3 月21 日，江苏盐城响水陈家港天嘉宜公司发生爆炸，截止23 日7时已经已造成64 人死亡，构成特别重大事故，关注后续对该园区的评估处理。我们预期该事故将直接导致该园区停产整顿较长时间，间接导致国内持续进行生产安全大检查，深化危化品等重点行业领域专项治理。由于该园区涉及较多染料及中间体、农药及中间体、工业杀菌剂及中间体等，建议短中期关注染料、农药、工业杀菌剂的板块机会。

新材料支撑技术革命，高端应用多被海外垄断。新材料是支撑技术革命进步的基石，《新材料产业发展指南》明确了先进基础材料、关键战略材料和前沿新材料三大未来发展方向。但在全球新材料产业中，发达国家占据明显的领先地位，尤其在电子材料、特种工程塑料、高性能纤维、航空航天材料等高端工业应用领域龙头企业主要集中于美国、欧洲及日韩。我国企业在稀土功能材料、玻纤材料等相对低端工业应用领域占有较大市场份额。

2 月份，化工行业运行依旧缓慢，工业增加值增速较上年末有所起色；1～2 月，化学原料和化学制品制造业工业增加值同比增长 4.3%；出厂价格指数延续上年末趋势进一步下滑，降幅稍有放缓，2 月化学原料和化学制品制造业出厂价格指数为 97.5 点，比上年末降低 3.0 点；行业投资继续有所回升，1～2 月化学原料和化学制品制造业固定资产投资同比增长 8.1%；行业营收增速大幅放缓，利润终结增长势头，同比大幅减少。

Dyes have been known to human beings since the early civilizations. Natural dyes are extracted from plants, animals, and several minerals. They have major applications in the textile industry. However, the discovery of synthetic dyes has led to the decline of natural dyes as the former rapidly has surpassed the latter in the commercial textile industry. Reviving the fortunes of natural dyes heavily depends on the acceptance of consumers in the market. Currently, the share of synthetic dyes and colorants is higher than natural dyes; however, the growth in the number of environment and health-conscious consumers that want natural dyes application in apparels, foods, drinks, beauty products, and wellness and medicinal products is helping to revive natural dyes.

The pressure sensitive tapes market value chain consists of raw material suppliers, manufacturers, product distributors, and end–users. These tapes are used for interior and exterior applications such as bonding and paint protection in building & construction and automotive industries. Pressure sensitive tapes market is characterized by the presence of a large number of companies across each stage of the value chain. The analysis of the value chain commences with raw material suppliers, which include companies like BASF SE and Henkel, engaged in providing products such as paper, adhesives, and release liners. Value addition in this stage occurs through the processing and production of advanced grades of the aforementioned materials. The physical and/or chemical requirements are tailored specifically in order to facilitate the use of these materials in the production of pressure sensitive tapes.

Asia Pacific high purity manganese sulfate monohydrate market registered 17,691.3 tons consumption in 2016 and is expected to reach 24,777.2 tons by 2025, denoting a CAGR of 3.9% from 2017 to 2025. High purity manganese sulfate monohydrate finds application in cathode active material of batteries to operate electronic products. Moreover, the growing automotive and electronics industries and rising demand for power storage systems in the region are likely to have a positive impact on the market growth.

This report focuses on the current market trends and future growth opportunities of different types of water softeners such as salt-based and salt-free water softeners. In addition, it focuses on various end users of water softeners, which include residential, commercial, and industrial sectors. The report analyzes the current market trends of water softeners across different geographies and highlights future growth opportunities by analyzing government regulations & policies, augmenting the consumer acceptance in that region.

我们的投资主线可以分为传统和新材料两条主线，传统行业中我们建议关注煤化工（PVC、PVA）、高倍甜味剂、染料、农化等细分行业，新材料行业中建议关注胶粘剂、锂电材料（正极、隔膜、铝塑膜等）、LED 应用、尾气净化材料、珠光材料等。基于行业整体现状，我们维持基础化工行业“中性”评级。 

根据 Euromonitor 数据，2017 年中国化妆品市场规模突破 3600 亿元，同比增长 10%，2008-2017 年市场复合增速为 9%，远超过同期全球化妆品市场 2%的复合增速。