我国为季戊四醇主要生产地，行业集中度与技术壁垒较高。根据隆众资讯， 2023 年全球季戊四醇产能约为 55 万吨，其中瑞典柏斯托拥有全球最大的季 戊四醇产能，达 14 万吨，我国季戊四醇产能约为 25.8 万吨，占全球市场 46.9%，我国已成为全球最大的季戊四醇生产国。据统计，截止至 2025 年 3 月 25 日，我国主要季戊四醇的生产企业包括湖北宜化、中毅达、金禾实业、 云天化等企业。根据各公司公告，其中湖北宜化具有季戊四醇产能约 6 万吨 /年，产能排名全球第二、亚洲第一；中毅达具有季戊四醇产能 4.3 万吨， 产能仅次于湖北宜化，在国内居行业第二；金禾实业具有季戊四醇产能约 2 万吨；云天化产能约 1 万吨。

引入：2025 年 2 月 28 日，工信部印发《加快推进民用爆炸物品行业转型升级实 施意见》，从推广无人化生产线、提升产业集中度、优化产业结构和产能布局、增 强产品保障能力和有效供给能力等方面指明民爆行业未来的总体发展方向。通过梳 理“十四五”以来的产业政策脉络，我们发现民爆行业的供给格局始终跟随政策指 引方向在积极推进变革。本文，我们将通过分析民爆政策方向以展望行业未来发展。

涤纶长丝龙头（桐昆股份&新凤鸣）股价在 2024 年呈现出显著的“先扬后抑”。2024 年行业的 核心看点在于“需求复苏+产能增长放缓”下的供需改善。展望 2025 年，美国大选落地，如何 看待涤纶长丝在宏观（油价、贸易摩擦）、微观（供需、企业行为）层面存在的预期/变化？当前 如何看待相关公司的投资机会？本篇报告将进行梳理、分析。

有机硅凭借其卓越的耐温性、耐候性、电气绝缘性、生理惰性，以及 较低的表面张力与表面能等特性，在电子电气、建筑、运输、化工、 纺织、食品、轻工、医疗等众多领域得到广泛应用。产品占比方面， 根据ACMI、SAGSI、中商产业研究院的数据，我国有机硅深加工产品中， RTV、HTV、硅油、LSR、硅树脂产品的市场占比分别是37.0%、29.4%、 28.3%、3.6%和1.8%。下游终端应用方面，有机硅产品2022年在电子电 器、电力/新能源、建筑、纺织、医疗及个人护理、工业助剂、交通市 场中分别占比21.2%、17.3%、16.3%、9.5%、8.7%、5.8%和1.9%。

Clean beauty refers to beauty and skincare products formulated without harmful ingredients such as parabens, sulfates, phthalates, and synthetic fragrances. These products are typically made with natural, non￾toxic, and ethically sourced ingredients that prioritize consumer safety and environmental sustainability. Clean beauty focuses on transparency, ensuring that consumers can easily access ingredient lists and understand the sourcing, formulation, and impact of the products they use. This movement is driven by growing consumer demand for healthier, more sustainable beauty options.

Caustic soda, also known as sodium hydroxide, is an odorless, highly corrosive, nonflammable white solid. It is generally produced as flakes or shiny pellets that create a slippery solution because it is highly water￾soluble. A 50% concentration of caustic soda is slightly viscous in nature. It is widely used as a general￾purpose industrial as well as commercial chemical in several process industries.

Antistatic agents are a specific type of plastic additive designed to prevent or reduce the build-up of static electricity on plastic surfaces. They are used in many applications, as static can cause problems like dust attraction, product damage, and electrical discharge.

1, 3-Propanediol (1, 3-PDO) is a bifunctional organic compound that can be utilized for several synthesis reactions as a monomer for the polycondensations to manufacture polyethers, polyesters, and polyurethanes. The growing number of applications of polyester across several industries is likely to boost the demand for 1, 3-PDO. The growth of the global personal care and cosmetics industry is also fueling the global 1, 3-PDO market growth. Lack of awareness of environment-friendly products is a key challenge for the global market. Production of bio-based 1, 3-PDO from renewable raw materials, such as corn glucose, is a major trend in the global market.

据新华社消息，根据 2025 年 3 月 5 日公布的 2025 年中央和地方财政预 算草案报告，2025 年我国国防支出为 17846.65 亿元，增长 7.2%。我国 国防费自 2023 年以来增幅连续三年均为 7.2%，也是中国国防预算连续 10 年维持个位数增长

Butyraldehyde, also known as butanal, is an organic compound with the chemical formula CH3 (CH2) 2CHO. It is a colorless liquid used to make synthetic resins, solvents, and plasticizers. Butyraldehyde can be produced by catalytic dehydrogenation of N-butanol. Butyraldehyde is used as an intermediate in producing plasticizers, alcohols, solvents, and polymers (2-ethylhexanol, N-butanol, trimethylolpropane, N-butyric acid, polyvinyl butyral, methyl amyl ketone. It is also used as an intermediate in producing pharmaceuticals, pesticides, antioxidants, rubber accelerators, textile auxiliaries, perfumery, and flavors.