Polystyrene (PS) foam was initially used as a rubber replacement and as a coating to protect metal, wood, and other similar materials. However, with the invention of polyurethane (PU), the scope of application of polymer foam extended to the furniture and automotive industries. The invention of injection molding, twin screw foam, and other extrusion techniques led to a further increase in the spectrum of applications in which it can be used.

The demand for absorbent hygiene products such as sanitary napkins, tampons, and menstrual cups is significantly increasing among individual users. Sanitary napkins are contributing majority of the market share followed by menstrual cup and tampons. However, menstrual cups are observed to be one of the fastest growing feminine hygiene products, which is used for menstrual protection and can be used as a substitute for sanitary pads and tampons. Due to lack of proper awareness and other legal issues, menstrual cup usage has become restricted to a few developed countries.

在下半年确定性较强的安全环保约束下，部分供需格局向好的子行业仍有望维持景气，如受益地产后周期的纯碱、PVC，汽车产业链的炭黑、橡胶助剂，纺织服装产业链的聚酯、粘胶等。

CNT is tube-shaped material made of carbon, with diameters varying from less than 1 nm to 50 nm. It is in the form of a graphite layer that has continuous unbroken hexagonal mesh with carbon molecules at the edges of hexagons. CNTs can be made in various structures, with different lengths, thicknesses, and number of layers. These variations provide CNTs different electrical characteristics despite being made of same graphite sheet. These characteristics allow CNTs to be used as either metals or semiconductors.

7 月 10 日至 7 月 14 日，上证综指上涨 0.14%，化工行业下跌 1.07%，弱于大市。子行业大部分下跌，其中炭黑、粘胶涨幅较大，其他化学原料、磷化工跌幅较大。 

截至 7 月 11 日，在我们监测的 69 家公司中，共有 28 家公司披露了 2017年中报业绩预告，其中有 21 家公司预增，5 家公司扭亏，2 家公司略增，2家公司续盈，1 家公司预减，2 家公司首亏，3 家公司续亏。

我们认为目前经济需求端好于预期，周期领域在三季度旺季催化下可望再迎行情，低估值龙头仍是首推。政策方面，环保政策有望在下半年再度加速，促进周期行业结构优化。成长方面，电子化学品等领域受政策催化，国产化进程加速，行业创新带动新增需求，建议重点布局业绩快速增长的细分领域龙头。推荐标的扬农化工、中旗股份、利民股份、龙蟒佰利、恒力股份、广信材料、万润股份。 

上周，国际油价小幅下跌，国内化工品价格涨跌互现，其中氯乙酸（61.3%）、丁腈橡胶（11.3%）、甘氨酸（11.1%）涨幅居前；R32（-6.4%）、甲醛（-5.4%）跌幅居前。 

本周涤纶产业链普涨，长丝 FDY 大涨 9.62%，POY 涨 3.85%，PET 切片涨 2.08%，PTA 涨 2.06；橡胶产业链丁腈橡胶暴涨 18.42%，丁二烯大涨7.14%，SBS 涨 4.10%；其他涨幅靠前的品种还有甘氨酸+6.88%，甲醇+4.68%，PVC+4.51%，双酚 A+4.15%，三氯乙烯+4.00%。

2016年德国在化学制药业方面的投资维持在一个较高的水平，其生产工厂的使用也保持平稳状态。但行业增长水平没有一年前预期的那么高，销售额甚至出现了微弱下跌，这主要是由于原材料价格下降，导致销售价格随之下挫。考虑到欧洲政局动荡，许多主体市场也存在不确定性，出现上述结果也许不足为奇。详细情况分析如下。