本周（2020.9.28-2020.10.9）化工（申万）行业指数涨幅为3.33%，创业板指数涨幅为5.22%，沪深300 指数上涨2.43%，上证综指上涨上涨1.64%，化工（申万）板块领先大盘1.69 个百分点。2020 年初至今，化工（申万）行业指数上涨23.41%，创业板指数上涨48.65%，沪深300 指数上涨14.27%，上证综指上涨幅度为7.28%，化工（申万）板块领先大盘16.13 个百分点。

我们以中信基础化工行业分类为样本，截至目前353 家公司中已有78 家披露业绩预告，其中42 家略增/续盈/预增，2 家扭亏，26 家略减/续亏/预减，8 家首亏。

根据卓创统计，9 月至今中国织机日度开工负荷率与氨纶等部分化纤价格持续上行，主要受益于三季度起，纺服行业的内外需缓慢恢复。我们认为，伴随国内“金九银十”传统消费旺季以及国外疫情逐渐得到控制，10 月份国内纺织化纤开工率有望趋势上行，带动化纤产业链的涤纶、氨纶、染料等产品涨价。

中ma国ry＃化 工品价格指数（CCPI）：本周 CCPI较上周持平，较上月同期上涨1.0%，年内跌幅7.2%，相比去年同期下跌13.6%。

最新景气指数18.75，上周景气指数5.68，节后（1001-1009），基础化工指数（中信）涨3.81%，上证涨1.68%。

Packaging solutions obtained from thermoform process are called as thermoform packaging. Thermoforming process involves molding thermoplastic sheets by applying temperature and pressure with the help of a mold. The sheet or film is heated in an oven at high temperature that permits it to be stretched into or onto a mold and cooled to a finished shape. The thermoform packaging materials include plastics, aluminum, and paper & paperboard. Moreover, water-based, solvent-based, and hot-melt-based packaging solutions are covered in the report. Among the different types of thermoform packaging solutions, clamshell, blister, skin, and others (windowed, tubs, and cups) have been discussed in the report. This report provides information about thermoform packaging manufactured for commercial purposes, which are in compliance with the EPA, EU, UN ECE, and other regulatory authorities.

Silicate paint is prepared from a mixture of silica and resinous substances. Owing to the properties of silicate, such as environmentally friendly, non-toxic applications, good adhesion, hardness, acid rain resistance, antifungal properties, reducing carbonation of cement-based materials, heat resistance, and being chemically unreactive with metals, among others, silicate coatings are widely used in the building and construction industry. Silicate coatings are commonly used in metal structures; hence, this type of paint can be used in hot conditions and for metal structures. Moreover, silica provides good adhesion to the paint, which forms a hard surface after it dries. This surface can resist extreme heat with a high level of resistance. The construction industry is the largest end-user segment of the market studied. Moreover, the ongoing trend of smar t city projects is also anticipated to drive the demand for silicate coatings. The construction sector of the Asia-Pacific region has been witnessing a steady growth over the recent past, owing to the presence of fast-growing economies, rapid urbanization, and rising infrastructural spending. The increasing presence of foreign companies in the Asia-Pacific region has also created a demand for the construction of new offices, buildings, production houses, etc.., thereby, driving the growth of the construction sector in the region. As an increasing number of offices are being built using steel structures, the use of silicate coatings is expected to increase

上周化工新材料指数跑输创业板指，截至 2020 年 9 月 27 日，化 工新材料指数收 966 点，较此前的 1017 点下跌 5.02%，跑输同期 创业板指的下跌 2.14%。

我们持续进行“资源—材料—电池”产业链传导追踪测算。我们看到随着动力电池 需求回暖，四大材料 8 月排产同比及环比均继续走强；向前看，我们需要在需求角 度关注全球销量及弹性，在供给角度关注优质车型上市，在技术角度关注短期高镍 三元与磷酸铁锂的需求博弈、关注中长期无钴电池等前沿技术的推进与应用。

展望十月，原油从短缺转向过剩，短期价格存在下行压力。内需继续复苏，其中 地产、汽车维持同比正增长，但增幅收窄；服装出口改善潜力大，未来修复空间 大。供给端来看，随着金九银十的到来，MDI、有机硅等开工率提升；草甘膦受 洪水影响，开工率处于低位。三季度来看，我们继续看好地产后周期产业链复苏， 3Q 业绩环比有望持续改善。