一体化势必成为趋势。我国的PX对于进口依赖度较高，近年来，国内的化纤巨头正在向上游炼油-PX产业链扩张。