上周基础化工板块上涨 2.3%，沪深 300 指数上涨 1.9%，基础化工板块跑赢大盘0.3 个百分点，涨跌幅居于所有板块第 14 位。涨幅居前：南岭民爆、硅宝科技、宏大爆破、华西股份、天晟新材；跌幅居前：*ST 盐湖、万盛股份、*ST 尤夫、国风塑业、百川股份。 

在化工下属 31 个三级子板块中，轮胎板块表现出与化工下行大周期不同的发展节奏，最近 12 个季度大部分上市公司的主营收入保持平稳甚至逐季上升。过去十五年，中国轮胎的快速成长主要是攫取了全球商用车轮胎市场的份额。下一个十五年，在共享汽车情景下，以高性价比产品占领乘用车轮胎市场是中国轮胎企业的确定性成长空间，但只有少数已经布局了海外产能的几家领先企业可以参与分享未来的成长空间。在贸易壁垒保护下的市场中获取高额利润，中国轮胎企业国际化布局的红利仍将持续。我们认为，未来，拥有海外产能布局的轮胎企业将走上持续成长之路，建议关注目前估值较低、成长性确定的轮胎龙头标的！ 

本篇报告旨在寻找精细化工行业估值已在底部，仅通过业绩增长即能推动市值提升的成长公司。19 年化工行业需求往下，主要是下游行业整体需求低迷，又叠加产品去库存和中美贸易摩擦，所以景气度下行。20 年化工景气度会比2019 年有所改善，化工品整体库存较低、20 年有望逐步进入补库存阶段，化工上市公司经过一年中美贸易摩擦的考验，基本有了应对之策、从边际上看业绩不会受更大影响。精细化工相对于大化工而言，技术壁垒更高、周期性弱；有些细分行业需求较好，有些细分行业集中度提升趋势明显，对于业绩增长确定性大的公司，会有较好的投资机会。

全球经济下行压力显现，需求承压。供给端新一轮扩产产能将陆续投产，行业景气回落。目前部分产品库存处于极低水平，行业估值亦处于历史较低分位。维持行业强于大市评级。判断行业集中度持续提升，龙头企业获得更多市场份额与更高盈利水平。

Noise pollution adversely affects the lives of millions of people around the world. Problems related to noise include stress-related illnesses, high blood pressure, speech interference, hearing loss, sleep disruption, and lost productivity. Environment Protection Authority (EPA) Victoria plays an important role in protecting the community from noise pollution. It develops policies, regulations, and guidelines for preventing and controlling noise. Noise pollution is regulated by different authorities and levels of government. Under the Clean Air Act, the EPA established the Office of Noise Abatement and Control (ONAC), to further carry out investigations on noise and its effect on public health and welfare. However, in 1981, the administration concluded that noise issues addressing noise pollution shifted to the state and local levels, resulting in the closing of ONAC and noise issues transferring to state and local governments.

The pest control market is segmented into type, pest type, application, and region. Based on type, the market is classified into chemical, mechanical, biological, and others. Based on pest type, the market is divided into insects, termites, rodents, and others. Based on application, the market is categorized into commercial, residential, agriculture, industrial, and others. Based on region, the market is analyzed across 15 Europe countries, which include Germany, UK, France, Italy, Spain, Netherlands, Switzerland, Poland, Czech Republic, Austria, Belgium, Greece, Slovakia, Portugal, Ireland, and rest of the Europe.

Coding and marking have remained an integral part of the product/commodity supply chain for years now. The overall technology itself has a crucial role to play in our daily lives, be it from the perspective of businesses, industries, or even consumers. The coding and marking process involves the imprinting of information and data on products and its packaging to enable an efficient track & trace process throughout the supply/distribution chain. This packaging could either be a primary or secondary form of packaging, depending on the product material to be coded. Similarly, the information or the data to be printed can vary as per product category. For instance, the coding and marking of a food item such as fruit cakes can have information such as best before dates and bar codes for tracking it. However, in the case of chemical fertilizers, the information related to the chemical may be highlighted more expansively.

Adjuvants are used in agriculture to enha nce t he per forma nce o f t he pesticides, such as insecticides, herbicides, and fungicides. For the purpose of market sizing, utility and activator adjuvants have been covered under the market studied. The market sizing is done at the manufacturer level. China, India, Japan, Australia, Indo nesia, Thailand , Vietnam, South Korea, Malaysia, the Philippines, and Taiwan are considered in the scope of the study.

Sodium Cyanide is used in the manufacture of various chemicals, such as polymers/plastics, cyanuric chloride, and cyanogen chloride. Furthermore, the increasing demand for polymers is also expected to aid the growth of the sodium cyanide market. The chemicals segment does not include the applications of sodium cyanide in agriculture, such as fer tilizers and other agrochemicals. The plastic manufacturing industry is among the fastest growing industries in Africa, owing to its increasing use in packaging consumer goods, PVC, electrical accessories, polyester films, plastic- moulded extruded goods, among many others.

2019年前三季度，化工上市公司营收3.8万亿，仅同比增长2.43%，相较于去年全年接近21%的增速大幅下滑；2019年前三季度，化工上市公司净利1515亿，同比下滑0.68%，而去年全年行业同比增长接近21%。