原油价格大跌，主要因为OPEC 增产叠加美元走强。醋酸价格上涨，主要因为国内外装置检修较多，供应面紧缩。相关公司有华谊集团、华鲁恒升等。草甘膦价格上涨，主要源于原料醋酸持续涨价，甘氨酸价格维持高位，成本上移。相关公司有扬农化工、新安股份等。

我们的投资主线可以分为周期和新材料两条主线，周期品中我们推荐煤化工行业和部分高污染细分子行业，新材料中推荐锂电材料、胶粘剂、LED 应用等。基于行业整体现状，我们维持基础化工行业“中性”评级。

最近受债市违约、中美贸易战等影响，加上历年6 月份资金面偏紧，A股市场走弱。而当前化工行业依然处于景气阶段，受益供给侧改革和环保督查，化工行业大洗牌，供需格局大大改善，不少化工股估值偏低。从目前看，仍有两大因素支撑化工行业景气稳中有升，一是原油价格中枢抬升，得益于OPEC 减产，全球原油供需再平衡，以及地缘冲突和政治利益因素共同推动油价向上；二是国内环保持续高压，不同于过往的环保检查，2016 年以来的环保督查更全面、严厉、彻底，过去环保问题企业死灰复燃的问题几乎不存在，而随着环保督查深入，不少隐蔽更深的问题企业逐渐暴露，利于行业健康发展，龙头企业享受环保红利。

上周化工行业表现弱于大市，申万一级化工指数跌幅4.71%，上证指数和沪深300分别下跌2.11%和1.20%；6 个二级子行业全部涨幅为负；31 个三级子行业中，全部涨幅为负；其中，纺织化学用品、复合肥、玻纤、石油加工跌幅较少。

 改革开放 40 年来，虽然能源产量大幅提升，但由于经济总量的飞速跃升和人民生活水平的不断提升，我国对能源需求的增长远远超过了能源生产的增长，已经很难完全靠自身解决能源供给⃞而且在今天，开放合作是全球经济不可逆转的大趋势，要解决我国目前的能源供给，在立足自身发展的同时，深化能源全球合作是必然选择。

Surgical sealant and adhesives are substances made from various sources, which are either made naturally or synthetically. These sealants are applied on the injured area for the purpose of sealing air and fluid leakages. The report includes the revenue generated from sealant and adhesives, which are used during surgeries to control bleeding or leakage of any bodily fluids, and to protect the wound from microorganisms, which may lead to infection. Furthermore, the demand for surgical sealant and adhesives is increasing in the recent years, owing to factors such as upsurge in prevalence of chronic diseases, rise in the number of surgical procedures conducted globally, and advancement in surgical sealant and adhesive products that could provide flexibility without compromising strength in different procedures such as lung and cardiovascular surgeries.

Vinyl flooring is a resilient and finished flooring material primarily used in residential and non-residential sectors. Vinyl flooring is available in the form of sheets, planks, as well as tiles, and has a high impact resistance as compared to other traditional modes of flooring, such as wood, concrete, ceramic and marble. Urbanization has led to the growth of infrastructure, particularly in developing countries. Thus, growth of residential and nonresidential construction activities is the most important factor which drives the overall development of vinyl flooring including the sales of luxury vinyl tile, and vinyl sheet & vinyl composite tile. In addition, an increase in the number of renovation projects in developed countries further supplements the market growth. The report analyzes the global vinyl flooring market across various end-user industries which include residential, healthcare, retail, education, sport, hospitality, office, industrial, and automotive. It also includes revenue generated from the sale of vinyl flooring across North America, Europe, Asia-Pacific, and LAMEA. However, the labor price per square foot involved with installing and replacing the sheet, plank, and tiles of vinyl flooring is not included in the report. To present a detailed market assessment, this study considers factors that influence the vinyl flooring market, which includes the trends, drivers, restraints, and opportunities for the market while revenue is estimated from 2017 to 2023.

Increasing need for newer gadgets and devices manufactured through continually advancing technology is expected to drive the market over the forecast period. The high costs associated with ballistic protection equipment are expected to hinder the market growth over the forecast period. Augmenting utilization of improved raw materials in order to reduce the weight of ballistic protection equipment is expected to create new growth opportunities in the market.

基础化工在近两年新增产能有限，同时环保核查趋严的背景下，中小产能不断出清，行业集中度提升显著，部分产品价格大幅回升，供需格局持续向好，各子行业逐步 开启“过剩-优化-慢复苏 ”中“复苏” 模式，2017年前三季度基础化工（CS）实现营收11829亿元（+YOY32.97%），归母净利润672亿元（+YOY54.31%），远超2016年全年值435亿元。