化工行业于 2020 年年中开启景气上行走势，2021 年上半年延续上行走势，大幅跑赢沪深 300 指数。展望下半年，需求端，随着全球各大经济体疫情得到控制，全球经济将进一步复苏，利好出口较多的公司；供给端，短期行业产能有所增加，但供给增加主要来自龙头企业，龙头集中度持续提升，长期随着碳达峰碳中和推进，化工供给增加将受到严格限制；成本方面，上游原材料从普涨转变为结构性上涨，产业链下游的成本压力有望降低；市场关注度方面，公募基金化工持仓从2020 年 Q1 的 2.5%提升至 2021 年 Q1 的 5.9%，预计化工持仓还有望进一步上升。展望下半年，化工行业投资机会预计将以多且散的局面呈现，我们主要推荐低估值、高成长的优质细分龙头。

Bioadhesives are defined as naturally occurring polymeric materials, which possess adhesive characteristics and can adhere to biological surfaces. This substance includes glues created by using biological intermediates such as starch, cellulose, or gelatin. With the growing popularity of bioadhesives, owing to their environmentfriendly nature, they are preferred over synthetic adhesives. These adhesives find their application in several end-use industries such as wood, packaging & paper, construction, and medical industries.

根据百川资讯，2016-2020 年，我国纯碱产能中枢保持在3000 万吨左右，产量中枢保持在2500 万吨左右。2020 年，受新冠疫情影响，我国纯碱消费量下滑，同比减少5.76%，但总体看仍保持在2400 万吨左右。在进出口方面，海外天然碱产能释放导致我国纯碱净出口减少。2016-2020 年，我国纯碱出口量从197.92万吨下降至137.83 万吨，进口量从13.46 万吨上升至35.62 万吨。

Coating additives are the fundamental components of coating raw materials that are used for the formulation of paints and coating materials. They are added in small quantities to a coating material to enhance their features during manufacturing, storage, transport, and application. The number of additives in a coating formulation is rarely more than 5% by weight. The average proportion of a single additive in a formulation is usually around 1.6% of the total quantity of the coating formulation. The fundamental purpose of using additives in a coating formulation is to enhance the characteristic properties imparted by the main components of the coating material, namely the binder, pigment, and solvent. Coating additives improve the dispersion of solids, wetting, foam-reduction, anti-whittling, and UV protection. It plays a major role in giving an aesthetic and glossy appeal to the material and prevents surfaces from dents, UV, scratch, corrosion, and rusting of metallic parts of tanks, radiators, fences, and metal furniture.

The earth’s atmosphere has an abundance of components that play a key role in geological processes and other chemical reactions. The most abundant components on the planet include hydrogen, nitrogen, and oxygen. Hydrogen is the third most abundant component after silicon and oxygen and plays an essential role in the sustainability of life on the planet. Hydrogen is used as a reagent in several industrial sectors such as chemicals, electronics, metallurgy, and textile fiber manufacturing. Also, hydrogen is known to have the lowest impact on the environment and is used in power generation and transportation applications. Hydrogen is the most efficient energy carrier and can be obtained from different raw materials, such as water, natural gas, methane, or biomass. Hydrogen can be extracted from either of these raw materials using electrolysis or the steam methane reforming process. Approximately 4% of all hydrogen manufactured worldwide is extracted through the water electrolysis process.

星源材质：公司拟投资建设锂电池隔膜的研发和生产项目，该项目拟投资总额 为人民币 100 亿元。天铁股份：近日，公司与中铁二局集团有限公司签署《采购合同》，合同金额为 4011 万元。金禾实业：公司拟以不低于 5000 万元且不超过人民币 1 亿元（含）的自有资金 回购公司股份，用于后期实施员工持股计划。

巴西是全球主要大豆种植和出口国，拜耳公司 Intacta 2 Xtend 转基因大豆于巴西上市。我国农业农村部《2020 年农业转基因生物安全证书（进口）批准清单》批准了 Intacta 2 Xtend 相关转基因性 状大豆的进口。拜耳 Roundup Ready 2 Xtend 成为美国种植面积排名第一的转基因大豆。全球农作物价格走高，有望进一步刺激大豆等农作物种植面积。扬农化工麦草畏产能居全球领先地位（2 万吨麦草畏产能，2020 年开工率为 50%，产销量提升空间较为可观）。

中国香水市场呈持续增长趋势。奢侈品牌香氛支线及部分小众香水品牌积极布局及培育市场，推动国内香水市场发展。

世界化工看中国、中国化工看山东。山东省是资深的化工大省，根据中国化工报，1992 年山东化工产值首次超过江苏摘得“中国化工第一大省”桂冠。自此之后，山东化工经济总量连续28 年位居全国榜首，2019 年山东省内化工行业资产占比达13%。从供应端看，山东省化工品产量占全国比重高，集中在氯碱、塑料、化肥等传统行业。从需求端看，山东是家电、汽车、纱布制造强省，这些也是化工产品的主要下游，山东化工行业有天然的市场优势。