市场回顾：上周，化工板块上涨 0.61%，沪深 300 指数下跌 0.63%，化工板块跑赢同期沪深 300 指数 1.24 个百分点。年初至今，化工板块累计下跌 11.08%，沪深 300 指数累计下跌 18.15%，化工板块跑赢同期沪深 300 指数 7.07 个百分点。

自2012 年达到顶峰之后开始一路下滑，于 15 年下跌至 5年来的新低点，大约为 11000 元/吨，直到本轮涨价前一直低位运行。16 年 3 月以来全球范围内 TDI 供应开始出现收缩，6 月份国内装置也都有检修计划，因此在寡头竞争格局依旧的局面下，国内 TDI 企业的话语权增强。

方向性标的关注：1）OLED 有机发光材料：【万润股份、濮阳惠成、瑞联新材】，膜材料【康得新、新纶科技】；2）半导体相关：光刻胶及新型显示材料【永太科技、强力新材、飞凯材料、南大光电】等，大硅片【上海新阳】、高纯试剂【巨化股份】。

化工行业盈利持续好转，上调行业至“推荐”的投资评级。推荐供给侧改革带来产能收缩的轮胎行业，以及受下游需求爆发带动的电子化学品行业，同时我们继续坚持近半年的观点即看好锂电材料的全年行情。

Industrial enzymes are complex protein molecules derived from sources such as plant tissue, animal tissue, and microbes. They accelerate chemical reactions and catalyze biochemical reactions that do not occur naturally. Based on type, industrial enzymes are segmented into carbohydrases, proteases, lipases, and others. They are used in food and beverage, detergents, biofuels, animal feed, leather, textile, paper and pulp, and other sectors.

India is the third largest tiles market in the world and accounts for about 6% of the global tiles production. While global tiles production grew at an annual rate of 6.3% during the period 2006-2013, tiles production in India grew almost double; 12.0% during the same period. The growth of the tiles market industry in India is primarily led by the increasing tiles production capacity in the country, accompanied by increased use of tiles for home improvement, recovery of the real estate market, and resurge in construction activities in the country.

Dyes are primarily derived from petroleum-based intermediates and coal tar. Synthetic dyes are mainly used in the textile industry. They are used as granules, powders, liquid dispersions, or pastes. The concentration of active ingredients ranges from 20% to 80%. These dyes are characterized as new dyes and are regularly developed for meeting the demands of new technology and to be used in detergents, new kinds of fabric, and in dyeing machineries, along with overcoming the serious environmental concerns posed by some existing dyes. However, the products are subject to seasonal demand and variation.

Coil coatings, also known as pre-painted metal coatings, are used to coat metal surfaces before fabrication. They cause minimal VOC emission, consume less energy, and result in limited waste. Moreover, they are corrosion protective and have long-term aesthetic value compared with postpainted metal coatings.

Nematicides are a class of pesticides that are formulated to inhibit or kill plant-parasitic nematodes. A rise in the global demand for food has increased the pressure on farmers to enhance their crop yield. Hence, farmers are increasingly adopting nematicides to protect their crops and meet this demand. The major types of nematicides are fumigants, organophosphates, carbamates, bio-nematicides, and others. The global nematicides market is expected to grow steadily at a CAGR of 3.48% during the period 2014-2019. In 2014, North America dominated the market, accounting for the highest revenue share owing to a rise in demand for food because of its growing population. North America was followed by Europe, APAC, and ROW.

Coatings are products used to protect a surface and/or enhance its appearance. Architectural coatings are applied to commercial and residential buildings. They serve to protect a building from elements such as moisture, UV radiation, and microbes. Paints, primers, lacquers, varnishes, and stains are some of the major types of architectural coating products. These products are formulated using various types of resins such as acrylic, alkyds, polyester, and polyurethane. The market may be broadly classified into two major types of coating technologies: Solvent-borne and water-borne coatings.