Phenolic resins or phenol formaldehyde resins are synthetic polymers, which are obtained by the polymerization of formaldehyde and phenol. These are generally characterized by resistance to acids, water, and organic solvents. These are used especially in molded and laminated products, adhesives, and coatings.

供给端易减难增：供给端，粘胶短纤行业新增产能受到限制，扩产难度较大；而存量装置或因为搬迁、检修等外在因素，生产能力有所折扣，所以整体粘胶短纤的供给端呈现易减难增的趋势。需求端表现强劲：人棉纱是粘胶短纤最大的应用下游，2023年春节以来，人棉纱的开工率一直维持在高位，人棉纱的库存以及盈利能力也处于合理区间。

石化行业作为主要以化石能源为原料的行业，如何实现绿色可持续性发展是行业重要议题，工信部和国务院发布了《关于“十四五”推动石化化工行业高质量发展的指导意见》和《“十 四五”节能减排综合工作方案》，就“十四五”期间行业的低碳减排、高质量发展给出具体指引。石化行业的央企多为上游油气板块企业，主业为上游石油和天然气资源的勘探开发。考虑到全球正在推进能源转型和通过碳排放管理等措施控制气候变化，且上游油气资源的开采可能会出现安全事故，石化行业央企 ESG 的评价体系应更多关注环境与社会两方面。

Material Type: Matches Industry: All other chemical product and preparation manufacturing

Barnes Reports' Global Manufacturing & Makets report series provide estimates of the size and characteristics of the largest equipment, materials and consumables by manufacturing industries in the largest 140 global countries. These estimates are produced by a proprietary economic model that is based on a number of sources and factors

Sports and fitness are constantly evolving in the world. It looks like every other person is trying to enhance their health, and every athlete is trying to improve their performance and preserve health. Moreover, people who are simply looking to maintain their personal fitness are trying to do exercise. At the same time, people experience a huge burden of sports-associated injuries. The increasing prevalence of sports-associated injuries positively influenced the requirement for athletic tapes. Athletic tapes are also known as sports tape if often seen across the back, shoulder, arms, legs, and hands of a person in various settings, from rock climbing and boxing to rugby and football and track and field.

芳纶是一种高强度、高模量、低密度和耐磨性好的高科技纤维，全称为芳香族聚酰胺纤维，英文为Aramid Fiber，其与碳纤维、超高分子量聚乙烯纤维、玄武岩纤维一起被列为中国重点发展的四大高性能纤维。芳纶主要包括全芳香族聚酰胺纤维和杂环芳香族聚酰胺纤维两种，可分为邻位芳纶、对位芳纶（PPTA）和间位芳纶（PMTA）三种，其中实现工业化的产品主要有间位芳纶和对位芳纶两种。

我们主要推荐国际产业布局深刻变革周期下的投资机会。（1）引领发展：从需求持续增长、需求复苏、产业未来发展潜力等角度，我们推荐代糖 行业（金禾实业）、合成生物学（华恒生物）、催化剂行业（凯立新材、中触媒），同时建议关注新能源相关材料及纯碱行业。（2）保障安全：从粮食安全和制造业转移本土化等角度，我们推荐农药行业（扬农化工、润丰股份）、显示材料（万润股份），同时建议关注磷肥和轮胎行业。（3）聚焦产业发展核心力量：精细化工行业向“微笑曲线”两端延伸，龙头企业高质量产能持续扩张，我们推荐万华化学、华鲁恒升。