据测算，浙江石化的早期ROE为33.24%，PB为3.32。根据我们的杜邦分析，原因在于权益乘数较高（权益乘数=3.06），即企业有能力获得607亿的贷款。根本原因是响应政府号召，顺应时代潮流，公司资质好从而获得了政府的大力推动。

2019 年上半年营业收入同比增长 11.40%，主要源于供给侧改革持续推进以及行业产能扩张，产品销售良好。行业内上市公司上半年归母净利润为 928.29 亿元，同比下降 18.66%。行业景气有所下滑。2019H 毛利率、净利率分别为 16.76%、4.17%，同比分别下滑 2.86 个百分点、1.73 个百分点；ROE 为 4.85%，同比下滑 1.45 个百分点。

8 月 28 日，2019 中国石油和化工企业 500 强发布会暨中国化工大企业发展高峰论坛在黑龙江安达市举行。会上发布了 2019 中国石油和化工企业 500强榜单。中国石油化工集团公司以 2.89 万亿元主营业务收入名列榜单第一位，中国石油天然气集团公司以 2.7 万亿元位列第二。主营业务收入超过 1000 亿元的有 12 家，同比增加 2 家。会上还发布了 2019 年行业发展指数，为 61.48，表明石油和化工行业资产和利润总额同比均有较大提高。 

我们的投资主线可以分为传统和新材料两条主线，传统主线中我们建议关注弱周期及消费类子行业，新材料主线中建议关注胶粘剂、面板及半导体配套材料、尾气净化材料、珠光材料、LED 应用、锂电材料、光伏、风电等新能源材料。基于行业整体现状，我们维持基础化工行业“中性”评级。

本篇报告总结了2019 年上半年基础化工行业运行情况，业绩虽同比下滑但仍保持较高水平，各项财务指标较为健康，展望未来景气度或下滑，推荐既有“量”又有“价”的龙头企业及业绩高速增长的细分龙头，维持行业投资评级为“推荐”。

推荐已成为细分行业世界级龙头且正进行大额资本开支、拥有丰富研发管线的万华化学、新和成；推荐工程掌控力强、自有园区优化至极致因而成本竞争力强、发展进路稳健的华鲁恒升。

Consumers have become more concerned about the environment because of the various government awareness programs, thereby, forcing manufacturers to focus more on new eco-friendly technologies. As a result, formulation and manufacture of environmentally friendly products, like solvent-free adhesives, are growing in popularity. Given the rising environmental regulations regarding consumption and production of various adhesives, which are harmful to the environment, various companies are implementing recyclable and bio-based production methodologies as a part of their growth strategies, in order to sustain their positions in the hot-melt adhesives market. Biocompatible products are considered suitable for packaging applications, especially for the food packaging industry, because they are portrayed as being eco-friendly.

A polymer microsphere is a prominent ingredient delivery technology for many controlled drug delivery applications, due to its ability to encapsulate a variety of drugs, biocompatibility, and high bioavailability. These microspheres have a number of advantages over conventional drug delivery systems, which mainly includes an effective administration of therapeutic active molecules in a controlled and sustained manner to the target site with improved therapeutic effects. Basically, microspheres are classified into bio adhesive microspheres, magnetic microspheres, floating microspheres, radioactive microspheres and polymeric microspheres. The different types of polymeric microspheres can be employed as effective controlled release dosage forms. They represent great pharmaceutical applications in area of drug delivery technology with multidisciplinary advancements.

Plastics additives represent one of the most pervasive raw materials that are essential in the manufacture of various plastics. Growing demand for plastics, coupled with various specialty applications, is expected to further drive the additives demand over the forecast period. The upstream sector of the plastic industry provides raw materials for making plastic products. Crude oil is extracted from the ground, and goes through a distillation process in a naphtha cracker plant. This process refines feedstock or monomers in the form of petrochemicals. Around 2.4-4% of all distillation products in upstream production are further refined for producing monomers, to be used in all types of plastics and packaging.

本周基础化工指数区间上涨2.04%，上证综指同期上涨1.77%，本周基础化工板块跑赢大盘。在当前形势下，我们选股策略如下：（1）需求稳定增长，供给端格局持续转好的行业的优质企业。（2）注重安全环保，EHSQ，产业链一体化完全，受益于供给侧改革的行业龙头企业。（3）科学技术工艺领先，研发能力强，不断突破创新，具有核心竞争力的企业。（4）率先完成全球化布局，规避贸易摩擦的企业。