Vinegar is a sour liquid produced through the fermentation of ethanol by acetic acid bacteria. It is commonly used in cooking as a condiment, preservative, and flavoring agent. Vinegar comes in various types, such as apple cider vinegar, balsamic vinegar, and wine vinegar, and is known for its versatility in both culinary and health applications. It can also serve as a natural remedy for digestive issues and weight management due to its acetic acid content.

Tall oil rosin is a thick yellow-black odorous liquid, which is obtained as a by-product during the kraft process of wood pulp production and while pulping trees, mainly coniferous ones. Tall oil rosin is a combination of resin acids such as abietic, palustric, ihydroabietic, isopimaric, and neoabietic. It contains up to 6% of unsaponifiable matters and is the third largest chemical by-product yielded in kraft mills after lignin and hemicellulose.

核心观点：在过去的13年中，针对中国新能源产业链的对美出口，美国政府出台了诸多限制性措施，所有政策指向已经十分明确——要逐步减少对 中国新能源产业链的依赖。虽然用“脱钩”来形容过于武断，也不符合事实，但除无可替代、价格敏感度低或确实竞争优势特别明显的环节外，中 国供应链出口美国的空间未来将持续被压缩，短期看应把握2025年抢发和关税豁免黄金窗口期，长期真正有竞争力的看，中国供应链出口美国需要 通过技术和成本领先来弥补加关税、竞争对手补贴造成的竞争弱势。不过从股价层面来看，美国政策波动对于大部分中国公司来看只是扰动而非主 要矛盾，核心还是要关注产业供需情况形成的周期位置，本文通过对美国对华新能源产业链的政策波动复盘展望，也可以为其他行业提供借鉴

基础化工行业：韩国拟削减25％石脑油产能，六部门部署规范光伏产业竞争秩序

2025年二季度，化工行业政策动向主要体现在五个方面：一是安全生产责 任保险实施办法提高安责险保障额度，扩大保障范围，完善事故预防服务机制，更好保障人民群众生命财产安全。二是生态环境部加强石化行业涉新污染物环评，有助于 化工行业淘汰落后产能，推动企业采用绿色、环保的生产技术和工艺，减少新污染物 的产生与排放。三是危险化学品企业安全生产标准化通用规范为危化品企业安全生产标准化建设提供标准依据，这将对夯实企业基层基础、提升企业本质安全水平、提高 重大安全风险防控能力、有效防范遏制重特大事故发挥重要作用。四是制造业中试标 准体系建设指南为化工行业提供了系统化、标准化的中试流程和方法，有助于提升化 工产品的质量和安全性，促进化工行业的高质量发展。五是农业农村部对农药标签管 理提出四项要求，要求每个农药产品必须持有独立登记证，提出“一证一品”制度， 这意味着行业长期存在的“一证多品”乱象将终结，将触发农资行业深刻的结构性变革。

Surface treatment chemicals are specialized compounds used to modify the surface properties of materials such as metals, plastics, or glass without altering their core structure. These chemicals enhance characteristics like corrosion resistance, adhesion, wear resistance, and appearance by cleaning, coating, or preparing surfaces for further processing (e.g., painting, plating, or bonding). They play a critical role in industries such as automotive, aerospace, electronics, construction, and manufacturing to improve both the performance and longevity of finished products.

Super absorbent polymers (SAPs) are advanced materials capable of absorbing and retaining extremely large amounts of liquid relative to their own mass. Commonly made from sodium polyacrylate or other cross-linked polymers, SAPs can hold up to 300-800 times their weight in water. They are widely used in products like diapers, sanitary napkins, adult incontinence products, and medical dressings, as well as in agriculture, horticulture, and industrial applications due to their superior moisture retention and absorption properties.

Super abrasives refer to a class of advanced materials used for precision grinding, cutting, and machining applications. These materials are known for their exceptional hardness, high thermal conductivity, and superior mechanical strength, making them highly effective for demanding industrial processes.

Styrene-butadiene-styrene (SBS) block copolymers are mainly composed of homopolymerized blocks of butadiene and styrene links. They offer exceptional tensile strength and surface friction coefficient, low￾temperature performance, electric properties, and good workability. SBS block copolymers can be used as a substitute for conventional vulcanized rubber owing to their high viscosity and elasticity. They can also be used as adhesives and sealants because of their tenacious properties.

Stearic acid (C17H35CO2H) is a waxy solid saturated fatty acid, which contains 18-carbon chains. It naturally occurs in coconut oil, palm kernel oil, certain animal fats, and the milk of several mammals. It is commercially available in a mixture of either palmitic acid or a small quantity of oleic acid and is used in manufacturing detergents and cosmetics such as shampoos, shaving products, and soaps. The esters of stearic acid with glycol distearate and ethylene glycol create a pearly and soft effect in shampoos, soaps, detergents, and cosmetics products. In addition, stearic acid is also used in niche applications such as fireworks, metal processing and polishing, candles, and lead-acid batteries. Cleansers are manufactured from quaternary alkylammonium derivatives of stearic acids.