行业产能扩张有序，需求增速有所放缓。2018 年三季度化工行业固定资产投资累计增速转正，环保高压持续，行业产能扩张整体维持低速；下游需求有所转弱，但整体相对可控。原料端来看，原油、天然气、煤炭价格稳中上涨，对化工产品价格形成支撑；根据我们跟踪的162 个化工产品中，三季度127 个化工产品价格同比上涨，94 个产品环比继续上涨；价差方面，根据我们重点跟踪的43 个化工产品价差变化情况来看， 2018 年三季度22 个化工产品价差同比扩大，21 个化工产品价差环比扩大。

前三季度业绩持续增长，合成纤维、农化板块表现亮眼2018 前三季度实现营业收入9746.7 亿元，同比增长10.8%，归母

净利871.9 亿元，同比增长29.99%，增速较上半年放缓。分子行业来看，2018H1 和前三季度收入增速均超过行业平均增速的子行业有：钾肥、农药、氨纶、树脂、氯碱、无机盐、有机硅、聚氨酯、民爆用品和印染化学品；净利润增速均高于行业平均增速的有：氮肥、农药、锦纶、无机盐、氟化工、日用化学品、印染化学品。

行业维持高景气，毛利率同比略有下降：2018 年前三季度，化工板块营业收入合计达34,358.44 亿元，同比增长18.46%；归母净利润1,568.51 亿元，同比增长46.50%；板块毛利率、净利率分别为18.63%%和5.24%，毛利率同比略下降0.42 个百分点，净利率创近年新高；ROE 为8.91%。行业总体仍维持较高景气状态，不过三季度部分产品价格回落，使得盈利能力同比

环比均略有下滑。

11 月 1 日布伦特原油价格达 72.89 美元/桶，周环比下跌 5.20%；WTI 原油 63.69 美元/桶，周环比下跌 5.41%，WTI 与布伦特原油之间价差为 9.20 美元/桶，周环比缩小 3.77%。 

Fluorochemicals Market has been segmented on the basis of product, application and region. Fluorochemicals are utilized in applications requiring flexibility, strong binding, optical clarity, toughness and adhesion to differentiated surfaces. Key products of fluorochemicals include fluorocarbon, fluoropolymers, and inorganic and specialties and are used in several applications such as aluminum production, blowing agents, refrigeration, components and other.

9 月份，化工行业运行依旧缓慢，工业增加值增速略有升高；行业营收和利润继续增长，营收同比增速稳步趋快，利润同比增速继续有所放缓；1～9 月，化学原料和化学制品制造业工业增加值同比增长4%；行业投资止降转增，1～9 月化学原料和化学制品制造业固定资产投资同比上涨1.7%；化工出厂价格指数继续处于高位区间，环比上月有所降低，9 月份化学原料及化学制品制造业出厂价格指数为107 点，比上月降低0.9 点。

Methyl methacrylate market has been segmented based on application, end use, and region. Based on application, the market has been classified into chemical intermediate, surface coating & adhesives, and emulsion polymers. Based on end use, the market has been categorized into construction, automotive, electronics, and others. Based on region, the market has been categorized into Turkey and the European Union (UN).

domestic consumption. Growth accelerated in 2017 for the first time in four years, recovering from the slowdown of 2016. Robust growth in 2017 was mainly attributed to the momentum of government policy support, strengthening external demand, and progress in domestic reforms. Inflation remains stable at around 2% and fiscal policy has remained expansionary. Growth in the Chinese economy is likely to decelerate over the next five years as the growth momentum from the fiscal stimulus ceases to have an effect on the economy. Also, the supervisory and regulatory actions that are being taken to guard against financial sector risks, together with overcapacity reduction, is likely to result in lower growth in the medium term. According to the latest IMF World Economic Outlook, average growth in the period 2018-2022 will be 6%, decelerating from 6.7% in 2017 to 5.8% in 2022. In 2018, growth is expected to slow down to 6.4% with domestic demand increasing by 6.9%. With the structural transformation now underway, the Chinese economy will become less reliant on investment and exports. During the five-year period, the share of capital formation in GDP will decline from 43.7% in 2017 to 41.4% in 2022. The current account surplus will also decline from 1.4% of GDP in 2017 to 0.4% in 2022.

The automotive interior materials market has been segmented on the basis of products, application, vehicle type and region. On the basis of products, the market has been segmented into leather, composites, plastic, metals, and fabric. On the basis of application, the market has been fragmented into dashboard, seats, airbags & seat belts, door panel & trims, carpet and headliners and others.