我们认为当前内需复苏进度持续向好，展现较强经济韧性，同时出口端因疫情对海外经济影响边际减弱而呈逐步改善态势，随疫情对经济和需求冲击持续缓和、以及后续疫苗普及后带来的经济快速复苏，前期压制的需求、尤其是出口端复苏有望超预期，未来PPI-CPI剪刀差有望继续缩窄，带动行业景气回升。站在当前时点，我们推荐供给端较为刚性且格局稳定，而需求端（尤其是出口）增长有望超预期的子行业；同时看好具备消费属性的精细化工子行业。

放眼未来十年，随着光伏-储能-电动车闭环的形成，原油逐步将从能源为主导的角色向材料为主导的角色转变。在这个转变过程中，芳烃产业链和烯烃产业链在原油转变为材料的过程中担任主要的角色。尤其是芳烃产业链，其大部分集中在中国，此前大家普遍认为主要由5-6 家企业为主的产业格局即将形成。但是从最新PTA 行业的变化情况来看，芳烃产业链的格局仍有可能变化。

整体来看我国经济仍处于缓慢复苏阶段，基建、房地产及制造业投资皆有改善，“内循环”拉动经济缓慢回升，同时考虑国外疫情的影响也在逐步减弱，制造业下游需求仍在持续好转。

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