风电装机旺季即将来临，中长期景气同样可观，上游化工原料有望受益。本文梳理了风电产业 链涉及的化工品如风电叶片用环氧树脂、环氧树脂结构胶、PVC 和PET 泡沫材料、碳纤维、 固化剂、防护涂料、呋喃树脂、风机基础灌浆料，以及对应的上市公司。

7 月26 日，深圳发改委印发《深圳市促进大健康产业集群高质量发展的若干措施》，其中针对医美行业，一方面“产品+服务”双管齐下，不仅提出支持电子类医美产品（医用激光、光子等）、生物类医美产品（抗衰老药物、肉毒素等），还提出支持医美服务发展（建设国际性、专业化、规范化医美机构，打造医美之都），另一方面则计划通过完善执业标准、成立深圳医美质量控制中心等措施促进行业健康有序发展

随着产业结构的升级，新材料需求不断增加，为我国碳纤维行业提供了肥沃的土壤；大丝束技术的突破，为我国实现低成本碳纤维工业化提供了路径；行业将进一步集中，技术优势将带来规模优势和一体化优势。我们建议重点关注吉林化纤（供应链配套完善，大丝束产能快速扩张）、中复神鹰（高性能碳纤维龙头企业，布局航空航天与新能源领域）、光威复材（全产业链布局，军品民品双轮驱动）、中简科技（聚焦小丝束高端产品，供应航天军工）。

Offshore oil drilling is the process of extracting fossil fuels from beneath the ocean's surface. This is due to the abundance of oil wells on the ocean floor. However, identifying offshore oil resources and setting up an oil rig on the water's surface can be challenging. Therefore, offshore drilling has become more expensive. Offshore drilling is more expensive than onshore drilling; for example, a single offshore drilling rig can meet a considerable amount of a country's energy requirements. This lessens reliance on the Organization of Petroleum Exporting Countries (OPEC) and diminishes the possibility of oil price manipulation.

Over the last few years, the production of crude oil increased ten folds. Crude oil production can never be produced solely without water and contaminants. During its production, crude oil is often mixed with water and form water-in-oil emulsions or oil-in-water emulsions. Sometimes the hybrid of it on account of factors such as surface-active substances (asphalt, lubricating oils, and waxes, among others) that are naturally present in crude oil and high force by which the oil is lifted. These emulsions are one of the major problems that producers, transporters, and refineries of crude oil face. This is because it not only leads to fouling, scaling, and degradation of the downstream equipment and pipelines but also decreases the calorific value of fuel, thereby affecting the overall profit and productivity of the company. Therefore, to avoid economic losses and operational challenges, water must be removed from crude oil before transportation and refining using a process called demulsification.

Although the raw materials required to manufacture paints and coatings have a relatively smaller margin (approximately 5%), they are extremely important components of the global chemicals industry. The different ingredients used to manufacture paints and coatings include resins, solvents, additives, pigments, and fillers. Resins are the most widely used raw materials as they account for around 49% of the total raw materials by value, followed by pigments and fillers, additives, and solvents. Coating resins are fundamental components of coating raw materials used to formulate paints and coating materials. Also, coating resins are added in small quantities to coating materials to enhance their features during manufacturing, storage, transport, and application.

PET 铜箔为新型负极集流体，下游可应用于锂离子电池领域。PET铜箔以PET 作为基础材料，上下采用先进工艺沉积金属铜层，属于复合材料，具有“三明治”结构。PET 铜箔生产工艺以两步法为主，首先采用磁控溅射工艺，实现非金属材料金属化；然后采用水电镀工艺，实现集流体导电需求，其工艺难度较大。PET 铜箔具有密度小、厚度薄、抗拉强度较高等特点，叠加其具有较好的导电性，因此具有替代传统的锂电铜箔应用于锂离子电池的潜力。

七月份国际油价大幅下行，主要是海外市场担心经济衰退和通胀的影响，本周国际油价整体震荡为主，WTI 原油价格为96.0 美元/桶，较上周均价下跌4.5 美元；布伦特原油均价为104.6 美元/桶，较上周均价微涨0.5 美元。OPEC 及其减产同盟国8 月份减产目标符合预期，但美国经济数据及CPI 数据加剧了经济衰退担忧，同时市场对全球经济衰退继续蔓延和能源需求下降的担忧增强。近期因经济增长乏力拖累原油需求，数十年来最严重的石油供应危机正显示出暂时缓解迹象，我们认为近期国际原油价格将在90-100 美元/桶之间震荡。