Makreo Research has recently published an extensive report titled Global Construction Chemical Market Competitive Landscape Edition 2023 This study aims to provide valuable insights into the competition within the market, profiles of key players, and a deeper understanding of the industry's competitive dynamics The report features a comprehensive company profile section, covering essential aspects such as business overviews, strategic approaches, recent developments, and critical financial information specific to each company

草甘膦是一种非选择性内吸传导型广谱除草剂，也是全球用量最大 的除草剂品种。我国是全球最主要的草甘膦生产国和出口国。受高 库存影响，海外去库存已持续一年有余。当前全球草甘膦需求初显 回暖迹象，我们判断四季度海外将陆续停止去库并进入补货期，补 货需求将加速回暖，提振草甘膦价格。判断依据如下：一，从中国 海关数据出口来看，巴西已于6 月份停止去库并进入补货期，美国 和阿根廷补货需求已连续多月在低位震荡并初显上行态势；二，四 季度美洲各国将陆续进入草甘膦需求作物种植季或收获季，草甘膦 用药将迎来高峰期，预计海外草甘膦库存将迅速消耗；三，据百川 盈孚数据，2023 年9 月22 日当周，草甘膦价格为2.9 万/吨，已经 跌至历史底部区间，在成本上涨压力下，当前草甘膦单吨毛利低至 3350 元/吨，同样跌至近三年底部。由此判断，草甘膦价格下探空 间不大。在价格、需求和库存三重因素作用下，我们预计四季度海 外需求将加速回暖并带动草甘膦市场行情反转向上。

2023 年上半年基础化工行业上市公司（根据申万 2021 一级分类基础化工行业上市公司合 计 397 家）共实现营业收入 10300 亿元，同比下降 9.8%，实现营业利润 824 亿元，同比下降 52.6%，实现归属上市公司股东的净利润 665 亿元，同比下降 51.7%。行业整体综合毛利率为 16.7%，同比 -6.0pcts；期间费用率为 8.4%，同比+1.0pcts。行业整体净利率为 6.8%，同比-6.0pcts。

光刻胶是光刻过程中至关重要的核心材料，技术壁垒较高，其中应用于半导体的光刻胶是我国半导体产业核心的“卡脖子”材料。我国光刻胶核心原料单体、树脂、光感剂等自给率同样不高，具备较高的技术壁垒，较依赖进口，建议关注光刻胶产业链相关标的彤程新材、晶瑞电材、圣泉集团、万润股份等。

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below