Acrylic acid and its derivatives is a broad category of chemicals that finds extensive applications in the manufacture of a wide range of compounds that are used in surface coatings and adhesives and sealants, construction, automotive, personal care products and cosmetics, and many other industries.Acrylic ester is the most widely consumed derivative of acrylic acid, accounting for 51.98% of the market in 2015. This compound is used as a water-based coating and finds extensive applications in most end-user industries.Asia-Pacific (APAC) was the largest market for acrylic acid and its derivatives in 2015, accounting for 33.02% of the market. The market in the region will grow considerably over the forecast period to reach 36.37% in 2020. The growth can be attributed to factors such as industrialization, rising disposable incomes, and population growth.Acrylic hybrids, such as alkyd-acrylic hybrid and epoxy-acrylic hybrid, have been gaining prominence in recent years as they offer superior characteristics over conventional acrylates.

The automotive segment is a key application area for aerogels and accounted for a 4.9% share of the global aerogel market in 2015. The segment is anticipated to grow at a CAGR of 28.06% during the forecast period. The demand for aerogels is growing from the automotive segment owing to their unique properties like excellent thermal resistance, enhanced acoustic insulation, light weight, reduced thickness, and fire and water resistance.In terms of form, the blanket form is the largest segment of the market. It was the first form of aerogels that was commercialized for end-use applications.In terms of application, the oil and gas segment dominated the market in 2015 with a share of 68.5%. Reduced thickness and superior insulation properties of aerogels are of prime importance for the oil and gas industry. The demand for aerogels is high for oil and gas applications as this industry is more temperature-sensitive, and employs the transportation of unprocessed hydrocarbons over long distances.North America is the largest region in terms of consumption of aerogel materials, and had a 51.2% share of the market in 2015. Globally, the region is leading the global aerogel market with respect to product innovation, and in terms of quality and application development. The North American aerogel market is largely driven by the oil and gas segment, where the demand for advanced solutions that combine reduced thickness and superior insulating properties with low thermal conductivity is high.

Cosmetic preservatives are substances added to cosmetic formulations to avoid spoilage caused by the growth of micro-organisms. Generally cosmetic preservatives are used in cosmetic products that contain water, like gels, creams, and lotions. Water acts as a breeding medium for yeast, fungus, bacteria, and molds, which can spoil the product and cause mild to severe side-effects on the user.

In 2015, the water-soluble paints segment was the largest product segment of the global waterborne coatings market, accounting for 49.5% market share. These paints are predominantly used in the developed economies, such as the US and Europe because they have low VOC content. These paints are used for coating automotive parts, such as interior body parts to prevent them from corrosion and mechanical stress.In 2015, the architecture industry was the largest end-use segment of the global waterborne coatings market, accounting for 32% market share. The growth of the housing and construction markets in APAC is contributing to market growth, with China as the leading consumer of waterborne architectural coatings. In APAC,infrastructure spending is expected to reach $8.85-$8.95 trillion by 2025 from $4.3-4.4 trillion in 2015.In 2015, APAC was the largest geographical segment of the global waterborne coatings market, accounting for 39.5% market share. APAC is expected to be the fastest-growing region (CAGR 5.8%) in the global waterborne coatings market.This fast-paced growth of the waterborne coatings market in APAC was attributed to rapid industrialization and the flourishing automotive industry. Countries such as China and India will drive the demand for waterborne coatings in the region.

The beauty industry can be divided into two broad segments: mass beauty care and premium beauty care, on the basis of the target market and product pricing. The mass category of products is targeted at the middle- and lower-income class (C, C-/D+, and D/E classes) population, whereas the premium category of products is targeted at the upper-income class (A/B and C+) or affluent class of the population.

Limestone is a naturally occurring and abundant sedimentary rock consisting of high levels of calcium carbonate, magnesium carbonate, or dolomite (calcium magnesium carbonate CaMgCO3) along with other minerals. After mining, limestone is initially crushed using a primary crusher and depending on the required size. It is further crushed using a secondary or tertiary crusher to reduce its size further. Then it is screened into various sizes for the commercial end-use applications.

The beauty industry can be divided into two broad segments — mass beauty care and premium beauty care — on the basis of the target market and product pricing. Mass products are targeted at the middle- and lower-income classes (C, C-/D+, and D/E class) population, whereas, the premium products are targeted at the upper-income class (A/B and C+) or the affluent class of the population.

Injectables are a combination of dermal fillers and Botox used in facial aesthetic treatments, which help reduce wrinkles and play a crucial role in rejuvenating facial skin for smoother and younger look. These are injected under the skin or lips to plump up the tissues and gently lift it to restore collagen lost due to aging. Collagen and HA provide essential support to skin and help it retain its elasticity. The glabellar lines, wrinkles, and lines can be reduced with facial aesthetic treatment.

核心观点：一、供需格局持续改善的化工品：1）粘胶重点关注三友化工；2） 3-甲基吡啶重点关注红太阳；3）丁酮关注齐翔腾达；4）PVC 关注鸿达兴业、 中泰化学。二、国改主线：市场化意识强、有较强资产证券化预期的企业有望 充分受益本轮国改行情，并有实际动作落地。重点关注中化集团下属中化国际、 扬农化工，以及新疆兵团下属新疆天业。三、具备长期成长逻辑的个股：1）银 禧科技：旗下兴科电子（CNC 业务）业绩爆发式增长；2）传化智联：公路港 业务稳步推进；3）永利股份：智能分拣随快递行业快速发展进入上升通道；4） 复合肥旺季来临、利空出尽，关注具备稀缺农服资源的新洋丰，以及复合肥龙 头金正大、史丹利。  重点公司动态：1）永利股份：公司控股股东史佩浩于 3 月7 日减持所持公司流 通股 295 万股，占公司总股本的1.17%。减持方式为通过证交所进行大宗交易

上周（03.11-03.17），基础化工子行业中，磷化工、无机盐、民爆用品、塑料制品、涤纶、印染化学品、复合肥板块涨幅居前，分别上涨 4.24%、3.25%、2.55%、 1.71%、1.59%、1.58%和 1.52%；绵纶、日用化学品、氟化工、氨纶板块跌幅居前，分别下跌 4.42%、2.14%、1.45%、 1.22%。

本期化工行业一些周期龙头股价格调整较大，主要是原油及一些大宗品的低位震荡的影响下相关板块基本面缺乏利好支撑，加上前期龙头个股获利较多而减仓进一步影响到股价。我们认为短期来看相关板块可能还有一定风险，但长期看调整后仍有加仓机会。近期可重点关注涨价题材、新型材料等题材。

本期，沪深 300 指数涨跌幅为 0%，中信基础化工指数上涨 0.16%，23 个中信化工三级子行业中有 8 个跑赢行业指数。本期，涨跌幅排名前五 的子行业分别为其他化学制品、粘胶、涤纶、树脂和氟化工；涨跌幅排 名后五的子行业分别为有机硅、氯碱、磷化工、纯碱和钾肥。个股方面， 涨跌幅排名前五的分别为国风塑业、飞凯材料、西陇科学、京汉股份和 浙江众成；涨跌幅排名后五的分别为亚星化学、新奥股份、三友化工、 金浦钛业和黑猫股份。 行业及公司跟踪 山西省 40 亿立方米煤制气项目成“十三五”国家重点任务 农药行业国内刚性需求稳定 海外并购愈演愈烈

凭借成本优势，煤化工行业的发展前景非常广阔 我国“富煤少油缺气”的能源结构决定了发展煤化工是国家能源安全和可持续 发展的必然选择。石化类产品的市场需求量非常大，2015 年乙烯的需求量大约 为 2151 万吨，丙烯的需求量大约为 2587 万吨，合成树脂的表观消费量为 1 亿 吨左右，因此煤化工产品的替代空间非常大，以原油和天然气为原料通过石油 化工工艺生产出来的产品绝大部分都能够以煤为原料通过煤化工工艺生产，煤 化工产品都有明显的成本优势，因此未来煤化工产品的替代空间非常大的。  煤制烯烃、煤制乙二醇等新型煤化工发展进度最快 

我们监测的最新中信建投化工景气指数为-24.43，前周 4.55，化 工景气指数转负，原油价格大幅下跌，带动橡胶、纯苯等石化产 品价格下行，导致化工景气指数下降。上周二级市场基础化工指 数（中信）涨 0.16%，上证跌 0.17%。 油价大幅下跌。本周五布伦特结算价 51.37 美元/桶，周跌 8.28%， 当前油价仍面临美页岩油钻机数增加的压力，近期油价将继续承 压。美国 3 月 10 日当周石油钻机数 617 口，环比增 8 口，前值 增 7 口，由于油价领先钻机数 3 个月左右的时间，我们预测美国 原油钻机数近期有望继续上涨。

我们仍然坚持年度策略中的看法，以基建为大主线，扶贫等政策为辅线，精选优质细分行业。基建托底经济是必然趋势，尤其是一带一路重点区域值得重点关注，基建受益衍生行业需求提振，容易带来板块性机会。

2016 年 1—12，华东地区草甘膦价格涨幅 38.89%至 25000 元/吨，17 年 3 月草甘膦价格在 23000 元/吨左右，有一定降幅。草甘膦价格上涨主要由于上游原材料价格上涨，成本增加，其中甘氨酸（2016 年 1—12 价格涨幅 60%）、黄磷（2016 年 1—12 价格涨幅 12%）和甲醇(2016 年 1—12 价格涨幅 71%)。 

基础化工板块较上周上涨 0.63%，沪深 300 指数上涨 0.52%。基础化工跑赢大盘 0.11 个百分点，涨幅居所有板块第 13 位。据申万分类，基础化工子行业本周 22 个上涨，7 个下跌，涨幅居前的有：磷化工及磷酸盐 6.94%，民爆用品 2.56%，其他化工原料 2.36%，涤纶 1.87%，其他化学制品 1.78%；个股方面，本周基础化工涨幅居前的个股有：三聚环保 15.2%，九鼎新材 12.8%，尤夫股份 12.3%，井神股份 10.4%，雅化集团 9.4%。 

16年1月-17年2月表现较好的子行业包括：其他化学原料（+81%）、磷化工及磷酸盐（+27%）、轮胎（+14%）、改性塑料（+11%)、合成革（+8%）；较差的子行业包括：复合肥（-52%）、玻纤（-44%）、其他塑料制品（ -41%）、氟化工及制冷剂（-40%）、民爆用品（-30%） 。

申万化工板块上涨 0.82%，涨幅最大的三个子行业分别为申万磷化工及磷酸盐（+5.35%）、申万其他塑料制品（+4.68%）和申万民爆用品（+3.29%），跌幅最大的三个子行业分别为申万其他纤维（-3.09%）、申万日用化学产品（-1.22%）和申万合成革（-1.01%）。

上周，国际油价小幅上涨，国内化工品价格以下跌为主：华泰化工重点监测的 190 个主要化工产品中，36 个价格上涨，66 个价格下跌，其中纯吡啶（31.6%）、双氧水（15.4%）、硝酸（15.0%）涨幅居前；丙烯酸（-14.1%）、丙烯酸丁酯（-10.5%）、纯碱（-10.0%）跌幅较大。