繼2019年5~9月起國內上市櫃半導體封裝及測試業者合併營收月增率開始轉為正數態勢之後，10~12月則呈現震盪走勢。其中2019年10~11月國內上市櫃半導體封裝及測試業者合併營收月增率轉為負數態勢，主要係因華為先前連續拉貨，內部晶片庫存水準需要進行重新檢視，而2019年12月廠商總計合併營收較11月上揚1.76%，推升動能主要來自於高階封測、LCD驅動IC封測、記憶體封測、晶圓偵測等族群。

面對全球手機市場需求持續疲弱，加上系統級封裝 ( 、扇出型封裝 (Fan Out WLP) 比重持續提升，使得手機用 BT 載板的出貨難以明顯拉升，但隨著各國電信商陸續投入 5G 商轉，帶動 5G 基地台等基礎建設需求逐步攀升，日本廠商除持續投入伺服器、網通設備等非手機應用領域的拓展外，更逐步將類載板產能移做 ABF 載板的生產，帶動 2019 年日本 IC 載板全年產值仍持續呈現微幅成長的態勢。

Carpets are textile floor coverings used for improving aesthetics of the floor space. Carpets consist of an upper layer of pile with a backing attached to it. The synthetic fibers such as polypropylene, nylon, or polyester are widely used for the construction of upper layer (pile). Carpets are available in a plethora of shape, size, patterns, textures and materials. The report scope includes carpet made up of Nylon, Olefin, Polyester, and Others which includes jute, wool coconut fiber etc. By end user the carpet market is studied across residential and commercial segment. The report excludes rugs and other flooring coverings.

Carpets are textile floor coverings used for improving aesthetics of the floor space. Carpets consist of an upper layer of pile with a backing attached to it. The synthetic fibers such as polypropylene, nylon, or polyester are widely used for the construction of upper layer (pile). Carpets are available in a plethora of shape, size, patterns, textures and materials. The report scope includes carpet made up of Nylon, Olefin, Polyester, and Others which includes jute, wool coconut fiber etc. By end user the carpet market is studied across residential and commercial segment. The report excludes rugs and other flooring coverings.

Carpets are textile floor coverings used for improving aesthetics of the floor space. Carpets consist of an upper layer of pile with a backing attached to it. The synthetic fibers such as polypropylene, nylon, or polyester are widely used for the construction of upper layer (pile). Carpets are available in a plethora of shape, size, patterns, textures and materials. The report scope includes carpet made up of Nylon, Olefin, Polyester, and Others which includes jute, wool coconut fiber etc. By end user the carpet market is studied across residential and commercial segment. The report excludes rugs and other flooring coverings.

Domestic players have leading positions in the paper manufacturing sector. Most of the companies are controlled by private capital and some are traded on a regulated market. In order to increase their market competitiveness, these companies have to optimise their input costs. This includes to generate their own electricity and import low-cost raw materials. The Chinese paper manufacturing sector has high entry barriers, because the major players on the market rely on economies of scale, which makes the companies’ capital outlays and fixed costs high. The Chinese government policy also contributes to high entry barriers, with the rising level of regulation related to climate change and energy efficiency, affecting the paper and paperboard production.

Domestic players have leading positions in the paper manufacturing sector. Most of the companies are controlled by private capital and some are traded on a regulated market. In order to increase their market competitiveness, these companies have to optimise their input costs. This includes to generate their own electricity and import low-cost raw materials. The Chinese paper manufacturing sector has high entry barriers, because the major players on the market rely on economies of scale, which makes the companies’ capital outlays and fixed costs high. The Chinese government policy also contributes to high entry barriers, with the rising level of regulation related to climate change and energy efficiency, affecting the paper and paperboard production.

China’s natural gas output fall short of meeting the government’s ambitious aim to gradually replace coal with natural gas and reduce air pollution. The country’s heavy reliance on gas imports exposes its supply–demand balance to risks, which can lead to volatile gas prices. For example, when the demand for gas peaked in November 2017, the LNG price rocketed to a record high of RMB 7,000 per tonne. Therefore, China needs to urgently develop gas storage facilities to buffer the impact of demand peak. Despite holding vast reserves of unconventional gas with up to 124.67 bcm of newly discovered shale gas in 2018, producers must contend with China’s complex topography and the remote locations of its resources, which results in higher prices and longer time required for drilling.

China’s natural gas output fall short of meeting the government’s ambitious aim to gradually replace coal with natural gas and reduce air pollution. The country’s heavy reliance on gas imports exposes its supply–demand balance to risks, which can lead to volatile gas prices. For example, when the demand for gas peaked in November 2017, the LNG price rocketed to a record high of RMB 7,000 per tonne. Therefore, China needs to urgently develop gas storage facilities to buffer the impact of demand peak. Despite holding vast reserves of unconventional gas with up to 124.67 bcm of newly discovered shale gas in 2018, producers must contend with China’s complex topography and the remote locations of its resources, which results in higher prices and longer time required for drilling.

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。