2020年1-2月，我国化工行业运行呈现以下特征。一是突如其来的疫情对制造业企业生产经营造成了巨大冲击，化工行业固定资产投资同样大幅下降，达到近一年来的最低值。二是受新冠病毒肺炎疫情显著冲击，终端需求疲软拖累工业生产，对化工行业生产形成拖累，行业增加值出现近一年来的首次下降，主要化工产品产量除乙烯外均出现下降。三是化工生产受到拖累，下游需求低迷，供需两弱的局势造成大多数化工产品价格下跌。化工行业工业生产者出厂价格指数有所回升，但仍低于同期工业生产者出厂价格指数。四是本就低迷的化工出口加之疫情的影响，2020年1-2月化工出口交货值下降到近一年来的最低值。五是疫情冲击宏观经济，导致企业经营下滑明显，2020年1-2月企业整体营收和利润增速均大幅下降。

2019年世界基础石化产品产能增长再创新高，消费增速连续三年好于经济表现，但市场供需失衡仍在加剧，导致世界石化产品价格大幅下跌，行业营收大幅萎缩。同期，在替代、新业态、出口及基建消费拉动下，国内乙烯当量消费实现10%以上的增长，因此聚乙烯进口也大幅增长。在新增产能和进口量大增的压力下，石化产品库存全年维持高位运行，产品价格也跌至近年新低。2020年，世界石化产品供需增长放缓，北美等新增供应将持续转化为出口，进一步流入中国市场。世界石化行业盈利在2019年跌出景气区间后，或在2020年继续下探。同年，国内受新冠疫情影响，乙烯当量消费将有所下降，替代、基建等消费领域仍有增长空间。预计2020年国内石化产业整体盈利下跌幅度趋缓，产业链盈利继续向下游转移。在国内安环和信贷政策趋紧的背景下，高成本供应将面临退出挑战，行业将加速向头部集中，市场也将逐步向新平衡过渡。

The Asia-Pacific construction sector is the largest in the world and is increasing at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization. As per the statistics of the Nation Bureau of Statistics of China, the revenues of the construction sector registered a CAGR of ~3.75% between 2013-2018 and was valued at ~CNY 40,000 million in 2018. In 2019, the country’s construction industry is expected to rise by almost ~6%. Real estate investment, which includes investments in the residential and commercial sector and office spaces, rose by ~11.6% in January-February in 2019, compared to the same period in the previous year. The robust investment in the property sector was supported by steady housing prices and an increase in property construction. However, the fallout from the trade feud with China has led to increased volatility in the financial markets and caused businesses to turn more cautious. Manufacturing activity has pulled back considerably, and it is likely to either stall or contract during the first part of the year. Forecast for economic growth has scaled back as businesses have turned more cautious. In Southeast Asia, Indonesia is the largest and one of the fastest-growing markets. With annual population growth at about ~4 million, construction may remain a key economic enabler.

Urea formaldehyde adhesives are widely used in the bonding/gluing agent in medium density fiber board applications. Rising demand for MDF from various wood working applications is driving the market studied. The wood furniture industry has witnessed a significant rise in demand, owing to the increasing trend of eco-friendly furniture. This is driving the demand for medium-density furniture in the global market, owing to the homogeneous density profile of MDF, which allows manufacturers of furniture to perform intricate and precise machining and finishing techniques for superior finished products. Residential construction is the major driving factor for the MDF market and is expected to remain the same over the forecast period, owing to robust demand from the residential sector.

China’s chemical fertiliser sector is highly competitive as a whole, due to severe overcapacity in some subsectors such as urea, phosphate fertilisers and potassium sulphur manufacturing. The key competition elements include independent innovation ability and high efficiency and safety. In the last few years, the Chinese government has encouraged domestic companies to invest abroad in order to gain expanded access to foreign markets via an international sales network.

2019年，全球市场剧烈动荡，宏观经济下行压力不断加大。面对各种风险、挑战和复杂局面，化工行业平稳运行，行业景气高位震荡下行，固定资产投资增速小幅回落，生产活动平稳，化工产品实现稳定增长，整体呈现供给宽松局面，行业PPI持续下降，行业盈利能力有所下滑。展望2020年，不确定不稳定因素仍然很多，外部环境依然严峻，化工行业将继续坚持环保绿色发展。受新冠疫情影响，1季度化工产品的产销出现较为明显的下降，疫情过后，下游消费会出现明显反弹，预计2季度后市场将会迎来新的繁荣，行业生产或将恢复至正常水平。民营炼化、农化、新材料、燃料电池等细分领域具有潜力空间和投资机会，但诸多投资风险因素尚存。

China’s cement industry is characterised by relatively low concentration and severe overcapacity. In 2018, China had about 3,500 cement enterprises. However, restrictions on adding new cement capacity have recently pushed cement manufacturers to expand their production through M&As. The economic imbalance between the coastal and inland parts of China is the reason for the unequal performance of cement producers from different regions. Most of them are located in the regions of the Yangtze River Delta, the Pearl River Delta and Southwest China.