简单从数据上看似乎价格战和下跌或还有空间。但我们详细拆分 钛白粉行业内各个公司 2016 年以来的生产成本变动后，可以明显的发现：自 2016 年以来，各个公司单吨钛白粉的生产成本均有不同程度的增加，而将钛精 矿和硫酸涨价带来成本增加贡献剔除后，其他生产成本也均有不同程度的增加， 无一公司例外。

The furfural market is segmented into raw material, application, end user, and region. It includes the revenue generated from sales of furfural across North America, Europe, Asia-Pacific, and LAMEA. Furfural has excellent thermosetting properties, corrosive & physical resistance, low viscosity & high reactivity, outstanding chemical, mechanical, & thermal properties, which make it ideal in the production of foundry resins, adhesives, wetting agents, and other chemical intermediates. It is used in various end-user industries such as petroleum refineries, agricultural formulations, paints & coatings, pharmaceuticals, and others, which include textile, foundry metal casting, flavors & fragrance. In addition, the raw materials used for production of furfural are corn cobs, rice husks, cotton-seed husk, almond husk, sugarcane bagasse, and others.

中国是世界上增长最快的化工市场，增速遥遥领先于其他主要化工品生产国。2009年，中国成为全球最大的化工品生产国，此后一直保持领先地位，2019年占全球化工品销量约40%。

Europe is one of the largest regions in the global industrial starches market, producing over 600 products, from native starches to physically or chemically modified starches, through to liquid and solid sweeteners. According to the European Starch Industry Association, in 2018, the total starch production in Europe from EU wheat, maize, and potatoes stood at 10.7 million metric ton in comparison to the 8.7 million metric ton in 2004. The European Starch Industry Association is the trade association and its membership comprises 28 EU starch producing companies, together representing more than 95% of the EU starch industry. Wheat is the primary feedstock for starch production, followed by corn and potato. Specialties, like green pea, rice, or chickpea, are still minimal and only account for less than 0.5% in the European market. More importantly, growing number of starch manufacturers are investing in the starch and sweeteners market in Europe to support the local economy and local community, while positioning the business for long-term growth.

High hazard blasting agents massively used in quarrying, mining, and construction activities are known as industrial explosives. Various types of industrial explosives include gun powder, cartridges, ammonium nitrate fuel oil (ANFO), and pentaerythritol tetranitrate (PETN) along with explosive accessories such as safety fuse, detonating fuse, and detonators. Industrial explosives are primarily categorized by the speed of their explosion. Explosives that detonate are known as high explosives, whereas explosives that are deflagrated are known as blasting agents or low explosives. For the purpose of analysis, the global industrial explosives market report focuses on the types of industrial explosives such as high explosives and blasting agents, including ANFO, emulsions, and others such as water gels and slurries. The report further highlights numerous factors that influence the market growth, such as forecast, trends, drivers, restraints, opportunities, and the roles of different key players in shaping the market growth.

The report provides market dynamics and trends related to the global hydrogel dressing products market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of hydrogel dressing products; however, it excludes the hydrogel dressing service revenue. The valuations comprise revenue generated from hydrogel dressing products such as amorphous hydrogel, impregnated hydrogel, and sheet hydrogel. Furthermore, the report excludes revenue generated from post-sale services of hydrogel dressing products.

Graphite is a mineral of carbon used in the various applications such as electrical vehicle, refractories, foundry, lubricating agent, construction applications, and others. The increasing use of graphite in the above-mentioned industries is owing to its several advantages such as reduces wear, easy to machine, thermal shock resistant, high metal removal rate, and others. Graphite is a non-metal but possess metallic properties such as high stiffness, strength, good conductor of electricity & heat, and others. There are two different forms of graphite, which include natural graphite and synthetic graphite. The global graphite market is segmented on the basis of type, application, and region. Depending on type, the market is bifurcated into natural graphite and synthetic graphite. The natural graphite segment is further subcategorized into flake graphite, amorphous graphite, and vein graphite. The synthetic graphite segment is further classified into graphite electrode, graphite block, carbon fiber, graphite powder, and others. Based on the application, the global graphite market is segmented into lubrication, refractories, foundry, battery production, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

2020 年 8 月份中信基础化工行业指数上涨 3.20%，在 30 个中信一 级行业中排名第 12 位。子行业中，氨纶、纯碱和聚氨酯板块表现居前。 主要产品中，8 月份化工品整体较 7 月份有所上涨，上涨品种数量大 幅下降，下跌品种数量有所下降。上涨品种中，碳酸二甲酯、纯碱、 TDI、维生素 D3、聚合 MDI 涨幅居前。9 月份的投资策略上，建议关注 钛白粉、纯碱和 MDI 产业链。

基础化工板块 Q2 恢复增长趋势，上半年整体业绩触底反弹。上半年行业整体营收同比-0.53%，基本恢复到去年同 期水平，其中 Q2 同比大幅转正为 5.71%。上半年行业整体归母净利润同比-13.46%，受疫情和油价双重冲击较为明显， 其中 Q2 同比-0.42%，行业整体触底反弹开始复苏的趋势较为明显。